"Given the unusually difficult market conditions, Microbix is controlling its cash flow prudently", said Mr. James A. Long, CFO. "We remain confident in our ability to operate the business using existing cash flow from our core business." The planned launch of Urokinase in 2009 would be accretive to the Company's projected positive cash flows.
Quarter Ended Dec 31 2008 2007 ------------------------------- Revenue $ 1,606,523 1,036,851 Net Income (Loss) $ (583,668) (944,987) Net Income (Loss) per share $ (0.01) (0.02) Cash Flow $ (2,362,069) 5,603,173
Cash flow was negative at $2,362,069, due mostly to expenditures related to the expansion of the core business manufacturing facilities and continued effort on the Kinlytic commercial development. The Company was cash flow positive $5,603,173, in the same period in 2008 due to an equity financing.
Microbix 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.
This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ
|SOURCE Microbix Biosystems Inc.|
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