Being Imposed on Sales of Diagnostic Reagents Effective October 30
MISSISSAUGA, ON / ACCESS Newswire / October 28, 2026 / Microbix Biosystems Inc. (TSX:MBX)(OTCQX:MBXBF)(Microbix), a life sciences innovator, manufacturer, and exporter, announces that it is reviewing the effects of recent changes to United States ("U.S.") tariffs on Canada being imposed via Presidential proclamation using provisions of Section 338 of the Smoot-Hawley Tariff Act of 1930 (the "Act").
The Act was intended to protect U.S. industries during the Great Depression and enables the U.S. President to regulate commerce with other countries using the assertion that they discriminate against U.S. trade. On October 23, U.S. tariffs imposed via the Act were redirected from plywood, paper, packaged goods, refrigeration equipment and machinery to instead target chemicals, flooring, appliances, valves, electrosurgical instruments, and diagnostic and laboratory reagents. Certain Microbix products, such as QAPs, appear to be included under the product codes related to diagnostic and laboratory reagents.
The newly-imposed tariffs are to be applied at a rate of 50% for Canadian products entering the U.S. as of 12:01 a.m. on October 30, 2026. Such tariffs will be collected by the U.S. Government from the buyer or importer bringing products into the country, thereby increasing costs for U.S. end-users of those products.
Microbix believes its QAPs products are not readily substituted with U.S. manufactured goods due to their sophisticated nature and requirements for extensive validation into client diagnostic testing workflows. However, should U.S.-imposed tariffs persist over the longer-term, Microbix 's U.S.-based customers may ask Microbix to share their impact or evaluate the use of domestic manufacturers.
In accordance with its prior public disclosures, Microbix's sales of QAPs for the nine months ended June 30, 2026 were C$ 4.2 million, of which an estimated C$ 3.4 million were to U.S.-based clients. In turn, total revenues derived from U.S.-based clients were C$ 5.5 million over the same period.
Microbix notes that on October 25, U.S. President Donald Trump expressed his expectation that a revised trade deal would be reached with Canada "pretty soon", an evaluation echoed by Canadian Prime Minister Mark Carney, who stated on October 26 that "To the extent any progress has been made, it's because the U.S. is coming closer to our position."
Microbix will update its forward-looking information once it is able to assess the nearer and longer-term impacts of these new tariffs and, equally, whether they are reduced or eliminated as a result of the ongoing trade negotiations between Canada and the United States. In any event, Microbix remains committed to continuing to grow its revenues by expanding the number and scope of its client relationships, whether in the United States, Europe, or other geographic or political regions.
About Microbix Biosystems Inc.
Microbix is a Canadian life sciences company working to advance global health through biological products that support diagnostic testing, laboratory quality assurance, and disease management. With 120 employees and fiscal 2025 revenues of C$18.6 million, Microbix helps diagnostics companies, clinical laboratories, and healthcare providers deliver accurate and reliable test results to improve patient care.
Microbix is an enabling partner to the global diagnostics industry, by providing proprietary antigens used by approximately 100 diagnostics manufacturers, alongside its portfolio of QAPs quality assessment products and QUANTDx reference materials. Its products support assay development and validation, technician training, site onboarding, external quality assessment, and quality assurance across entire test workflows. Microbix products are available in more than 30 countries through international distribution partners. The Company maintains ISO 9001 and ISO 13485 certifications, U.S. FDA and Australian TGA registrations, Health Canada licences, and EU IVDR and CE-mark compliance.
Microbix also leverages its biological expertise to advance other proprietary products, including the thrombolytic drug Kinlytic urokinase and reagents (e.g., DxTM) for test-sample collection or processing. Headquartered in Mississauga, Ontario, Canada, Microbix trades on the TSX and OTCQX, supporting the quality, reliability, and effectiveness of healthcare. Visit https://www.microbix.com for more information.
Forward-Looking Information
This news release includes "forward-looking information," as such term is defined in applicable securities laws. Forward-looking information includes, without limitation, discussion of the new U.S. Tariffs and their likely or possible consequences, Microbix's products or services, business and business results, goals or outlook, risks associated with financial results and stability, development projects such as those referenced in its corporate presentation, regulatory compliance and approvals, access to and sales to foreign jurisdictions, engineering and construction, production (including control over costs, quality, quantity and timeliness of delivery), currency exchange rates, maintaining profitability and adequate working capital, or raising further capital on acceptable terms or at all, and other similar statements about anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions, and expectations; they are not guarantees of future performance. Microbix cautions that all forward looking information is inherently uncertain and that actual performance may be affected by a number of material factors, some of which are beyond its control. Accordingly, actual future events, conditions, and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and represent Microbix's judgement as of the date of this new release, and it is under no obligation to update or alter any forward-looking information except as required by applicable law.
Please visit https://microbix.com or www.sedarplus.ca for recent Microbix news and filings.
For further information, please contact Microbix at:
| Cameron Groome, CEO (905) 361-8910 | Jim Currie, CFO (905) 361-8910 | Deborah Honig, Investor Relations Adelaide Capital Markets (647) 203-8793 ir@microbix.com |
Copyright © 2026 Microbix Biosystems Inc.
Microbix, DxTM, Kinlytic, QAPs, and QUANTDx are trademarks of Microbix Biosystems Inc.
SOURCE: Microbix Biosystems Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/biotechnology/microbix-reviews-new-u.s.-tariffs-on-canada-1242637
