Microbix Announces Delay in Filing of Annual Financial Statements

TORONTO, ONTARIO--(Marketwired - Dec. 30, 2015) - Microbix Biosystems Inc. (MBX.TO) announces that it has not filed its required filings by the prescribed deadline of December 29, 2015. These required filings consist of its audited annual financial statements, management discussion and analysis and its annual information form, all for the fiscal year ended September 30, 2015.

The Company was unable to file the Required Filings as a result of a delay in the completion of its audit. Management is working diligently with Microbix' auditors to finalize the Required Filings and currently intends to file them before the end of business on December 31, 2015.

As a result of the delay in making the required filings, the Company has made an application with the applicable securities regulators under National Policy 12-203 requesting that a management cease trade order be imposed in respect of this late filing, but there is no guarantee that it will be granted. Until its filings are made current, management confirms that Microbix will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as it remains in default of the filing requirements set out above.

The Company is not subject to any insolvency proceedings at the present time and there is no other material information relating to the affairs of the Company that has not been generally disclosed.

About Microbix

Microbix Biosystems Inc. specializes in the research and development of biological solutions, including products for human health applications, namely in the vaccine, therapeutic and diagnostic markets, as well as animal reproductive markets worldwide. The Company manufactures and distributes a wide range of infectious disease antigens to a worldwide customer base. The Company's pipeline of innovative technologies and products includes LumiSort semen sexing technology for the livestock industries, Kinlytic, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and VIRUSMAX, a proprietary technology for increasing virus yields in the manufacture of influenza vaccine. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange, and headquartered in Mississauga, Ontario.

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, the risks associated with its revenue business, development projects, operations in foreign jurisdictions, engineering and construction generally, production (including control over costs, quality, quantity and timeliness of delivery of products), foreign currency and exchange rates, maintaining adequate working capital and 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 www.sedar.com for recent Microbix Biosystems Inc. filings.

For further information, please visit www.microbix.com.