- Microbix Biosystems (MBX) received an initial order for C$4.25 million worth of its viral transport medium
- The initial order is being made by a procurement authority representing the Province of Ontario
- The transport medium is a test sample-collection device that is essential for PCR-testing for the virus causing COVID-19
- The initial order for DxTM is entirely binding
- Microbix is unchanged on the day, with shares of the company trading at $0.60 at 9:53 am ET
Microbix Biosystems (MBX) received an initial order for C$4.25 million worth of its viral transport medium.
The initial order is being made by a procurement authority representing the Province of Ontario.
The transport medium is generically known as VTM and branded as DxTM.
DxTM is a test sample-collection device that is essential for PCR-testing for the virus causing COVID-19.
In October 2020, Microbix announced a $1.45-million grant agreement with the Ontario Together Fund of the Ministry of Economic Development, Job Creation and Trade to provide COVID-related products, including a secure domestic supply of VTM.
Since that point in time, the company says it has “created an optimal formulation, established and validated production methods, initiated and secured domestically-driven supply-chains, procured and validated equipment, hired and trained technical staff, scaled to the requested amounts, and achieved the necessary Health Canada qualifications.”
The initial order for DxTM is entirely binding, will be delivered across Microbix’s fiscal third and fourth quarters, and is at a price within the range of prior company disclosures.
A first delivery of 100,000 vials will be made in the month of May.
Microbix is now included on Ontario’s short-list of preferred vendors and is the only listed domestic manufacturer of viral transport medium.
“We are grateful for the confidence that is being placed in Microbix to supply this critical healthcare product for the citizens of Ontario. The well-reasoned support of Ontario’s Ministry of Economic Development, Job Creation and Trade and its Ontario Together Fund program has helped enable us to make strategically-relevant amounts of highest-quality viral transport medium here in Mississauga. Microbix’s DxTM will now help Ontario’s COVID testing programs by resolving the problems that have been ongoing with supplies made elsewhere and then imported into Ontario – these include inconsistent quality, intermittent availability, and test-system incompatibilities,” said Microbix President and CEO Cameron Groome.
Microbix is unchanged on the day, with shares of the company trading at $0.60 at 9:53 am ET.
