Microbix Completes $752,275.65 Private Placement



    
    /NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES/
    

    TORONTO, Sept. 10 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) is pleased
to announce today the closing of its previously announced private placement,
resulting in the issue of 2,149,359 Units at a price of $0.35 per unit. The
investors comprised a syndicated group of biotech investors.
    The financing was non-brokered. A total of 2,149,359 Units, each Unit
comprised of one common share in the capital of Microbix Biosystems Inc. and a
common share purchase warrant, have been issued. Each whole warrant will
entitle the holder to purchase one additional common share at an exercise
price of $0.55 with an eighteen month expiration date. In connection with the
private placement, Microbix issued 300,000 warrants as a finders fee, each
finders warrant entitles the holder to purchase one common share at a price of
$0.35 for a period of 18 months.
    The Company intends to use the proceeds of the private placement for
general corporate purposes.
    The Unit shares and warrants and the finders warrants are subject to hold
period of four months and one day. The private placement remains subject to
the final approval of the Toronto Stock Exchange.
    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 of such Act.

    Microbix specializes in the development of biological technologies and
commercializing them through global partners. The Company has intellectual
property in large market biotherapeutic drugs, vaccine technologies and animal
reproduction technologies. Established in 1988, Microbix is headquartered in
Mississauga.

    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 failure to get authorization to release Kinlytic for
distribution in the US from the FDA, inability to complete financing for the
Hunan China project currently the subject of financing; risks associated with
commercializing the pipeline technologies; risks associated with failure to
develop and commercialize SST; non-adoption of SST; risks associated with
currency exchange rates which may exaggerate or reduce the actual financial
performance of the Company. These forward-looking statements represent the
Company's judgment as of the date of this press release. The Company disclaims
any intent or obligation to update these forward-looking statements.

    
    The Toronto Stock Exchange does not accept responsibility for the
    adequacy or accuracy of this release.
    

    %SEDAR: 00004220E




For further information:

For further information: visit www.microbix.com or contact: William J.
Gastle, CEO, Microbix Biosystems Inc., (416) 234-1624 x 230; James Long, CFO,
Microbix Biosystems Inc., (416) 234-1624 x 265

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Microbix Biosystems Inc.

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