Toronto biotechnology company's revenues increase 22% for fiscal 2009; on track for positive cash flow in fiscal 2010
TORONTO, Dec. 16 /PRNewswire-FirstCall/ - Microbix Biosystems Inc. (MBX:TSX) a biotechnology company focused on virology and biological technologies, today reported financial results for fourth quarter and full-year 2009. For the fiscal year ended September 30, 2009, Microbix reported revenues of $6.08 million, a 22% increase from the same period in 2008. For fourth-quarter 2009, the Company saw revenues increase by 20% to $1.5 million, compared with the year-ago quarter.
Sales increases in Microbix core business of providing biological products to the diagnostic and research industries were primarily due to greater capacity from the company's ISO-certified Watline biologic production facility, which opened in April of 2009, filling higher order volume from existing customers worldwide. Revenues would have been significantly higher if not for the negative impact of the strong Canadian dollar.
"We expect cash flow from our base business to continue to improve as it did in 2009 supporting our new areas of growth which are approaching value milestones," said William J. Gastle, Microbix CEO. "The year 2010 marks the beginning of a significant growth era for our 20-year-old company as we enter global markets with novel products and new partners."
"In 2009 we took bold steps to position our three pipeline products to generate significant revenue in the near future. During the past year, our efforts to launch VIRUSMAX(TM), a proprietary influenza vaccine production enhancement technology, led to a joint venture agreement with the Chinese government for Microbix to jointly build and operate the world's third largest vaccine production facility scheduled for ground breaking in February; KINLYTIC(TM) (urokinase), a thrombolytic agent indicated for the treatment of acute massive pulmonary embolism, has
|SOURCE Microbix Biosystems Inc.|
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