This growth was driven by increased demand for Microbix’ products following an increase in new diagnostic kit launches by its customers and Microbix’ entry into the market for laboratory proficiency testing for viruses in clinical samples. In the quarter, Microbix also expanded into the pharmaceutical solutions market for formulating drugs, for which the Company expects significant growth.
Based on the strong sales growth at the close of this fiscal year, Microbix projects a 15% increase in worldwide sales for 2011 based on current currency rates.
William J. Gastle, Microbix' Chief Executive Officer, said: "Our strong sales for the quarter and our projected 15% sales increase for next year are based on the Company’s decision a few years ago to risk financing and building a new innovative production facility which more than tripled our manufacturing capacity. This new facility has allowed Microbix to produce new products, add new customers and increase product shipments by 40% compared to 2008. It will serve us well as we expect significant growth in the next few years."
To better position its sales force for growth, Microbix has focused its customer outreach on four markets: The United States, Europe, Southeast Asia and China. The Company has brought in experienced representation to grow these markets and the effort has already begun to show results. With the $2 million investment commitment from a large animal genetics company in the fourth quarter, Microbix livestock semen selection technology stepped closer to its market introduction of LumiSort™. The $ 500,000 upfront payment financed all LumiSort™ activities in fiscal 2010. The Company is in the latter stages of financing of the influenza vaccine production facility in Hunan, China, which will utilize the VIRUSMAX™ technology in its manufacturing process. Discussions with potential partners for the Urokinase thrombolytic drug Kinlytic® are continuing and the Company hopes to be able to announce news in the near future.
Microbix Biosystems Inc. specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.
