Microbix' Revenue Increases 35% in Third Quarter
Operating Results Approach Break-Even for the Quarter
TORONTO, Aug. 14, 2013 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), a biotechnology company developing innovative biological products and technologies, today reported financial results for its third quarter ending June 30, 2013. Revenue was $1,906,652 compared to $1,413,531 for the same quarter last year, an increase of 35%. This increase is the result of continued growth in antigen sales in the quarter and ongoing consulting services provided to Zydus under the Kinlytic® license agreement. Operating expenses for the quarter were $1,026,841 compared to $1,437,660 for the same quarter last year, a reduction of $410,819. This improvement is the result of savings realized from the many productivity improvement initiatives implemented earlier this fiscal year. These results contributed to a significantly reduced operating loss for the quarter of $102,278 compared to an operating loss of $960,586 for the same quarter last year.
Vaughn Embro-Pantalony, President and Chief Executive Officer remarked, "A 90% reduction in the year-over-year operating loss is a strong indication that we are building momentum in our transformation towards achieving sustainable operating profit. A combination of strong growth in Antigen sales and our continued focus on productivity improvements has helped us achieve positive operating cash flow in the third quarter."
Mr. Embro-Pantalony also provided an update on the pipeline projects. "We continue to prepare for our meeting with the FDA this fall as part of our plan to return Kinlytic® to the US market. We are making progress towards securing financing for our LumiSort® venture. We are working closely with our technical partners to finalize the scope, cost and timing of our development program to satisfy the requirements of our investors. And finally, we are preparing our defense of the VIRUSMAX® patent challenge by Novartis which will be heard by the European Patent Office in January 2014."
The Company also announced that James Long, Chief Financial Officer, will be retiring from Microbix at the end of August. Charles Wallace will become the Company's interim Chief Financial Officer effective September 1st.
Mr. Embro-Pantalony commented, "I want to thank Mr. Long for his many years of service to the Company and wish him well in his retirement. I also want to take this opportunity to welcome Mr. Wallace back to Microbix, as he returns to the role he previously held prior to leaving to concentrate on his tax practice. A search for a permanent CFO will be initiated at an appropriate time in the future."
|3 months ended June 30||9 months ended June 30|
|Net loss per share||$||(0.002)||(0.02)||(0.01)||(0.03)|
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of advanced biotechnologies, and markets virology and biological technologies worldwide. The Company owns intellectual property for an approved biopharmaceutical drug, a vaccine technology and an animal reproduction technology. Microbix supplies customers in the U.S., Europe, and Asia. Established in 1988, Microbix is headquartered in Toronto.
This press release contains forward-looking statements which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements including the risks associated with development projects, operations in foreign jurisdictions, risks associated with engineering and construction generally, risks associated with production including control over costs, quality, quantity and timeliness of delivery of products, foreign currency and exchange rate risk, and risks of raising capital on acceptable terms or at all. These forward-looking statements represent the Companies' judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.
Please visit www.sedar.com for recent Microbix Biosystems Inc. filings on its pipeline products and financial information.
SOURCE Microbix Biosystems Inc.For further information:
Visit www.microbix.com or contact: Vaughn C. Embro-Pantalony, CEO, (905) 361-8910 (ext.350) or
James Long, CFO, (905) 361-8910 (ext 255).