TORONTO, Nov. 13 /CNW/ - Microbix Biosystems Inc. (TSX:MBX) is pleased to
announce that it has completed a brokered private placement financing totaling
$6.825 million, resulting in the issue of 6.5 million units at a price of
$1.05 per unit. Each unit comprises one common share of Microbix and one-half
of one common share purchase warrant. Each whole warrant entitles the holder
to purchase one additional common share of Microbix until November 13, 2012,
at $1.26 per share. The financing was led by Dundee Securities Corporation and
included J.F. Mackie & Company Ltd.
"For the first time, Microbix has attracted strong institutional
sponsorship," said William J. Gastle, Chief Executive Officer of Microbix.
"This reflects the strength of our Company's core business - as well as the
market opportunities inherent in our Semen Sexing Technology (SST), Urokinase
and VIRUSMAX(TM) technology."
The majority of Microbix' product pipeline advancements have been funded
from internal cash flow. Given Microbix' significant near term opportunities,
the management team and Board are confident that a targeted,
institutionally-led financing is prudent at this juncture in the Company's
Microbix intends to use the proceeds for the expansion of the core
manufacturing operations that also include the SST research centre. "With this
financing secured, we can now continue to grow our core business and bring our
late-stage product development portfolio through to commercialization," Mr.
"I am pleased to have assisted Microbix secure its new institutional
shareholder base with this financing. Significant value building opportunities
are within reach, and this financing will help Microbix achieve its commercial
milestones for SST and VIRUSMAX(TM)," said Dr. Andre Uddin of BioStrategy
Microbix specializes in developing proprietary biological technologies
and commercializing them through global partners. The Company's major pipeline
products include: its VIRUSMAX(TM) technology which can help address the
current global shortfall of influenza vaccine by enabling manufacturers to
double the amount of flu vaccine they produce each year; Urokinase, a
thrombolytic biologic that can be used as a catheter clearing drug and has
potential in a new cancer drug combination; and SST which can ensure the sex
of livestock offspring resulting from artificial insemination.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security and shall not constitute an
offer, solicitation or sale of any securities in any jurisdiction in which
such offering, solicitation or sale would be unlawful.
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 develop and commercialize Urokinase on a
timely basis, non-adoption, resistance to business model for commercialization
and implementation; risk associated with operation and maintenance of
facilities; risks associated with commercializing technology; and risks
associated with margins due to appreciation of the Canadian dollar, among
others. 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.
For further information:
For further information: visit www.microbix.com or contact: James Long,
Chief Financial Officer, Microbix Biosystems Inc., (416) 234-1624 x265