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Microbix Biosystems Inc. (MBXBF) Profitable In 2004 And Advances Product Pipeline


10/19/2005 5:12:21 PM

TORONTO, Dec. 2 /PRNewswire-FirstCall/ -- Microbix Biosystems Inc. (MBX:TSX) today announced financial results for the year end September 30, 2004.

Microbix regained profitability and generated a strong positive cash flow driven by sales that were up 43% on the year and 77% on the quarter as compared to the same periods in fiscal 2003. Sales came from a more diversified base, including a solid core business, increased contract development work and review fees related to Microbix' new Vaccine Technology Platform. The strong financial performance was used to support substantial investments in research and development, which increased by 44% to $966,799 in 2004.

------------------------------------------------------------------------- Quarter Ended Sept 30 Year To Date 2004 2003 2004 2003 ------------------------------------------------------------------------- Revenue $1,683,143 $ 948,377 $4,067,438 $2,846,804 ------------------------------------------------------------------------- Net Profit(Loss) $ 496,016 $ (28,338) $ 14,266 $ (363,709) ------------------------------------------------------------------------- Net Profit(Loss) Per Share $ 0.01 $ 0.00 $ (0.00) $ (0.01) ------------------------------------------------------------------------- Cash Flow $ 483,993 $ (29,186) $ 745,758 $ (30,889) -------------------------------------------------------------------------

Microbix lead biotherapeutic product, ThromboClear(TM), was licensed to Genpharm Inc., an affiliate of the Merck Generics Group in late 2002 and the Company announced this past November that it had reached a significant manufacturing milestone in bringing this product to market.

The Company's second major product, a proprietary Virus Yield Enhancement Technology generated strong interest from the influenza vaccine industry. "While the first exclusive evaluation by a large vaccine manufacturer ended without a licensing agreement", said William J. Gastle, President and CEO, "we are confident as to the efficacy of the technology and are already pursuing other potential partners".

Mr. Gastle went on to report that 2004 had been a particularly busy year as the Company advanced a number of new large market product initiatives. "I will update you as clear and significant milestones are achieved on these opportunities over the coming year", he continued.

Microbix specializes in developing proprietary high value biological technologies. The Company has a core technology platform based on cell biology, purification and characterization of viruses and proteins. Microbix' objective is to develop and, through global marketing partners, commercialize those technologies.

This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.

Microbix Biosystems Inc.

CONTACT: Microbix Biosystems Inc., 341 Bering Ave, Toronto, Ont., M8Z3A8, Tel: (416) 234-1624, Toll-free 1-800-794-6694; Barbara Kay, InvestorRelations, (ext. 251), email: investor.relations@microbix.com; MediaRelations Officer, (ext. 255), email: media.relations@microbix.com; Companywebsite: http://www.microbix.com/



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