HALIFAX, March 25, 2015 /CNW/ - MedMira Inc. (TSXV:
MIR) is entering into a new CAD $1.1
million equity investment with OnSite Lab Holding AG (OnSite
Lab) to support the Company's growth plans in the United
States. These funds will contribute to advancing the
Company's progressive sales and marketing drive, including upcoming
product launches for its three products under review by the United
States Food and Drug Administration, as well as bolstering the
Company's physical presence in the United
States to support growing sales opportunities.
"The U.S. market is one of the most advanced and highly
regulated diagnostic markets in the world; a market that demands
innovative products with the utmost quality and reliability.
MedMira's patented Rapid Vertical Flow Technology™ has
excelled in this market, enabling rapid testing solutions for both
traditional healthcare providers as well as new tools for
researchers. This is a clear sign that MedMira's unique and cost
effective product offering are the next evolution in rapid
testing," said Dr. Kevin Jones,
Senior Director, Global Sales and Marketing, MedMira.
As part of the growth plan, a wholly-owned subsidiary focused on
sales, marketing, and logistics will provide customer service,
expanded sales channel support, as well as product launch planning
and implementation. Direct sales and marketing support teams
will be on the ground in the U.S., the Company's most important
market, enabling an aggressive strategy roll-out, sales revenue
growth, and increased value to MedMira shareholders.
Under the terms of the deal, OnSite Lab will acquire 22,000,000
equity units at $0.05 per unit.
Each equity unit consists of one common share and one common share
purchase warrant and is subject to a four month hold period which
expires on July 28, 2015. Each
full warrant entitles the investor to purchase one common share of
MedMira at $0.10 per share
exercisable over four years. OnSite Lab is the Company's
controlling shareholder and has previously made investments in the
Company totalling CAD $17.6
million.
About MedMira
MedMira is a leading developer and manufacturer of vertical flow
rapid diagnostics. The Company's tests provide hospitals, labs,
clinics and individuals with instant diagnosis for diseases such as
HIV and hepatitis C in just three easy steps. The Company's tests
are sold under the Reveal®, Multiplo™ and
Miriad™ brands in global markets. Based on its patented
Rapid Vertical Flow Technology, MedMira's rapid vertical flow HIV
test is the only one in the world to achieve regulatory approvals
in Canada, the United States, China and the European Union. MedMira's
corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada. For
more information visit medmira.com. Follow us on Twitter and
LinkedIn.
This news release contains forward-looking statements, which
involve risk and uncertainties and reflect the Company's current
expectation regarding future events including statements regarding
possible approval and launch of new products, future growth, and
new business opportunities. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MedMira Inc.