MISSISSAUGA, Ontario, Dec. 24, 2021 (GLOBE NEWSWIRE) — Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®), a life sciences innovator and exporter, announces receipt of a follow-on order of C$ 4.7 million for its viral transport medium (generically known as “VTM” and branded “DxTM™” by Microbix). DxTM is a sample-collection device that is essential for PCR-based testing for viruses that cause COVID-19 disease. This further order has been made by a procurement authority representing the Province of Ontario.
This entire order for DxTM is binding and is expected to result in C$ 1.75 million of revenues in the Q1 of fiscal 2022 ending 31 December, 2021. The balance of the order will be delivered across Q2 and Q3 of fiscal 2022; quarters respectively ending 31 March and 30 June, 2022.
Microbix’s DxTM is providing a secure and Ontario-made supply of highest quality VTM in strategically-relevant amounts. Specifically, DxTM is now supporting COVID-19 sample-collection by labs, pharmacies, public health units, and school systems across Ontario. Microbix remains the only domestic manufacturer of VTM to Ontario and is sourcing its critical raw materials from Canada-based suppliers.
The development of DxTM was assisted by a grant from the Ontario Together Fund (OTF) of the Ministry of Economic Development, Job Creation and Trade (MEDJCT) and by loan financing from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). Microbix is now proceeding to further scale its production of DxTM through full automation of its filling, capping, and labeling processes, with implementation to be completed at Microbix’s third Mississauga site in spring of 2022. Such scaling will enable Microbix to supply a greater proportion of Ontario’s needs while also becoming able to offer meaningful DxTM supplies to Federal and other Provinces’ agents, and to private testing laboratories.
DxTM provides excellent viral recovery and strong product shelf-life, in vials sized to fit swab segments up to 10 cm in length. DxTM product information is available at https://microbix.com and purchase enquiries can be e-mailed to [email protected] Clinical laboratories are also encouraged to use Microbix’s “QAPs™” IVD controls for COVID-testing, including for variants-of-concern and antigen tests.
Dr. Ken Hughes, COO of Microbix commented, “We are very pleased to be able to rapidly respond to Ontario’s needs for critical healthcare products such as our DxTM viral transport medium and QAPs IVD test controls – reliably delivering when and where these vital products are most needed. The secure and highest-quality domestic innovation and manufacturing that Microbix provides not only helps guard against supply disruptions, it also helps create health and prosperity for Ontarians and Canadians. Microbix is also delighted to note that we soon will hire our 100th full-time employee and expect to continue increasing our team of skilled life-sciences professionals here in Mississauga.”
About Microbix Biosystems
Microbix develops proprietary biological technology solutions for human health and well-being, with about 100 skilled employees and sales nearing C$ 2.0 million per month. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Microbix antigens enable the antibody tests of over 100 international diagnostics companies, while its QAPs are sold to clinical laboratory accreditation organizations, diagnostics companies, and clinical laboratories. Microbix QAPs are now available in over 30 countries, distributed by 1WA (Oneworld Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International Distribution SpA., Labquality Oy, The Medical Supply Company of Ireland, R-Biopharm AG, SDT Molecular Pte Ltd, Seegene Canada Inc., and Thomas Scientific LLC. Microbix is ISO 9001 and 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides CE marked products.
Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably viral transport medium (DxTM™) to collect patient samples for lab-based molecular diagnostic testing and Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is traded on the TSX and OTCQX, and headquartered in Mississauga, Ontario, Canada.
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of VTM or QAPs orders and their relevance or timing, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its corporate presentation, regulatory compliance and approvals, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), 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.microbix.com or www.sedar.com for recent Microbix news and filings.
For further information, please contact Microbix at:
Adelaide Capital Markets
Torrey Hills Capital
Copyright © 2021 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix Biosystems Inc.