Governments of Ontario and Canada Invest in Microbix

$ 1.68 Million in Funding for Capabilities and Capacity Expansions

MISSISSAUGA, Ontario, March 20, 2023 (GLOBE NEWSWIRE) -- Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix), a life sciences innovator, manufacturer, and exporter, announces that it is undertaking further expansions to its capabilities and capacity for manufacturing specialized products relating to diagnostic testing for infectious diseases. The Government of Ontario is supporting the expansions at Microbix’s three adjacent sites in Mississauga with a grant of $ 840,000 from the Ontario Together Fund (“OTF”). A separate $ 840,000 of interest-free loan funding has also been provided by the Government of Canada through its FedDev Ontario program. The balance of costs will be provided by Microbix from its current funds or ongoing cash flow.

This project has three principal objectives, (i) build and equip further product manufacturing space and capabilities for Microbix’s core diagnostics businesses, (ii) build and equip new development and quality control laboratory spaces, and (iii) commission a Containment Level 3 production suite. The project will be completed in 2024, at which time Microbix will be able to optimally service all its current initiatives and rapidly develop further product lines in its field of business. The project is anticipated to create and support dozens of new life sciences manufacturing, product development, and related jobs in Ontario.

Microbix was the recipient of a prior grant from OTF (2020) and prior FedDev Ontario funding (2019). Since its first funding from the two programs, Microbix has created two entirely new product lines comprising dozens of fully-registered medical devices, built many strategic customer relationships and a global distribution network, almost doubled its sales, gone to three facilities from one, nearly doubled its staff, and supported healthcare in Ontario, across Canada, and internationally.

Vic Fedeli, Ontario’s Minister of Economic Development Job Creation and Trade, said, “Through the Ontario Together Fund, our government is proud to support innovative companies like Microbix, who are developing the next-generation of made-in-Ontario health care solutions. This exciting new project will further grow Ontario’s life sciences sector and ensure that our province remains a global leader in innovation and life sciences.”