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Friday, May 23, 2008
A US Institution Invests $1 Million in MedMira - Capital Infusion to Support Sales and Marketing Initiatives in Strategic Markets
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
U.S./ HALIFAX, May 23 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announced today that it has entered in to an agreement with YA Global
Investments LP, a US-based private equity fund, for the issuance of a USD
$1,000,000 convertible debenture. Under the terms of the agreement, the
debenture will bear interest of 10% per annum and be subject to a one-time fee
of 5.5% of the debenture amount. The debenture is convertible in whole or in
part into common shares of MedMira at $.259 per share at any time during the
term of the debenture and matures November 20, 2008. The debenture is
repayable either by way of cash or shares issuable under a subscription
agreement entered into by both parties on September 6, 2005 and subject to a
prospectus filed by the company on March 17, 2008. Both of these documents can
be viewed on our website at www.medmira.com and on SEDAR at www.sedar.com. This investment, accompanied by a $5 million private placement for which
MedMira engaged Loewen Ondaatje McCutcheon Limited in March 2008, will enable
the Company to step up various sales and marketing activities in key
international markets including new regulatory approvals in the US, a
strategic sales program for the Multiplo product line, and global strategic
partnerships generating licensing opportunities for the Company's patented
rapid flow-through platform. "Accelerating our sales and marketing drive in priority markets is key to
MedMira's future growth. With this initial financing in place we can move
forward to capitalize on the opportunities at hand," said Hermes Chan,
president and CEO of MedMira. "Access to these funds also allows us to
continue on a path towards long-term growth, development of sustainable
revenue streams, and increased value for our shareholders. MedMira is uniquely
positioned to capitalize on key opportunities in the US and international
markets and we are pleased to have this initial support from YA Global
Investments." About MedMira MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world with reliable, rapid diagnosis for diseases such
as HIV and hepatitis C in just three minutes. The company's tests are sold
under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in
global markets. MedMira's rapid HIV test is the only one in the world to
achieve regulatory approvals in Canada, the United States, China and the
European Union. In January 2006, MedMira launched the Maple Biosciences division to
develop and commercialize diagnostic instruments based on two revolutionary
biosensor-based technology platforms. The solutions developed by Maple
Biosciences will enable routine laboratory tests to be performed in a matter
of minutes, increasing laboratory automation, streamlining the diagnosis of
multiple conditions and diseases and positioning MedMira to be a leading
participant in the emerging fields of personalized medicine and molecular
diagnostics. For more information visit www.maplebio.com. MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada with a representative office in China. Maples
Biosciences' labs are located in Toronto, Ontario. For more information visit
MedMira's website at www.medmira.com. This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings. The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
%SEDAR: 00013053E For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, ir@medmira.com
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