TORONTO, Feb. 1, 2013 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), a
biotechnology company developing innovative biological products and
technologies, today announced it has sold its Water-for-Injection
business to Irvine Scientific in California. The sale was constructed
on an earn-out basis, though specific deal terms were not disclosed.
The sale of this non-core asset is part of the Company's strategy to
focus on higher value-added Antigen products as well as key pipeline
projects such as Kinlytic, which the Company is currently developing
under license for Zydus Cadila. The sale has resulted in the
redeployment of key resources to these important initiatives.
Vaughn Embro-Pantalony, President and Chief Executive Officer of
Microbix commented "In addition to the strategic rationale to re-deploy
important resources to higher value opportunities, the transaction also
moves us toward our goal of generating sustainable, positive cash flow
from operations." Mr. Embro-Pantalony then added "We are confident our
customers will be well served by Irvine Scientific and that this
transaction provides substantial benefit to all parties."
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the marketing and development of
biological products and technologies. The Company owns intellectual
property for several products including an FDA approved
biopharmaceutical drug, a proprietary vaccine technology and an animal
reproduction technology. Microbix supplies customers in the U.S.
Europe, and Asia. Microbix was established in 1988 and is headquartered
in Mississauga, Ontario, Canada.
About Irvine Scientific
Irvine Scientific is located in California and specializes in the
design, manufacture and distribution of cell culture media and medical
devices and serves customers in biopharmaceutical, human reproductive,
cell therapy, and cytogenetics markets.
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: Vaughn C. Embro-Pantalony, CEO, (416) 234-1624 x 350; or James Long, CFO, (416) 234-1624 x 265.