Microbix closes private financing for $0.35 per share

Microbix Biosystems Inc. (TSX: MBX) ("Microbix" or the "Company"), a biotechnology company focused on virology and biological technologies, today announced the closing of the first tranche of a private placement resulting in the issue of 400,000 Units at a price of $0.35 per Unit. Each unit consists of one common share of Microbix and one-half common share purchase warrant. Each whole Warrant entitles the holder to purchase one additional common share at an exercise price of $0.45 for 24 months.

The Company also paid a commission of 7% of the gross proceeds of the private placement and issued 28,000 finder's warrants, each finder's warrant entitles the holder to purchase a Unit at a price of $0.42 per Unit for 24 months. The financing was non-brokered. The Company intends to use the proceeds of the private placement for general corporate purposes.

The securities issued in the private placement are subject to hold period of four months and one day from the date of issue. The private placement remains subject to the final approval of the Toronto Stock Exchange.

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent an exemption from the registration requirements.

Microbix Biosystems Inc. specializes in the development of biological technologies and commercializing them through global partners. The Company has intellectual property in large market biotherapeutic drugs, vaccine technologies and animal reproduction technologies. Established in 1988, Microbix is headquartered in Toronto. This press release contains forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims any intent or obligation to update these forward-looking statements.