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Microbix Biosystems wins Canadian approval for thrombolytic agent

Posted on: Thu, 12 Nov 2009 09:54:00 EST

Symbols: MBXBF

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Nov 12, 2009 (Datamonitor via COMTEX) --
MBXBF | Quote | Chart | News | PowerRating -- Microbix Biosystems has reported that Kinlytic has been approved in Canada for marketing and export.

Health Canada's issuance of a drug identification number for Kinlytic gives Microbix the opportunity to market the product in Canada and export the clot-busting therapy to markets worldwide.

In 2008, Microbix completed the acquisition of all urokinase assets from ImaRx Therapeutics.

Microbix will submit an application to Health Canada for approval of its acquired urokinase inventory and targets its release for mid-year 2010. The inventory will supply market needs for nearly three years and generate revenue of about $30 million. Microbix plans to use this revenue to scale up Kinlytic manufacturing at its Skyway production facility in time to re-supply its inventory with capacity to produce $70 million worth of product annually.

Mark Cochran, chief business officer of Microbix, said: "Microbix is pleased to bring back to the medical community an effective and safe therapy with life-saving benefits. We now have the potential to expand the drug's indications into larger markets such as catheter clearance, oncology and ophthalmology and to use the existing product sales to accelerate urokinase production at our facility in Toronto."

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