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Microbix Sales Grow Over 30% In The Second Quarter; Up 43% In The First Half '09
Date:5/14/2009

A potential investor has agreed in principle to lead the fundraising efforts subject to finalization of the deal structure.

Semen Sexing Technology (SST)

In the SST program, Microbix focused on strengthening its intellectual property position. "We concluded the research phase of the program in the second quarter," said Mr. Gastle. "The results led to a conclusion which brings the market opportunity closer with more certainty and also provides a significant competitive advantage over existing technology. It will give the Company a strong patent position in a $ 3 billion artificial insemination market which has no regulatory barrier to entry." The Company is currently evaluating non-dilutive ways to advance the product.

Urokinase

The Company acquired all Urokinase assets from ImaRx Therapeutics, Inc. of Tucson, Arizona, (Nasdaq: IMRX) in September 2008. These assets included ImaRx' remaining Urokinase inventory as well as the regulatory file for the product (formerly known as Abbokinase(R), now rebranded as Kinlytic(R)), key raw materials for Urokinase manufacturing, and the corresponding sales and marketing infrastructure.

The anticipated launch of the drug Kinlytic has been delayed due to the ongoing review by the FDA of the Company's request for the release of this Urokinase product for distribution in the US market. The company is preparing to file an appeal that will be submitted in the third quarter. "There are no problems with the safety and efficacy of this drug. Concerned physicians are asking for Urokinase supply on a daily basis," Mr. Gastle explained. Microbix is one of many drug companies that are experiencing delays at the FDA today and continues to press matters with the agency," said Mr. Gastle. "We are optimistic that ultimately we will reach the market" he said.

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SOURCE Microbix Biosystems Inc.
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