TORONTO, Feb. 1, 2013 /CNW - Microbix Biosystems Inc. (TSX: MBX), a biotechnology
company developing innovative biological products and technologies, today announced it has sold its
Water-for-Injection business to Irvine Scientific in California. The sale was constructed on an earn-out
basis, though specific deal terms were not disclosed.
The sale of this non-core asset is part of the Company’s strategy to focus on higher value-added
Antigen products as well as key pipeline projects such as Kinlytic, which the Company is currently
developing under license for Zydus Cadila. The sale has resulted in the redeployment of key resources
to these important initiatives.
Vaughn Embro-Pantalony, President and Chief Executive Officer of Microbix commented “In addition
to the strategic rationale to re-deploy important resources to higher value opportunities, the transaction
also moves us toward our goal of generating sustainable, positive cash flow from operations.” Mr.
Embro-Pantalony then added “We are confident our customers will be well served by Irvine Scientific
and that this transaction provides substantial benefit to all parties.”
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the marketing and development of biological products and
technologies. The Company owns intellectual property for several products including an FDA
approved biopharmaceutical drug, a proprietary vaccine technology and an animal reproduction
technology. Microbix supplies customers in the U.S. Europe, and Asia. Microbix was established in
1988 and is headquartered in Mississauga, Ontario, Canada.
About Irvine Scientific
Irvine Scientific is located in California and specializes in the design, manufacture and distribution of
cell culture media and medical devices and serves customers in biopharmaceutical, human
reproductive, cell therapy, and cytogenetics markets.
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
including the risks associated with development projects, operations in Foreign jurisdictions, risks
associated with engineering and construction generally, risks associated with production including
control over costs, quality, quantity and timeliness of delivery of products, foreign currency and
exchange rate risk, and risks of raising capital on acceptable terms or at all. These forward-looking
statements represent the Companies' judgment as of the date of this press release. The Company
disclaims any intent or obligation to update these forward-looking statements.
For further information:
Visit www.microbix.com or contact: Vaughn C. Embro-Pantalony, CEO, (416) 234-1624 x 350; or
James Long, CFO, (416) 23