Microbix Biosystems starts buyback plan amid market uncertainty

In Mississauga, Ontario, Microbix Biosystems Inc. has announced a 12-month initiative to repurchase and cancel its outstanding common shares effective December 9, 2024, under a Normal Course Issuer Bid (NCIB) program. This strategic decision approved by the company's Board of Directors comes as a response to management’s belief that the current trading price of its shares does not reflect the company's underlying value. The repurchases will occur on the Toronto Stock Exchange, utilizing available working capital to fund the purchases, and will be based on market conditions and share prices during this period. Under the NCIB, the maximum allowable purchases in a single day are capped at 12,373 shares, which represents 25% of the average daily trading volume for the six months prior to this announcement. The previous NCIB, which took place from December 8, 2023, to 2024, saw Microbix repurchase a significant number of shares at an average price of $0.339, reflecting management's ongoing commitment to enhancing shareholder value through diligent management of share buybacks. The company’s operational focus includes the production of critical ingredients and devices for the global diagnostics industry, including antigens for immunoassays and various quality assessment products (QAPs). These advancements position Microbix favorably within the diagnostics domain, and its products are already present in over 30 countries, supported by a strong distribution network, indicating potential for future growth and product offering expansion.