Microbix has submitted an application to Health Canada for approval of its acquired urokinase inventory and targets its release for mid-year 2010. The inventory will supply market needs for nearly three years and generate revenue of about $30 million. Microbix plans to use this revenue to scale up KINLYTIC manufacturing at its Skyway production facility in time to re-supply its inventory with capacity to produce $70 million worth of product annually.
Mark A. Cochran, Microbix Chief Business Officer said, "Microbix is pleased to bring back to the medical community an effective and safe therapy with life-saving benefits. We now have the potential to expand the drug's indications into larger markets such as catheter clearance, oncology and ophthalmology and to use the existing product sales to accelerate urokinase production at our facility in Toronto."
Approval in Canada also allows the company to provide KINLYTIC for use in clinical trials in Canada and other countries. To this end, Microbix has been in discussions with several companies to license its product for studies in new indications such as urology, oncology and ophthalmology. In earlier studies, the therapy has shown promise for treating colon, prostate and other solid tumors. The company sees significant licensing and revenue opportunities ahead for KINLYTIC for these new indications.
Financial Highlights --------------------
For the year ended September 30, 2009, the Company recorded a net loss of $2,484,536, down 32%, or 5 cents a share compared to a loss of $3,667,909 or 8 cents a share in fiscal 2008.
The fourth quarter loss was $715,667, up 62%, or 1 cent a shar
|SOURCE Microbix Biosystems Inc.|
Copyright©2009 PR Newswire.
All rights reserved