Yahoo Finance Governments of Ontario and Canada Invest in Microbix
$ 1.68 Million in Funding for Capabilities and Capacity Expansions
MISSISSAUGA, Ontario, March 20, 2023 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®), a life sciences innovator, manufacturer, and exporter, announces that it is undertaking further expansions to its capabilities and capacity for manufacturing specialized products relating to diagnostic testing for infectious diseases. The Government of Ontario is supporting the expansions at Microbix’s three adjacent sites in Mississauga with a grant of $ 840,000 from the Ontario Together Fund (“OTF”). A separate $ 840,000 of interest-free loan funding has also been provided by the Government of Canada through its FedDev Ontario program. The balance of costs will be provided by Microbix from its current funds or ongoing cash flow.
This project has three principal objectives, (i) build and equip further product manufacturing space and capabilities for Microbix’s core diagnostics businesses, (ii) build and equip new development and quality control laboratory spaces, and (iii) commission a Containment Level 3 production suite. The project will be completed in 2024, at which time Microbix will be able to optimally service all its current initiatives and rapidly develop further product lines in its field of business. The project is anticipated to create and support dozens of new life sciences manufacturing, product development, and related jobs in Ontario.
Microbix was the recipient of a prior grant from OTF (2020) and prior FedDev Ontario funding (2019). Since its first funding from the two programs, Microbix has created two entirely new product lines comprising dozens of fully-registered medical devices, built many strategic customer relationships and a global distribution network, almost doubled its sales, gone to three facilities from one, nearly doubled its staff, and supported healthcare in Ontario, across Canada, and internationally.
Vic Fedeli, Ontario’s Minister of Economic Development Job Creation and Trade, said, “Through the Ontario Together Fund, our government is proud to support innovative companies like Microbix, who are developing the next-generation of made-in-Ontario health care solutions. This exciting new project will further grow Ontario’s life sciences sector and ensure that our province remains a global leader in innovation and life sciences.”
Dr. Ken Hughes, Microbix’s COO stated “Microbix is honoured to receive these second rounds of funding from MEDJCT (OTF) and from FedDev Ontario. We are very thankful for this ongoing support, which clearly illustrates the objective success of our previously funded initiatives. As before, we will deploy these funds to further support our business growth, while ensuring that Microbix’s operations remain rooted in Ontario, Canada and maximally effective during that growth.”
About Microbix Biosystems
Microbix creates proprietary biological products for human health, with over 100 skilled employees and annualized sales targeting C$ 2.0 million per month. It makes 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 laboratory accreditation organizations, diagnostics companies, and clinical laboratories. Microbix QAPs are now available in over 30 countries, distributed by 1WA (Oneworld Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International Distribution SpA., Labquality Oy, The Medical Supply Company of Ireland, Neo-Science Equipment LLC, R-Biopharm AG, SDT Molecular Pte Ltd, Seegene Canada Inc., and Thomas Scientific LLC. Microbix is ISO 9001 and 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 viral transport medium (DxTM™) to stabilize patient samples for lab-based molecular diagnostic testing and Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. 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 Governments, OTF, or FedDev Ontario, the project or the products of Microbix, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced herein or in its corporate presentation, regulatory compliance and approvals, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), foreign currency and exchange rates, maintaining adequate working capital or raising further capital on acceptable terms or at all, and other similar statements concerning 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. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s 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 the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
Please visit https://microbix.com or www.sedar.com for recent Microbix news and filings.
For further information, please contact Microbix at:
Cameron Groome, CEO | Jim Currie, | Deborah Honig, |
Copyright © 2023 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.
