TORONTO, August 14, 2012 -- Microbix Biosystems Inc. (TSX: MBX), a biotechnology company commercializing virology and novel biotechnologies, today reported financial results for its third quarter and nine months to date of fiscal 2012.
For the quarter ended June 30, 2012, Microbix reported revenue of $1,413,531, a 7% decrease from $1,515,911 for the same quarter in 2011. Total Expenses for the quarter were $2,374,118 compared to $2,261,064 for the same period in 2011, contributing to a higher operating loss for the quarter of $906,587 compared to $745,152 for the same quarter last year. The lower quarterly revenues relate to the timing of production and sales in the virology business and are not indicative of any downtrend. For the first nine months of fiscal 2012, revenues were $4,784,989 - up 17% compared to the same period in fiscal 2011, primarily due to growing customer demand. This led to a similar net loss to the nine month period in the prior fiscal year, but with an improved cashflow position.
William J. Gastle, Chief Executive Officer, “I am very pleased with the strong double-digit growth in Virology Sales year-to-date. Growing customer demand combined with our current focus on improving manufacturing efficiencies, ensures we are maximizing the contribution of our Virology business.” Gastle went on to update investors on Microbix’ major pipeline projects saying, “I am also pleased to relay that we are continuing to advance towards completion of the Urokinase Agreement with Zydus Cadila. The completion of that agreement will be further proof we remain focused on liberating the fundamental value in our pipeline. The Agreement with Zydus Cadila is the first step, which we intend to follow with development agreements relating to both LumiSort and VIRUSMAX.” Please visit www.sedar.com for recent Microbix Biosystems, Inc. filings on its pipeline products and financial information.
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of advanced biotechnologies, and markets virology and biological technologies worldwide. The Company has intellectual property for a large market biotherapeutic drug (Kinlytic® urokinase), a vaccine technology (VirusMax®) and an animal reproduction technology (Lumisort®). Microbix supplies customers in the U.S., Europe, and Asia. Established in 1988, Microbix is headquartered in Toronto.
Disclaimer
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: William J. Gastle, CEO, (416) 234-1624 x 230; or James Long, CFO, (416) 234-1624 x 265.
