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

her Highlights

"The Company has reduced its overhead as we transitioned into the new manufacturing facility and we expect to be profitable in 2010. With the additional capacity, we expect to expand sales in 2010 and to see continued financial improvement for the Company."

Financial Results

For the quarter ended March 31, 2009, the Company recorded a net loss of $512,834 or one cent a share compared to a loss of $1,337,698 or two cents a share in the same period in fiscal 2008. The company's negative cash position improved by 86% to $ 244,708 for the second quarter 2009 compared to negative cash flow $ 1,771,934 in the same period in 2008.

The loss for the quarter was lower due to the reduction in expenditures on pipeline projects and the increase in revenues. However, research and development expenditures for SST and the development expenditures for Kinlytic contributed to the loss. Research and development expenditures as a whole will be substantially lowered in the second half. Also, capital expenditures will be substantially reduced in the third quarter as the last of those expenditures for the new manufacturing facility will be made. Pipeline projects, now completed, are going to be financed through non-dilutive agreements with partners. Microbix continues its corporate restructuring to conserve cash and lower its burn rate in order to ensure its pipeline products reach their full potential.

"Given the unusually difficult market conditions, Microbix is controlling its cash flow prudently", said James A. Long, CFO. "We remain confident in our ability to operate the business using existing cash flow from our core business." The growth in sales in the next 12 months will be accretive to the Company's projected positive cash flows.

                              Second Quarter Ended         6 months ended
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SOURCE Microbix Biosystems Inc.
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