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Microbix takes over production of urokinase, and is currently negotiating the exclusive right to manufacture the drug for a new proprietary use |
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01 Feb 2006 |
TORONTO, CA | Jan. 31, 2006 | Microbix Biosystems Inc. (TSX:MBX) announced today that it has taken over the production of its urokinase product from Genpharm Inc. and will directly operate the manufacturing facilities.
The two companies, which have been working together over the past three years to commercialize the product, have now amended their licensing agreement to reflect these changes. Microbix will now assume the costs associated with bringing the drug to market - costs previously funded by Genpharm, an affiliate of Merck KgaA, In addition to producing urokinase at the facilities, Microbix plans to use the plant to manufacture other products. "By doing so, we expect to generate revenue and operate these facilities on a positive cash flow basis before and after urokinase is in the market," said William J. Gastle, President and CEO of Microbix.
Microbix' original intent was to market its urokinase product, the 'clot busting' drug ThromboClear(TM), as a generic equivalent. While several important milestones have already been achieved, the Company has been reviewing its strategy because of slowing sales for the brand-name drug after the manufacturer announced that it was no longer producing the product.
"While a generic opportunity still exists, we have identified potential new clinical uses for urokinase which offer the possibility of higher valued markets, and we have been aggressively pursuing these opportunities," Gastle stated.
As a result of this renewed strategy, Microbix has now entered into negotiations for exclusive rights to manufacture the drug for a specific new proprietary use. Details will be announced if and when negotiations are successfully concluded.
“We now have control of a specialized pharmaceutical manufacturing facility designed to produce urokinase, and with capacity to produce other products. As well, we believe there is excellent potential for manufacturing urokinase products that meet specific clinical needs. These developments represent real opportunities for additional significant revenues for the Company," Gastle said.
Microbix specializes in developing proprietary biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto.
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. For instance, negotiations for new proprietary uses may proceed slowly or not at all, may not result in products that can be commercialized and sales of urokinase products may not materialize. 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.
SOURCE: Microbix Biosystems Inc. |
