Microbix Engaged to Develop & Supply Custom QAPs

MISSISSAUGA, Ontario, June 01, 2020 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, Microbix^®), an award-winning life sciences innovator and exporter, announces that it has been engaged to develop and supply custom quality assessment products (QAPs™) to support the registration and sales of a new point-of-care instrument and its tests for viral respiratory pathogens.

Under an agreement between the parties, the companies’ technical teams are collaborating to develop custom QAPs to support submission for U.S. FDA registration and waiver from U.S. “CLIA” regulations. The QAPs being developed will provide accompanying control kits for quality validations of multiple viral respiratory pathogen tests.

The customer instrument platform being supported by the custom Microbix QAPs is designed to be a simple, easy to use, portable point-of-care testing system with multiple advanced features. The instrument is intended for widespread deployment in pharmacies, doctors’ offices, and other point-of-care locations, and to run a large menu of tests.

Microbix QAPs are designed to mimic actual patient samples, while being non-infectious, stable, and reliable. Under its PTDx™, PROCEEDx™, REDx™FLOQ^® or REDx™ Controls brands, Microbix supplies a broad range of QAPs – including but not limited to viral respiratory pathogens.

Microbix QAPs can provide support for the proficiency testing (PT) programs of lab accreditation organizations, instrument validation/verification and operator training, test development/registration, quality management systems of clinical laboratories, and point-of-care patient sample testing.

The agreement provides Microbix a series of payments for development services, followed by supply of minimum order quantities of the QAPs once developed. An initial non-refundable payment of US$ 45,000 has already been received by Microbix and the development portion of the agreement is expected to be completed in its fiscal 2020 (September 30). Purchase/supply of QAPs is expected to begin this fall and reach 100,000 units in the first year.  First-year revenues from the agreement are expected to exceed CA$ 1.0 million.

Cameron Groome, CEO of Microbix commented, “Our deep experience in creating QAPs for international PT programs has built the expertise that enables us to create the custom controls necessary to support infectious disease tests on next-generation point-of-care instruments. We’re pleased to have been selected by this customer for developing the QAPs needed to register their initial respiratory virus test menu and for QAPs supply upon their U.S. and international registrations.”

About Microbix Biosystems

Microbix develops proprietary biological and technology solutions for human health and well-being, with approximately 80 skilled employees and sales now exceeding $1 million per month on average. 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 quality control of clinical diagnostic tests. 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 21 countries, distributed by 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, FDA and 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 a publicly-traded company, listed on the Toronto Stock Exchange 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 the development and supply agreement or the customer and its tests or instrument, the referenced product lines, 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.

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Copyright © 2020 Microbix Biosystems Inc.     

Microbix^®, Kinlytic^®, PROCEEDx™, PTDx™, QAPs™, and REDx™ Controls are trademarks of Microbix BioSystems Inc.

REDx™FLOQ^® is a trademark of Microbix Biosystems Inc. in cooperation with COPAN Italia S.p.A.