Microbix Biosystems Inc. is a

biotechnology company that is focused on leveraging its Core Base Business unit

that has commercialized over 60 products in the virology and cell culture

technologies in order to finance its more-lucrative large-market pipeline of

products. These include: Kinlytic

(Urokinase), VIRUSMAX™ (Virus Yield Enhancement Technology), and LumiSort™

(livestock sex selection technology). In

addition, the Company has established a JV in Hunan, China for the manufacture

and distribution of influenza vaccines using VIRUSMAX™ technology.

The Company announced Q3/2011

results ended June 30. These results are evidence of the Company's success

in its continued commitment and focus on improving earnings and operating cash

flow. With the Canadian

dollar having weakened somewhat over the past several weeks, we suspect

that Microbix will be able to maintain the improved operating performance through

the fourth quarter.

With strong growth opportunities in large markets,

Microbix is ready to make the breakthrough in realizing on its long-term

vision. We rate the shares a Speculative Buy and have a 12-months Target Price

of $1.15 per share. This price target is dependent upon the Company achieving

its strategic objectives.

To read the full commentary, click

here: http://www.eresearch.ca/_report/MBX_081511-B.pdf.

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