Microbix Expands Quality Assessment Product Family
TORONTO, ONTARIO–(Marketwired – Jan. 18, 2018) - Microbix Biosystems Inc. (TSX:MBX) (Microbix®), an innovator of biological products and technologies, announces the expansion of its quality assessment product family, with 48 new products being completed and made available for sale under its PTDx™ and PROCEEDx™ brands.
Microbix’ quality assessment products are used by clinical laboratories, diagnostic test developers, researchers and proficiency organizations. Microbix has long offered a range of such products to proficiency organizations for use in their clinical laboratory certification programs (its PTDx line).
Microbix is now adding the PROCEEDx line to its quality assessment offerings. PROCEEDx products are used for research, validation/verification of instruments, troubleshooting, and operator training. Qualification of the first 26 PROCEEDx products includes confirmation of long-term stability, performance with relevant assays and lot-to-lot consistency. Completion of a further 11 new products for each of the PTDx and PROCEEDx lines will bring Microbix’ quality assessment family up to 78 discrete products.
In fiscal 2017, Microbix generated nearly 10% of its revenues from sales of PTDx products to proficiency organizations. It is expected that sales of its quality assessment products will grow, based on new uses and from the addition of new products. The current list of Microbix’ PTDx and PROCEEDx products is available from its website at www.microbix.com. A more detailed business description is provided in Microbix’ Annual Information Form (AIF) for fiscal 2017, also on its website or at www.sedar.com.
Coincident with this product family expansion is the launch of a new Microbix website at www.microbix.com. The new site enables online ordering of Microbix’ quality assessment and antigen products. Customers and shareholders will find the new site more user-friendly and informative.
Mr. Phil Casselli, SVP Sales and Business Development of Microbix, commented, “As clinical laboratory testing advances, especially into the field of molecular diagnostics, the need for quality assessment products is becoming significant, for laboratories and test developers alike. Microbix is pleased to employ its expertise to provide validated third-party products that help address this need.”
Mr. Cameron Groome, CEO and President of Microbix, provided further perspective. “The provision of quality assessment products is a sensible and low-risk extension of the expertise developed in our native antigens business. Expansion of our quality assessment offerings to encompass the PTDx and PROCEEDx product lines provides Microbix with growth opportunities within its core competencies and via existing customer relationships, without much need for further capital expenditures. We look forward to reporting on this growth over the coming quarters and years.”
About Microbix Biosystems
Microbix Biosystems Inc. specializes in the development of proprietary biological and technology solutions for human health and well-being. The Company manufactures a wide range of critical biological materials for the global diagnostics industry, notably antigens used in immunoassays or quality assessment and proficiency testing products. The Company also applies its biological expertise and technology platforms to create other innovative products and technologies. Currently it is commercializing two such proprietary products, (1) Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots and (2) LumiSort™ cell-sorting, a technology platform for ultra-rapid and efficient sorting of somatic cells that can be used to enrich cell populations of interest, such as in sexing semen. Established in 1988, Microbix is a publicly traded company, listed on the Toronto Stock Exchange and headquartered in Mississauga, Ontario, Canada.
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, management’s discussion of financial results or the outlook for the business, the risks associated with its financial results and stability, its biologicals business, development projects such as those referenced herein, operations in foreign jurisdictions, engineering and construction generally, production (including control over costs, quality, quantity and timeliness of delivery of products), foreign currency and exchange rates, maintaining adequate working capital and raising further capital on acceptable terms or at all, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent the Company’s judgement as of the date of this new release, and the Company is under no obligation to update or alter any forward-looking information.
Please visit www.sedar.com for recent Microbix filings.
Cameron L. Groome
Microbix Biosystems Inc.
Adelaide Capital Markets