Replies to post #9348 on Value Microcaps Zip Code Changers

[zenvesting]

MBX Reports first quarter profit

Revenue Doubles on Continuing Strong Customer Demand

TORONTO, Feb. 14, 2014 /CNW/ - Microbix Biosystems Inc. (TSX: MBX), an innovator of biological products and technologies, today reported financial results for its first quarter ending December 31, 2013.

In the first quarter, Microbix reported revenue of $1,927,885, more than double the revenue of $904,413 for the same period in 2013. The higher revenue was primarily due to continued growth in customer demand for virology products including significant new business from an existing customer, as well as a favourable currency impact. Total expenses for the first quarter were $888,778 compared to $1,039,117 for the same quarter in 2013 or a 14% reduction, primarily due to various cost savings initiatives implemented in the past year. Operating income for the first quarter was $214,406 compared to a loss of $629,505 for the same quarter last year.

Vaughn C. Embro-Pantalony, President and Chief Executive Officer remarked, "Our strong first quarter operating results compared to last year, and our consistently strong financial performance in the last two quarters, highlight the significant profitable turnaround that our Company has experienced in the past year. I am confident that we have established a solid foundation for continued success in 2014."

Financial Highlights

3 months ended Dec 31
2013 2012
Revenue $ 1,927,885 904,413
Operating Income (Loss) $ 214,406 (629,505)
Net Income (Loss) $ 116,161 (629,505)
Net income (Loss) per share $ 0.002 (0.010)
Cash Flow $ (51,773) (53,743)


Please visit www.sedar.com for recent Microbix Biosystems, Inc. filings and financial information.

About Microbix Biosystems

Microbix Biosystems Inc. specializes in the development of biological solutions, including products for vaccine and diagnostics markets worldwide. The company owns intellectual property for an approved biological drug, a vaccine technology and an animal reproduction technology. Established in 1988, Microbix is headquartered in Mississauga, Ontario.

Microbix' pipeline of innovative technologies and products includes LumiSort® semen sexing technology for the livestock industries, and Kinlytic®, a thrombolytic drug with several approved and potential applications including the treatment of life-threatening blood clots, and VIRUSMAX®, a proprietary technology for increasing virus yields in influenza vaccine manufacture.

Disclaimer

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 development projects, operations in foreign jurisdictions, risks associated with engineering and construction generally, risks associated with production including control over costs, quality, quantity and timeliness of delivery of products, foreign currency and exchange rate risk, and risks of raising capital on acceptable terms or at all. 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.

(Good to see the value part of this story holding up while we wait for news on he large market opportunities of this company).

[zenvesting]

Microbix Biosystems closes $1.5-million financing

2014-02-20 08:27 ET - News Release


Mr. Vaughn Embro-Pantalony reports

MICROBIX CLOSES FINANCING FOR LUMISORT PROTOTYPE

Microbix Biosystems Inc. has closed on new financing for the development of LumiSort and also renegotiated a 2010 agreement with an animal genetics company.

Microbix confirms that the recently announced financing for the development of its LumiSort prototype has now closed with the company's existing debenture holder and that $1.5-million in new financing has been advanced to the company by way of a 9-per-cent secured convertible debenture in the principal amount of $1.5-million, convertible at 35 cents per share.

The terms related to the financing include an option that, if exercised by Microbix, would require the debenture holder to make additional payments of up to $1.25-million based on the achievement of certain development milestones. In exchange, the debenture holder would then earn up to 9.25 per cent of the gross revenue from LumiSort. It is important to note that this option is exercisable entirely at the discretion of Microbix.

This new LumiSort financing replaces an earlier commercial agreement with an animal genetics company. That earlier agreement required that partner to invest up to $2-million based on the achievement of certain milestones. In exchange, the partner would have been eligible for 11.25 per cent of the gross revenue derived from the use of LumiSort technology.

As the agreement between Microbix and the animal genetics company has been revised, the investment of the animal genetics company is capped at its current level of $750,000 with no requirement for additional milestone payments. In exchange, the partner's share of future gross revenue is also capped at 2.0 per cent, a reduction from the 4.2 per cent of the original agreement. Furthermore, the revisions remove a prior right of first refusal on future LumiSort partnering arrangements in favour of the animal genetics company.

Vaughn Embro-Pantalony, president and chief executive officer, said: "Our LumiSort financing agreement provided a unique opportunity to reopen negotiations with our animal genetics partner. With both of these agreements concluded, we can now consider other, more attractive financing alternatives to complete the necessary development of LumiSort. I am also pleased that we have restored our ability to independently decide on future partnering opportunities for LumiSort. We are now planning to begin development work in the coming days, and I look forward to providing progress reports on our way to completion of the LumiSort prototype later this year."

LumiSort is a completely new instrument-based livestock sex-selection technology that will significantly improve the yield and quality of sexed semen, leading to higher conception rates and better economics compared with current methods. LumiSort employs novel and innovative instrument designs that address fundamental problems with existing commercial sex-selection technologies and is protected by a strong intellectual property position.

Microbix's semen-sexing technology will enter the livestock artificial-insemination market estimated at $2-billion. Microbix has already negotiated term sheet agreements for its technology with 25 per cent of global livestock genetics companies, agreements that will become effective once LumiSort is commercially available. Microbix expects LumiSort will become the industry standard for livestock producers.

We seek Safe Harbor.

[zenvesting]

MBX - Tony Pullen: "I've always been struck by how the three assets in Microbix Biosystems (TSX:MBX) could be worth at least $50-million each, while the company has a market cap of around $30-million. Nevertheless, Microbix is now cash flow positive, which may now generate market recognition."

http://biotuesdays.com/2014/04/01/in-conversation-with-tony-pullen/