New manufacturing facility opens with substantially increased capacity for continued growth
TORONTO, May 14 /PRNewswire-FirstCall/ - Microbix Biosystems Inc. (TSX:MBX) announced today robust double digit growth in sales, improved cash flow, and reduced operating losses for the second quarter ended March 31, 2009.
In a news release today, William J. Gastle, CEO of Microbix said "Our 43% growth in the first half of 2009 coupled with the strong growth over the past three years indicates the potential for our base business. The new manufacturing facility is now fully operational, cash flow is increasing and the shareholder value creation opportunity is still available in all three pipeline products albeit somewhat delayed."
First Quarter Highlights
In the second quarter, sales improved over 30% per cent compared to the same quarter last year. "We exceeded our sales target again in the second quarter," Mr. Gastle continued "and we are on a path to meet or exceed projections for this fiscal year. Subsequent to the second quarter, the new core business manufacturing facility opened with significantly improved capacity. Microbix fortunately operates in a major market with an ongoing strong demand for virology products."
Influenza Vaccine Business
The Hunan China manufacturing joint venture continues making progress as internal milestones are met by both partners. Microbix and Hunan are completing the pre-conditions that have been set for financing. Both levels of government in China are involved in the project. Recent events resulting from the emergence of the H1N1 virus strain that spread globally in April has increased the level of urgency of this project in China. The Feasibility Study has determined the capital required for this project. The Hunan Liuyang Biomedical Park under the supervision of Microbix financed the Study.
|SOURCE Microbix Biosystems Inc.|
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