Microbix Expands Customer Agreement to Approximately $17 Million Over 5 Years
Represents Over $10 Million in Cumulative New Business
TORONTO, March 17, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today announced that it has reached an agreement with an existing, long-term customer to supply significantly increased antigen volumes.
Customers use Microbix' infectious disease antigens in their diagnostic test kits, which they sell to laboratories and hospitals globally. This customer has secured incremental business for their infectious disease tests and, as a result, requires more antigen supply from Microbix. This agreement represents an annual sales increase of more than $2 million. Shipments are expected to commence in the next fiscal quarter.
Phil Casselli, Senior Vice President Business Development at Microbix, explained, "Our customer is one of the top performing companies in the global infectious disease diagnostics market and our long-term partnership has been rewarding on all levels for both companies. We are honoured to be a key supplier to this customer and believe that their growth underscores the gold-standard positioning of our virology products."
Vaughn Embro-Pantalony, Microbix' President and Chief Executive Officer, added, "We are very pleased that our customer is demonstrating such strong confidence in our capabilities. This is an exciting growth opportunity for our virology products business, and reinforces our leadership position as the provider of the world's largest range of infectious disease antigens."
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of biological solutions, including products for vaccine and diagnostics markets worldwide. Established in 1988, Microbix is headquartered in Toronto.
Microbix' pipeline of innovative and proprietary technologies and products includes LumiSortTM semen sexing technology for the livestock industry, VIRUSMAX®, a technology for increasing virus yields in influenza vaccine manufacture, and Kinlytic®, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots.
This press release may contain 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 litigation, operations in foreign jurisdictions, foreign currency and exchange rate risk, and risks of raising capital on acceptable terms or at all. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and the actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release. The Company is under no obligation to update or alter any forward-looking information.
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 Charles Wallace, CFO (905) 361-8910 (ext. 255).