Mr. Cameron Groome reports

MICROBIX ACHIEVES FURTHER QAPS SALES RECORD

Microbix Biosystems Inc. has sold and shipped over $1-million of its quality assessment products (QAPs) to a leading agency that provides clinical laboratory accreditation services. This is Microbix's largest-ever individual shipment to a lab proficiency testing (PT) and external quality assessment (EQA) services provider.

The orders were for Microbix QAPs, in both the traditional liquid vials and formatted onto Copan FLOQSwabs to support proficiency programs covering numerous infectious diseases across multiple disease categories. The QAPs provided included those to support antigen and molecular (polymerase chain reaction) tests. They will be used to help validate accuracy of testing on a wide range of test systems -- ranging from high-throughput automated instruments to lower-volume point-of-care and lab-developed tests.

These sales were realized in the fourth quarter of calendar 2023 (Q1 of Microbix's fiscal 2024). As with the over $1-million set of QAPs purchase orders (POs) from a multinational test maker announced in late September, this PT/EQA-oriented set of POs was nearly equivalent to a full year's worth of QAPs sales from 2020 and is indicative of Microbix beginning to realize its targeted sales growth for this segment of its business. The unit number of QAPs shipped under this set of POs is in the tens of thousands, and Microbix expects continuing sales to this long-time PT/EQA customer.

Microbix believes this record set of orders substantiates its technical leadership in creating and producing test controls (QAPs) -- specifically that the accuracy and reliability of sophisticated clinical laboratory testing must be validated by PT/EQA programs and that such programs must be supported by cross-platform-compatible QAPs in formats that represent actual patient samples (both liquids and swabs).

Cameron Groome, chief executive officer and president of Microbix, stated: "We're delighted to advance our relationship with this international leader in the PT/EQA sector of the clinical laboratory industry. We understand that we earned this increased level of business due to the technical superiority of Microbix QAPs -- namely their providing clinically relevant pathogen signals and whole-process validation while being entirely compatible with each of the instrument and assay systems now in use within laboratories."

Phil Casselli, senior vice-president of sales and business development of Microbix, also commented: "The range of diagnostic assays keeps growing, so we grow our PT sample range accordingly and thank our customer for their confidence in us as their supplier. Two orders of this magnitude a few months apart also validates our decision to increase our production capacity to support these growing markets -- whether that be for PT/EQA samples, QC [quality control] for core-lab-based assays, in-kit controls for point-of-care tests or our Onboardx training kits. We look forward to building more such relationships and setting further sales records."

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 ISO 13485 accredited, U.S. FDA (U.S. Food and Drug Administration) registered, Australian TGA (Therapeutic Goods Administration) registered, and Health Canada establishment licensed, and it provides CE-marked (Conformite Europeenne) products.

Microbix also applies its biological expertise and infrastructure to develop other proprietary products and technologies, most notably viral transport medium (DxTM) to stabilize patient samples for lab-based molecular diagnostic testing and kinlytic urokinase, a biologic thrombolytic drug used to treat blood clots. Microbix is traded on the Toronto Stock Exchange and the OTCQX and is headquartered in Mississauga, Ont., Canada.

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