For those looking for a home run stock. Take a look at t.mbx. Microbix.
They had a patent dispute hearing today in Germany. Novartis disputes the patents Microbix has on their virusmax technology. Well Microbix won today.
This is huge. There is a US hearing in Texas which could be huge as punitive damages could be placed.
Microbix is currently profitable with 3 potential blockbuster products in the wings. See the last two news releases below.
MICROBIX WINS VIRUSMAX PATENT CHALLENGE IN EUROPE
Microbix Biosystems Inc. has successfully defended all of its Virusmax patent claims against a challenge by Novartis at a hearing on Jan. 23, 2014, at the European Patent Office (EPO) in Munich, Germany.
Novartis Vaccines and Diagnostics, headquartered in Basel, Switzerland, challenged Microbix's invention of its manufacturing process, trademarked Virusmax, on several grounds. The EPO tribunal agreed with Microbix's position and ruled that all claims are novel and inventive. Microbix therefore retains all of its patent claims as originally granted.
Vaughn Embro-Pantalony, president and chief executive officer, said: "We were surprised when Novartis filed their challenge in 2011; however, we remained confident in our position and we expected this outcome. The EPO's decision reinforces that Virusmax is a novel and inventive technology that provides significant manufacturing efficiencies to the influenza vaccine industry, thereby increasing global vaccine supply. Defending intellectual property rights is a strategic imperative for Microbix, and we are pleased with this outcome."
Microbix has previously announced that it has filed a patent infringement proceeding against Novartis in the United States, and this action is proceeding.
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Mr. Vaughn Embro-Pantalony reports
MICROBIX FINANCES DEVELOPMENT OF LUMISORT PROTOTYPE INSTRUMENT; AGREEMENT INCLUDES REFINANCING OF EXISTING LONG-TERM DEBT
Microbix Biosystems Inc. has signed a letter of intent to finance the development of the LumiSort prototype instrument for its semen sexing technology.
LumiSort is a completely new instrument-based livestock sex selection technology that will significantly improve the yield and quality of sexed semen leading to higher conception rates and better economics compared to current methods. LumiSort employs novel and innovative instrument designs that address fundamental problems with existing commercial sex selection technologies, based on established Microbix intellectual property.
The new financing for the development of the prototype instrument is being provided by a holder of $4.5-million of existing Microbix convertible debentures. The new financing agreement represents total new money of $2.75-million, comprising: 1) a new $1.5-million convertible debenture at 9-per-cent interest due in 2028 that is convertible into Microbix common shares at 35 cents per share; and 2) a balance of $1.25-million that will be payable, at the option of Microbix, upon the achievement of certain development milestones.
The debentureholder has also agreed to refinance $2.0-million of the $4.5-million of existing debentures, removing their convertibility option and making this debenture callable by Microbix upon three months notice.
The incremental impact of these debenture changes adds approximately two million shares to the company's total share count on a converted basis. In addition, the debenture holder acquires a 10-per-cent interest in the LumiSort venture.
The company also announced the involvement of Lathrop Engineering of California in the LumiSort project. Lathrop helped Microbix develop the LumiSort proof of concept in 2011 and has now been engaged to design, build and test the prototype. Lathrop will initiate the prototype development work in the very near future and the company anticipates completion of the prototype later this year.
Vaughn Embro-Pantalony, president and chief executive officer, said: "Our new agreement with the debentureholder is the culmination of several months of review and negotiation which has resulted in a comprehensive and balanced solution addressing many key objectives of our company. First, we now have the required funding to demonstrate the superior features of our LumiSort technology. Second, we have negotiated more favourable terms on a significant portion of our existing debt load -- thereby reducing the carrying costs and strengthening our balance sheet. Finally, we have accomplished both of these important objectives with minimal dilution impact on our existing shareholders, while at the same time retaining 90-per-cent ownership of the LumiSort venture."
Mr. Embro-Pantalony continued, "We are very excited to be launching the development of the LumiSort prototype in the coming days, and we look forward to providing ongoing progress reports during 2014."
Microbix's semen sexing technology will enter the livestock artificial insemination market, estimated at $2-billion. Microbix has already negotiated term sheet agreements for its technology with 25 per cent of global livestock genetics companies, agreements that will become effective once LumiSort is commercially available. Protected by a strong intellectual property position, Microbix expects LumiSort will become the industry standard for livestock producers.
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