- Microbix (MBX) has received C$1.68 million in funding from the Ontario and Federal governments
- The funds will be allocated toward expansions at Microbix’s three adjacent sites in Mississauga
- By the work’s completion in 2024, Microbix will be positioned to optimally service all current initiatives and rapidly develop further product lines
- Microbix creates proprietary biological products for human health
- Microbix Biosystems (MBX) opened with a gain of 2.82 per cent trading at $0.365 per share
Microbix (MBX) has received C$1.68 million in funding from the Ontario and Federal governments.
The Government of Ontario will help to fund expansions at Microbix’s three adjacent sites in Mississauga with an $840,000 Ontario Together Fund (OTF) grant.
The Government of Canada provided an additional $840,000 interest-free loan through its FedDev Ontario program.
The funds will be allocated toward:
- Building and equipping further product manufacturing space and capabilities for the company’s core diagnostics businesses
- Building and equipping new development and quality control laboratory spaces
- Commissioning a Containment Level 3 production suite
By the work’s completion in 2024, Microbix will be positioned to optimally service all current initiatives and rapidly develop further product lines, aided by dozens of new hires enabled by the funding.
Microbix was the recipient of prior grants from OTF (2020) and FedDev Ontario (2019), which lead to two entirely new product lines, many strategic customer relationships, a global distribution network, and an almost doubling in sales.
“We will deploy these funds to further support our business growth, while ensuring that Microbix’s operations remain rooted in Ontario, Canada, and maximally effective during that growth,” stated Ken Hughes, Microbix’s COO.
Microbix creates proprietary biological products for human health, including antigens for immunoassays, laboratory quality assessment products and a viral transport medium (DxTM) to stabilize patient samples for lab-based molecular diagnostic testing.
Microbix Biosystems (MBX) opened with a gain of 2.82 per cent trading at $0.365 per share.