Microbix Biosystems Inc. (TSX: MBX, OTCQX: MBXBF, Microbix®), a
life sciences innovator and exporter, announces the issuance of
stock options under its shareholder-approved 2018 stock option plan
(the “Stock Option Plan”), as part of its compensation programs to
incentivize and retain its board of directors, executives, and
managers.
Details of the Option
Issuance
In consultation with the CEO, CFO, and COO,
Microbix’s Board of Directors has approved the issuance of
2,805,000 options in accordance with the terms of the Stock Option
Plan. These approved options are exercisable at a price of $0.60
per share, as determined by the closing price of the TSX on 18
February, 2022. Each option will vest and be exercisable after
three (3) years and have a total life of five (5) years. The stock
option grants form part of the total remuneration package for the
recipients and are subject to TSX approval.
Management Discussion
Management believes that stock options are an
important tool to incentivize and retain senior personnel,
particularly for smaller, publicly-listed companies. In February
2019, Microbix announced its intention to broadly use its stock
option plan once per year – following the issuance of its Q1
results.
The options now issued are being allocated
across 30 individuals that comprise the more senior tiers of
Microbix’s approximately 100 employees, inclusive of its
independent directors. The quarterly expense incurred as a result
of this option award is estimated to be $80,000 and will represent
approximately 4% of total company compensation costs.
About the Microbix Stock Option
Plan
Details of the Microbix Stock Option Plan are
available on the corporate website (www.microbix.com), via SEDAR
(www.sedar.com), and are provided as an appendix to the current
management information circular. The Stock Option Plan is a
“rolling” plan that permits the issuance of options representing up
to 10% of Microbix’s issued and outstanding common shares. Prior to
the current issuance, a total of 9,029,000 options had been issued
and are outstanding under the plan, with an average exercise price
of $0.35 and average remaining life of 2.52 years. Following the
current issuance, a total of 11,834,000 options will be
outstanding, comprising approximately 87% of the current plan
availability. The plan is administered under the supervision of the
board of Microbix or the human resources, compensation and
governance committee of the board.
About Microbix
BiosystemsMicrobix develops proprietary biological and
technology solutions for human health and well-being, with about
100 skilled employees and sales nearing C$ 2.0 million per month.
It makes a wide range of critical biological materials 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. Microbix antigens enable the antibody tests of over 100
international diagnostics companies, while its QAPs are sold to
clinical laboratory accreditation organizations, diagnostics
companies, and clinical laboratories. Microbix QAPs are now
available in over 30 countries, distributed by 1WA (Oneworld
Accuracy Inc.), Alpha-Tec Systems, Inc., Diagnostic International
Distribution S.p.A., Labquality Oy, The Medical Supply Company of
Ireland, R-Biopharm AG, SDT Molecular Pte Ltd, Seegene Canada Inc.,
and Thomas Scientific LLC. Microbix is ISO 9001 and 13485
accredited, U.S. FDA registered, Australian TGA registered, Health
Canada establishment licensed, and provides CE marked 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 TSX and OTCQX, and
headquartered in Mississauga, Ontario, Canada.
Forward-Looking InformationThis
news release includes “forward-looking information,” as such term
is defined in applicable securities laws. Forward-looking
information includes, without limitation, discussion of the 2018
Stock Option Plan or opinions relating to usage of the plan,
financial results or the outlook for the business, risks associated
with its financial results and stability, its development projects,
sales to foreign jurisdictions, engineering and construction,
production (including control over costs, quality, quantity and
timeliness of delivery), foreign currency and exchange rates,
maintaining adequate working capital and raising further capital on
acceptable terms or at all, and other similar statements concerning
anticipated future events, conditions or results that are not
historical facts. These statements reflect management’s current
estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. The Company cautions that all
forward looking information is inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond the Company’s control. Accordingly, actual
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. All statements are made
as of the date of this news release and represent the Company’s
judgement as of the date of this new release, and the Company is
under no obligation to update or alter any forward-looking
information.
Please visit www.microbix.com or www.sedar.com for
recent Microbix filings.
For further information, please contact Microbix
at:
Cameron Groome,CEO(905) 361-8910 |
Jim Currie, CFO(905) 361-8910 |
Deborah Honig, Investor RelationsAdelaide Capital Markets(647)
203-8793ir@microbix.com |
Jim Macdonald,Investor RelationsTorrey Hills Capital(858)
456-7300jm@sdthc.com |
Copyright © 2022 Microbix Biosystems Inc.
Microbix®, DxTM™, Kinlytic®, and QAPs™ are trademarks of Microbix
Biosystems Inc.
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