- Microbix Biosystems (TSX:MBX) is undertaking a facility build-out to support a tenfold increase in production of its quality assessment products
- Current production capacity is limited by available space, which is primarily dedicated to antigen development for immunoassay and serological tests
- The expansion will be funded using a portion of the proceeds from a private placement that was completed earlier this year
- It’s expected to cost C$825,000 and reach completion by the end of August 2020
- Microbix Biosystems (MBX) is currently down 5.88 per cent and is trading at $0.32 per share, with a market cap of $34.81 million
Microbix Biosystems (TSX:MBX) is undertaking a facility build-out to support a tenfold increase in production of its quality assessment products (QAPs).
QAPs are designed to support the accuracy of clinical testing for a range of diseases, including SARS-CoV-2, which causes COVID-19.
Microbix’s current production levels are hindered by limited space at its facility, which is primarily dedicated to the manufacturing of antigens for immunoassay and serological test production.
The site was acquired in May 2019, and since then the intention has always been to bolster production capabilities for swab and vial-based QAPs. This expansion is currently underway and is expected to include various automated processes to support a greater level of efficiency.
The significantly larger amount of space will include contained areas catering to formulation, filling or coating, capping or sealing, labelling, and final packaging of the QAPs products. Upon completion, these new areas will be added to existing establishment licenses with Health Canada and the US Food and Drug Administration.
Ken Hughes, COO of Microbix Biosystems, noted that it has never been more important to ensure the integrity of clinical laboratory testing programs.
“We are therefore pleased to offer even greater support to public health in Canada and internationally by expanding our QAPs production capabilities.
“We thank our dedicated team for helping drive this expansion, along with our general contractor Meadowbrook Construction of Mississauga, and our sub-contractor ProPart Modular of Burlington,” he said.
The expansion will be funded using the proceeds from a private placement that was completed in January this year. Further assistance will be provided under the Canadian Government’s FedDev Ontario program.
The build-out expected to cost a total of C$825,000, with completion due by the end of August 2020.
Microbix Biosystems (MBX) is currently down 5.88 per cent and is trading at $0.32 per share at 12:06pm EDT.