TORONTO, Nov. 21, 2012 /CNW/ - Microbix Biosystems Inc. (TSX:MBX), a life sciences company commercializing novel virology, biologic and animal reproduction biotechnologies, is pleased to announce that its Board of Directors has appointed Vaughn Embro-Pantalony as President and Chief Executive Officer.
Mr. Embro-Pantalony succeeds William J. Gastle who becomes Executive Chairman. Mr. Embro-Pantalony has been a member of the Microbix Board of Directors and Audit Committee since 2007. He has held senior executive roles in large biopharmaceutical and agriculture companies, including CFO at Novopharm Ltd and Bayer Healthcare, CIO at Bayer Inc and General Manager of Terra Canada's Nitrogen Division. Most recently he was CEO of StratPath Management Inc., consulting with life science companies on strategy and governance issues. Mr. Embro-Pantalony has a BA in Economics, an MBA, is a Fellow of the Society of Management Accountants of Canada and holds the designations Chartered Director and Audit Committee Certified.
The Company also announced that Phil Casselli, previously President of Microbix, is appointed to Senior Vice-President, Sales and Business Development. In this re-focused role, Mr. Casselli will be responsible for the top-line growth of Microbix and for the LumiSort animal reproduction venture.
William J. Gastle Executive Chairman said, "Speaking on behalf of the entire Board, we are pleased to conclude the process of selecting a new Chief Executive Officer. This succession helps position Microbix for growth-related challenges and I look forward to working with Vaughn in his new role." Mr. Gastle went on to say, "Vaughn has a sound understanding of Microbix, a successful track record executing business strategy, strong leadership skills and is well known in the healthcare industry.
Mr. Embro-Pantalony said, "My principal goal is to reward our shareholders for their ongoing support. To accomplish that goal, I am focused on strengthening the Company's financial position and effectively executing our license agreement for Kinlytic with Zydus Cadila. I believe both those priorities are key to building value for our shareholders." He continued, "More work is needed to secure capital to complete the development of LumiSort, as well as to commercialize our influenza vaccine production technology. Although those discussions have been lengthy, I am optimistic they will yield a positive outcome."
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. 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 commercializing the technologies, including sales which may not reach sales targets or be made at all, there is no guarantee that the Company will complete development of any technology and if it does that it will perform to commercially exploitable levels, other technologies may emerge before any technology developed by the Company enters the market, royalty rates may not be achievable, markets may not sustain demand for any product should world economies shift significantly, market utilization rates may not be reached, market value of products may vary, product launch dates and market utilization timetables may not be met; risks associated with the ability to license LumiSort to industry; risks associated with failure to develop and commercialize LumiSort; non-adoption of LumiSort; competition in the animal health and related markets; reliance by Microbix on third parties for the development and manufacture of LumiSort instrument; general economic conditions; intellectual property risks including challenges to protecting the Company's intellectual property rights, patents may not provide adequate protection of the Company's intellectual property, may not be successfully prosecuted and may be subject to challenge and risks of infringement of third party rights; risks of operating in foreign jurisdictions, including operating in countries with evolving legal and economic infrastructure; high rates of inflation; changes in taxation policies, and Microbix' ability to attract and retain qualified employees and management. 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.
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.