- Microbix (MBX) has secured a third Ontario manufacturing site by way of long-term lease
- The property is a 10,000 square foot industrial building on 275 Watline Avenue adjacent to its other two sites
- The company’s plans for the new property include enhancing DxTM-branded production processes and constructing product development labs
- Management believes the favorable lease and rental terms justify the leasehold improvements required
- Microbix develops proprietary biological technology solutions for human health and wellbeing
- Microbix (MBX) closed the day trading flat at $0.59 per share
Microbix (MBX) has secured a third Ontario manufacturing site by way of long-term lease.
The property is a 10,000 square foot industrial building on 275 Watline Avenue. It’s immediately next to the company’s biologicals facility used for antigen production, and closely adjacent to its leased administrative and QAPs manufacturing facility.
The company intends to reconfigure the property to support additional business activities, including, but not limited to:
- Implementation of further scale-up and full automation of production processes for its DxTM-branded viral transport medium to support molecular and antigen testing for various diseases including COVID-19
- Commissioning of additional space for other fully-automated production processes, including vial-formatted or FLOQSwab-formatted quality assessment products
- Building-out spaces for product development laboratories, quality control laboratories, warehousing and logistics staging areas, office spaces and enhanced amenities for staff
Management believes the multi-year duration of the new lease justifies the leasehold improvement investments required, that the property’s location is ideal, and that the rental terms are favorable.
The company secured the funds required to renovate and equip the site by way of a public offering and private placement completed in May 2021.
Microbix will take possession of the new property on July 1, 2021 and will immediately begin the design and approval processes to start renovations.
The acquisition takes Microbix’s total available industrial space to approximately 35,000 square feet, which should prove sufficient to support its near and medium-term corporate growth objectives.
As a comical aside, now that the company controls three adjacent properties, management has committed to not erecting houses or hotels, regardless of what the rules of Monopoly may suggest.
Microbix develops proprietary biological technology solutions for human health and wellbeing.
Microbix (MBX) closed the day trading flat at $0.59 per share.