Mr. Cameron Groome reports

MICROBIX ANNOUNCES INITIATION OF NORMAL COURSE ISSUER BID

Microbix Biosystems Inc. has initiated a normal course issuer bid (NCIB) program for the repurchase and cancellation of outstanding common shares.

Specifically, the NCIB enables Microbix to repurchase up to 6,827,518 common shares, that number being approximately 5 per cent of the 136,550,374 shares outstanding as at Dec. 1, 2023. Repurchases will be made through the facilities of the Toronto Stock Exchange (TSX) over a 12-month period starting on Dec. 8, 2023. The actual number of shares which may be repurchased pursuant to the NCIB will be determined by management under applicable rules and policies.

The NCIB has been approved by Microbix's board of directors and will be conducted in accordance with the applicable rules and policies of the TSX and Canadian securities laws, including TSX approval of Microbix's notice of intention to conduct an NCIB. Under the NCIB, shares may be repurchased in open market transactions on the TSX, or by such other means as may be permitted by the TSX and applicable Canadian securities laws. Microbix will pay the prevailing market price at the time of its share repurchases.

Pursuant to TSX rules and policies, the maximum number of shares that may be repurchased in one day via the NCIB will be 12,286, that being 25 per cent of the average daily trading volume (ADTV) of the shares on the TSX for the most recently completed six calendar months, subject to certain prescribed exceptions such as periodic block trades. The ADTV on the TSX for six calendar months ended Nov. 30, 2023, is 49,145. Microbix conducted a prior NCIB for the 12 months from Oct. 3, 2022, under which it sought and obtained approval to purchase up to 6,948,568 shares and under which it repurchased a total of 2,892,000 shares with a volume-weighted average price of 38.5 cents.

Microbix has entered into a predefined automatic securities purchase plan with its NCIB broker, PI Financial Corp., to allow for the repurchase of shares at times when it ordinarily would not be active in the market due to Microbix's internal trading blackout periods, insider trading rules or otherwise. Such plans will be conducted in accordance with applicable Canadian securities laws. Outside of such restricted periods, the timing of repurchases will be determined by Microbix management. Decisions regarding repurchases will be based on market conditions, share price, best uses of available cash and other factors. The financing for any repurchases pursuant to the NCIB will be financed from working capital and all shares will be repurchased for cancellation. Microbix may also use its NCIB to acquire shares pursuant to the exercise of stock options to offset the dilutive effect of options that have been exercised.

The board of directors believes Microbix's underlying value is not reflected in the current market price of its shares. As a result, depending upon future price movements and other factors, the board believes that the repurchase of shares is an appropriate use of corporate funds and in the best interests of Microbix and its shareholders. Furthermore, the NCIB is expected to benefit persons who continue holding shares by increasing their proportionate equity interest in Microbix as the repurchased shares are cancelled.

A copy of Microbix's notice of the NCIB to the TSX may be obtained by any shareholder without charge by contacting Jim Currie, the company's chief financial officer.

About Microbix Biosystems Inc.

Microbix Biosystems creates proprietary biological products for human health, with over 100 skilled employees and annualized sales targeting $2-million per month. It makes a wide range of critical ingredients and devices for the global diagnostics industry, notably antigens for immunoassays and its laboratory quality assessment products (QAPs) that support clinical lab proficiency testing, enable assay development and validation, or help ensure the quality of clinical diagnostic workflows. Its antigens drive the antibody tests of approximately 100 diagnostics makers, while QAPs are sold to clinical lab accreditation organizations, diagnostics companies and clinical labs. Microbix QAPs are now available in over 30 countries, supported by a network of 10 international distributors. Microbix is ISO 9001 and 13485 accredited, U.S. Food and Drug Administration registered, Australian Therapeutic Goods Administration registered, and Health Canada establishment licensed, and provides CE marked products.

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