Mr. Cameron Groome reports

MICROBIX ANNOUNCES ISSUANCE OF STOCK OPTIONS

Microbix Biosystems Inc. has granted stock options under its shareholder-approved 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 management, Microbix's board of directors has approved the issuance of 2,895,000 options, in accordance with the terms of the stock option plan. The approved options are exercisable at a price of 48 cents per share, as determined by the closing price of the Toronto Stock Exchange on Feb. 24, 2025. Each option will vest and be exercisable after three years and have a total life of five years. The stock options form part of the total remuneration package for the recipients and are subject to TSX approval.

Management discussion

Microbix 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 first-quarter results.

The options now issued are being allocated across 37 individuals that comprise the more senior tiers of Microbix's approximately 130 employees, inclusive of its six independent directors. The quarterly expense incurred as a result of this option award is estimated to be $61,000 and will represent approximately 2 per cent of total company compensation costs. The potentially dilutive impact of this option issuance may be up to 2 per cent of the issued and outstanding shares of Microbix, largely or entirely offset by normal course issuer bid (NCIB) share repurchases that have totalled approximately 1.2 million shares since the initiation of the most recent NCIB in December, 2024.

About Microbix Biosystems Inc.

Microbix Biosystems creates proprietary biological products for human health, with over 120 skilled employees and annualized sales targeting $2-million or more 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 international distributors. Microbix is ISO 9001 and 13485 accredited, United States Food and Drug Administration registered, Australian Therapeutic Goods Administration registered and Health Canada licensed, and provides IVDR-compliant (in vitro diagnostic regulation), CE-marked products.

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

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