/NOT FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH UNITED STATES WIRE
Funds For Advancing Pipeline Products; Strong Second Quarter Sales
TORONTO, March 29, 2012 /CNW/ - Microbix Biosystems Inc. (TSX:MBX)
("Microbix" or the "Company"), a company focused on virology and
biological technologies, announces the closing of a private placement
financing resulting in the issuance of 2,893,516 Units at a price of
$0.27 per Unit for gross proceeds of $781,250. Each Unit consists of
one common share of Microbix and one common share purchase warrant.
Each whole Warrant entitles the holder to purchase one additional
common share at an exercise price of $0.40 for 24 months.
Four insiders of the Company participated in the financing by purchasing
an aggregate of 499,999 Units. The financing was non-brokered. An
aggregate of 97,125 Finders Warrants were issued. Each Finders Warrant
entitles the holder to purchase one Unit at a price of $0.36 per Unit
for a period of 24 months. The securities issued in the private
placement are subject to a hold period of four months and one day from
the date of issue. The private placement remains subject to the final
approval of the Toronto Stock Exchange.
William J. Gastle, Microbix' Chief Executive Officer offered the
following brief update regarding key initiatives within the Company. "
Zydus is continuing its due diligence process in connection with its
interest in Urokinase. We are seeing strong market interest in Lumisort
and negotiations for financing that project are moving forward. Much to
our satisfaction, there are ongoing discussions with a new country to
adopt and launch the Influenza Vaccine Joint Venture. Finally, our
Virology business is also experiencing growth, with second quarter
sales stronger than 2011 levels"
Mr. Gastle then added "The funds from the current private placement will
be used to support the very important long-term opportunities I have
mentioned and will help the Company to achieve its goal to be cash-flow
positive by the end of this year".
The securities described herein have not been and will not be registered
under the United States Securities Act of 1933, as amended, and may not
be offered or sold in the United States or to a U.S. Person absent an
exemption from the registration requirements.
The Toronto Stock Exchange does not accept responsibility for the
adequacy or accuracy of this release.
About Microbix Biosystems Inc.
Microbix Biosystems Inc. specializes in the development of the most
advanced vaccine production technology and markets virology and
biological products worldwide. In addition, The Company has
intellectual property in large market biotherapeutic drugs, vaccine
technologies and animal reproduction technologies. 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.
SOURCE Microbix Biosystems Inc.
For further information:
Visit www.microbix.com or contact: William J. Gastle, CEO, (416) 234-1624 x 230; or James Long, CFO, (416) 234-1624 x 265.