Microbix Secures Third Ontario Manufacturing Site
Leasing and Equipping 10,000 Square Foot Building Adjacent to Current Sites
MISSISSAUGA, Ontario, June 03, 2021 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQB: MBXBF, Microbix®), a life sciences innovator and exporter, announces that it has secured a third manufacturing site in Mississauga, Ontario, by way of a long-term lease agreement for a property adjacent to its two current sites.
Specifically, Microbix has secured a multi-year lease to a 10,000 square foot industrial building located at 275 Watline Avenue – Immediately next to its owned biologicals facility that is used for antigens production located at 265 Watline, and closely adjacent to its leased administrative and QAPs manufacturing facility at 235 Watline. As an aside, while Microbix now controls three adjacent properties, management commits not to begin putting-up houses or hotels, regardless of what the rules of the iconic board-game Monopoly® may suggest.
It is intended that this third site will be reconfigured and equipped to support additional business activities, including, but not necessarily limited to, the following:
- Implementation of further scale-up and full automation of production processes for its DxTM™ branded viral transport medium (generically known as “VTM”) can support molecular (e.g., RT-PCR) and antigen testing for various diseases, and is presently focused upon COVID-19.
- Commissioning of additional space for other fully-automated production processes, including vial-formatted or FLOQSwab®-formatted quality assessment products (QAPs™).
- Building-out further spaces for product development laboratories, quality control laboratories, warehousing and logistics staging areas, office spaces, and enhanced amenities for staff.
This third site takes Microbix’s total available industrial space to approximately 35,000 square feet across its three adjacent buildings, which should prove sufficient to support of near and medium-term corporate growth objectives. Management believes that the multi-year duration of this new lease justifies the leasehold improvement investments that will be required, that the location of the property is ideal, and that the rental terms are favorable.
Microbix will be taking possession of this third site as of July 1, 2021 and will immediately begin the design and approval processes for the necessary renovations. The funds required to renovate and equip this third site were secured by way of the public offering and concurrent private placement that were completed in May, 2021, and the amounts to be invested at this third site are currently expected to be in accordance with the disclosures in Microbix’s short-form prospectus dated May 12, 2021.
About Microbix Biosystems
Microbix develops proprietary biological technology solutions for human health and well-being, with about 90 skilled employees and sales growing from a base of over $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 30 countries, distributed by 1WA (Oneworld Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International Distribution SpA., Labquality Oy, The Medical Supply Company of Ireland, R-Biopharm AG, SDT Molecular Pte Ltd, and Seegene Canada Inc. 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 viral transport medium (DxTM™) to stabilize patient samples for lab-based molecular diagnostic testing and Kinlytic® urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is traded on the TSX and OTCQB, and headquartered in Mississauga, Ontario, Canada.
Sales or distribution inquiries should be directed to customer.service@microbix.com.
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 the third site, its lease terms or usage, the site-related investments to be made, the referenced product lines or their uses, whether Monopoly® is iconic, Microbix’s business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its corporate presentation, 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.
