Microbix Biosystems Completes Non-Brokered Private Placement Financing For Gross Proceeds of $1.05 Million

    TORONTO, April 20 /CNW/ - Microbix Biosystems Inc. (TSX: MBX) announces
the successful completion today of a non-brokered private placement offering
of units. A total of 1.5 million Units at $0.70 each have been sold for gross
proceeds of $1.05 million. Each Unit consists of one common share of MBX and
one-half of a common share purchase warrant. Each whole warrant entitles the
holder to subscribe for one common share at $0.90 for a period of 18 months.
All securities are subject to a four-month hold period from the date of
closing of the financing.
    The investor is a large Canadian financial institution.
    William J. Gastle, CEO of Microbix stated that "this financing will
enable us to proceed with the previously announced financing arrangements for
the Urokinase product to be used in dissolving blood clots and cancer

    The TSX has neither approved nor disapproved of the content of this

    Microbix specializes in developing proprietary 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

    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.

    %SEDAR: 00004220E

For further information:

For further information: visit www.microbix.com or contact: William J.
Gastle, Chief Executive Officer, (416) 234-1624 x 230

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