MedMira Announces Closing of New Debenture Issue Existing Debenture Holders Convert to Equity HALIFAX, April 15 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ:MMIRF) the global market leader in rapid flow-through diagnostic technology, announced today that it has completed the private placement of one year convertible debentures, that mature in March 2006, to qualified investors, raising $1.4 million in cash for the Company. Of this amount $240,000 was issued to directors of the Company. The debentures feature a 20% coupon rate for a one year term from the date of issue and are convertible into common shares of MedMira Inc. at $1.12 per share at any time during the term. During March 2004 the Company issued $1.4 million of convertible debentures that matured in March 2005. At maturity, $1.2 million opted to convert the debentures to common shares at a price of $0.85 per share, $125,000 was repaid in cash and $125,000 extended the debentures for an additional year under the same terms as the new debenture issue. "We are pleased to raise new capital from the issue of these debentures and to have such a significant amount of our maturing debenture holders convert to equity" said Bill Gullage, chief financial officer and corporate secretary of MedMira. "We believe that this is an endorsement by our investors of the progress we have made and of our future potential", continued Gullage. About MedMira MedMira is the leading global manufacturer and marketer of in vitro flow-though rapid diagnostic tests for the clinical laboratory market. MedMira's tests provide reliable, rapid diagnosis in just 3 minutes for the detection of human antibodies in human serum, plasma or whole blood for diseases such as HIV. The United States FDA and the SFDA in the People's Republic of China have approved MedMira's Reveal(TM) G2 and MiraWell(TM) Rapid HIV Tests, respectively. For more information visit MedMira's website at http://www.medmira.com/. MedMira's Reveal(TM) G2 and MiraWell(TM) rapid HIV tests are currently used in clinical laboratories and hospitals where professional counseling and patient treatment are immediately available. The MiraCare(TM) Rapid HIV Antibody Test is available over-the-counter (OTC) in pharmacies throughout the Hong Kong and Macao Special Administrative Regions, in P.R. China. MedMira markets its rapid tests worldwide in such countries as the United States, Canada, South Africa and China. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office in Beijing, China. 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. DATASOURCE: MedMira Inc. CONTACT: Investor Relations - Dr. James Smith: (902) 450-1588 or e-mail:

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