The Company submitted new provisional patents for inventions relating to SST which describe new discoveries that would significantly strengthen its proprietary process for separating X and Y chromosome-containing sperm.
The Company is working to identify all sex specific proteins and characterize them. Microbix took the necessary steps to ensure that it has built a solid patent foundation in 2008.
The Company's $2.5 million acquisition of all Urokinase assets from ImaRx Therapeutics, Inc. of Tucson, Arizona, (Nasdaq: IMRX) resulted in a major transformation for Microbix.
These assets included ImaRx' remaining Urokinase inventory (worth approximately US$40 million in retail value) as well as the regulatory file for the product (formerly known as Abbokinase(R), now rebranded as Kinlytic(R)), key raw materials for Urokinase manufacture, and the corresponding sales and marketing infrastructure).
With this acquisition, Microbix will become a fully integrated biopharmaceutical company with an established revenue base. The acquired inventory has a pending US FDA product inventory release which it expects in the coming weeks, allowing it to begin sales and marketing activities in the second quarter fiscal 2009.
By carefully parceling out the inventory, Microbix expects to have sufficient time to garner approval of its new product manufactured at its Skyway Urokinase manufacturing facility. Profits from Urokinase sales will be used to fund development of the Skyway operation.
Microbix raised $6.825 million in equity through a brokered private placement financing. This placement had significant institutional investor participation. The fun
|SOURCE Microbix Biosystems Inc.|
Copyright©2008 PR Newswire.
All rights reserved