Year-End Results Show 2008 Revenue Growth Of 23%
TORONTO, Dec. 10 /PRNewswire-FirstCall/ - In a news release today, Microbix announced results for the fiscal year ended September 30, 2008. Revenues from its profitable core business are continuing to fund Microbix Biosystems Inc.'s (TSX:MBX) late-stage pipeline opportunities which are expected to build shareholder value in the short and long term, according to William J. Gastle, CEO of the Company.
"We expect cash flow from our base business to strengthen our balance sheet," Mr.Gastle said. "Fiscal 2009 will be a pivotal year as we re-launch Urokinase and seek partnership for our Hunan (China) influenza vaccine business with a pharmaceutical company."
Highlights for fiscal 2008:
Record performance was achieved again for the core business in revenues and volumes shipped, with year-over-year growth of 23 per cent.
"We exceeded our targets in 2008," Mr. Gastle continued "and we are in the final steps towards completing expansion of our manufacturing facility to accommodate increased demand for virology products - the impact of this additional capacity will be realized in fiscal 2009."
The Company is collaborating with two major firms resulting from agreements announced last year. A third collaboration is now under discussion. Activities have accelerated as a result of the Agreement with the Hunan province of the Peoples Republic of China announced in June 2008. Engineering has begun on site in China and financing activities are under way. VIRUSMAX has now been granted patents in the U.S., Canada, India, Australia, and China. Patents are pending in a number of other countries.
Semen Sexing Technology(TM) (SST(TM))
SST will enable commercial breeders to pre-determine the sex of livestock offspring resulting
|SOURCE Microbix Biosystems Inc.|
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