Microbix announces two partnership agreements: One with an international livestock semen distributor who will invest in LumiSort and use it in their semen collection and distribution business; and another agreement with an engineering firm to move it through its final development stages to commercialization.
TORONTO, July 22 /PRNewswire-FirstCall/ - Microbix Biosystems Inc. (MBX: TSX), a biotechnology company, today announced it has signed partnership agreements that will accelerate the development and commercialization of LumiSort(TM), Microbix' proprietary technology that will enable livestock breeders to pre-determine the sex of their herd prior to conception. LumiSort is expected to be introduced to the worldwide livestock market in early 2012.
The first agreement is between Microbix and one of the largest suppliers of livestock reproduction products and services in the world. In the agreement, Microbix' partner, which was not disclosed at this time, will make a $2 million investment in LumiSort in return for two years of regional exclusivity and a 10% share of annual revenues. The partner will deliver to Microbix an up-front payment plus additional milestone payments, all expected within the next 18 months.
The second agreement is between Microbix and its LumiSort engineering partner, a global engineering firm and recognized leader in the cytometry industry, who will be responsible for the design, manufacture and service of LumiSort with an initial focus on proof-of-concept testing. Terms of the engineering agreement were not disclosed.
Prior to market introduction, Microbix has established agreements for LumiSort with companies located in the United States, Canada'/>"/>
SOURCE Microbix Biosystems Inc.
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