MISSISSAUGA, Ontario, June 17, 2024 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®), a life sciences innovator, manufacturer, and exporter, announces its hosting of Associate Minister of Small Business of Ontario, the Honourable Nina Tangri, to celebrate the opening of two expansions to its medical devices manufacturing capacity at one of its three adjacent Mississauga sites.
Expansion one is a new 2,000 square foot laboratory (“Lab”) to fulfill growing demand for Microbix’s quality assessment products (“QAPs™”) for diagnostic test-makers and other end-users, as well as for the internal quality control (“QC”) testing required to validate and release commercial production batches. The Lab may also be used for manufacturing swing capacity and for piloting automation processes.
The Lab was entirely constructed from Ontario Made modular and prefab components. This innovative construction is more cost-effective than conventional framing and enables reconfiguration or relocation. Across its three sites, Microbix now has access to 11 distinct lab areas totaling 17,000 square feet, comprising 50% of its overall space. This Lab represents a capacity expansion of no less than 13% and the investment in this new capacity was C$ 0.6 million, being capitalized and amortized at 12.5% per year.
Expansion two comprises a Made-In-Canada manufacturing line for fully-automated filling, capping, labeling, and bagging of vials of in-vitro diagnostics (“IVD”) related reagents (the “Line”). The Line can be used to manufacture Microbix-branded patient-sample collection media and control elution buffers, as well as for custom white-label reagent production, with a targeted capacity of up to 3,000 vials per hour. The full cost of the Line and related renovations was C$ 1.2 million, also being capitalized and amortized.
Microbix is grateful to have received grant support from the Ontario Government’s Ontario Together Fund (OTF) totaling over $2.0 million and a loan from the Government of Canada’s FedDev Ontario (FedDev) program for $3.2 million to support these expansions. Such funding has been applied to improving Microbix’s capabilities to support error-free infectious disease diagnostic testing in Ontario, across Canada, and internationally.
The Honorable Nina Tangri, Ontario’s Associate Minister of Small Business, commented, “Microbix is a great example of a locally founded and led life sciences business creating innovative and clinically important products, manufacturing them here in Ontario, and exporting them around the globe. The Government of Ontario is pleased to support Microbix’s mission to make next-generation diagnostic tests for infectious diseases more widely available and to help ensure their accuracy.”
Cameron Groome, CEO of Microbix also commented, “Our company now counts many world-leading makers of diagnostic tests, clinical labs, and lab accreditation agencies among its customers and is providing skilled full-time careers to 120 Ontarians. Microbix is also proud to be achieving record revenues and to have advanced its operations to the point that they are now self-sustaining and profitable.”
About Microbix Biosystems Inc.
Microbix Biosystems Inc. creates proprietary biological products for human health, with over 100 skilled employees and annualized sales now targeting C$ 2.0 million per month. It makes and exports a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Its antigens drive the antibody tests of approximately 100 diagnostics makers, while QAPs are sold to clinical lab accreditation organizations, diagnostics companies, and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of international distributors. Microbix is ISO 9001 & 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides CE marked products.
Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots, and reagents or media to support molecular diagnostic testing (e.g., its DxTM™ for patient-sample collection). Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.
Forward-Looking Information
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of the Lab and the Line, their funding, usage, benefits, or relevance, Microbix’s products or services, business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its presentations, regulatory compliance and approvals, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity or timeliness of delivery), currency exchange rates, maintaining adequate working capital or raising new capital on acceptable terms or at all, and other similar statements about anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Microbix cautions that all forward-looking information is inherently uncertain and actual performance may be affected by many material factors, some of which are beyond its control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions, and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent Microbix’s judgement as of the date of this new release, and it is under no obligation to update or alter any forward-looking information.
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For further information, please contact Microbix at:
| Cameron Groome, CEO (905) 361-8910 | Jim Currie, CFO (905) 361-8910 | Deborah Honig, Investor Relations Adelaide Capital Markets (647) 203-8793 ir@microbix.com |
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Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.
