Ontario Helps Microbix Ensure Provincial COVID Testing Capacity

MISSISSAUGA, Ontario, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQB: MBXBF, Microbix ® ), a life sciences innovator and exporter, is pleased to announce the execution of a grant agreement with the Ontario Together Fund (OTF) of the Ministry of Economic Development, Job Creation and Trade (MEDJCT).

The Honorable Vic Fedeli, Minister of MEDJCT, Minister responsible for OTF, and Member of Provincial Parliament for Nipissing, has approved an OTF grant of $1.45 million to cover 50% of the cost to automate production of Microbix’s quality assessment products (QAPs™) that help ensure the accuracy of infectious disease diagnostic testing, and enable local, secure, and cost-effective automated production of the quantities of viral transport media (Media) needed for Ontario’s nucleic-acid testing for COVID-19.

Microbix has achieved a leading position in providing QAPs™ that help ensure tests for COVID-19 disease are being performed correctly. On recognizing the outbreak could become a pandemic, it developed prototypes, validated them with leading international test-makers, and obtained regulatory permissions for clinical laboratory usage in Australia, the European Union, North America, Scandinavia, and the UK.

At the request of Ontario, Microbix will now create a secure and locally-based supply of Media, any lack of which limits capacity for COVID-19 testing. It is Microbix’s intention to begin production on a semi-automated basis before year-end, and move to fully-automated production as soon as possible in 2021. Daily vial capacity is initially targeted at thousands, increasing to tens of thousands upon automation.

OTF’s grant contribution will help fund automation at Microbix’s 10,500 square foot production, packaging, and administrative site – to provide secure and cost-effective domestic supply of high quality Media. The grant will also be used toward funding automation of QAPs manufacturing, as needed to support growing unit volume requirements – as projected by lab accreditation agencies, diagnostic test-makers, clinical labs, and distributors. Lastly, the grant will assist Microbix in creating more highly-skilled jobs in science and manufacturing in Mississauga – adding to its workforce of about 80 professionals.

“We’re proud to support Microbix’s creation of made-in-Ontario solutions that reduce our dependence on foreign supplies, strengthen our domestic capacity, and better prepare us for the future.”

– Vic Fedeli, Minister of Economic Development, Job Creation and Trade, Minister Responsible for the Ontario Together Fund, and MPP for Nipissing.

“Microbix is honored to help the Government of Ontario respond to the critical public health challenges of this pandemic. We are very thankful for this grant support, which will make us even more effective.”

– Cameron Groome , CEO and President of Microbix Biosystems Inc.

About Microbix Biosystems
Microbix develops proprietary biological and technology solutions for human health and well-being, with about 80 skilled employees and sales of approximately $1 million per month. It makes a wide range of critical biological materials for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs™) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Microbix antigens enable the antibody tests of over 100 international diagnostics companies, while its QAPs are sold to clinical laboratory accreditation organizations, diagnostics companies, and clinical laboratories. Microbix QAPs are now available in over 20 countries, distributed by Alpha-Tec Systems, Inc., Diagnostic International Distribution S.p.A., Labquality Oy, The Medical Supply Company of Ireland, and R-Biopharm AG. Microbix is ISO 9001 and 13485 accredited, U.S. FDA registered, Australian TGA registered, Health Canada establishment licensed, and provides CE marked products.

Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is publicly-traded on the TSX and OTCQB, and headquartered in Mississauga, Ontario, Canada.

Forward-Looking Information
This news release includes “forward-looking information,” as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of, OTF or MEDJCT or the Government of Ontario, the grant funding and its objectives or consequences, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced, regulatory compliance and approvals, sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), 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.

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