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Microbix Uses Core Business Cashflow To Fund Late-Stage Pipeline To Build Shareholder Value In 2009
Date:12/10/2008

ds are being used to continue growth of the core business. Specifically, the proceeds are being used to expand the core manufacturing operations and to fund development of SST(TM).

Financial Results

For the year ended September 30, 2008, the Company recorded a net loss of $3,667,910 or 8 cents a share compared to a loss of $2,711,810 or 7 cents a share in fiscal 2007.

The fourth quarter loss was $440,115 or 1 cent a share compared with a loss of $814,001 or 2 cents a share in 2007. Cash flow was positive for both the quarter and full year as in fiscal 2007.

The development of the Hunan Joint Venture and extensive business development activities associated with concluding agreements for the Urokinase acquisition increased the loss this year. Microbix has undergone a corporate restructuring to conserve resources and lower its cash burn rate in order to ensure its pipeline products reach their full potential. Microbix is expected to turn profitable in 2009.

"Given the unusually difficult market conditions, Microbix is ensuring that it is controlling its cash flow prudently," said Mr. James A. Long, CFO. "We remain confident in our ability to operate the business within our existing cash reserves by using forecasted cash inflows from its base business." An anticipated launch of Urokinase in 2009 would be accretive to the Company's projected positive cash flows.

                          Quarter Ended Sept 30         Year Ended Sept 30
                            2008          2007          2008          2007
                       ------------------------------------------------------

    Revenue            $ 1,259,749     1,171,731     4,993,521     4,048,826

    Net Income (Loss)  $  (440,115)     (814,001)   (3,667,910)   (2,711,810)

    Net Income (Loss)
     per share         $     (0.01)        (0.02)        (0.08)        (0.07)

    Cash Flow          $ 
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SOURCE Microbix Biosystems Inc.
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