/C O R R E C T I O N from CNW - MedMira Inc./ An error occurred in the press release TO054 issued today at 8:10e. A table was missing from the "Financial Information" section. The corrected copy including the table is as follows: HALIFAX, Dec. 13 /PRNewswire-FirstCall/ -- MedMira Inc. ("MedMira") (TSX Venture: MIR, NASDAQ:MMIRF) the global market leader in flow-through diagnostics, today announced its financial results for the three month period ending October 31, 2004. Product sales in the first quarter were $906 thousand, up from $589 thousand in the same quarter last year, an increase of 54%. The net loss for the quarter was $1.2 million or $0.03 per share compared with $0.9 million or $0.02 per share in the same period last year. "This was a strong revenue quarter for MedMira. During this first quarter we saw revenues grow across all of our target markets," said Stephen Sham, Chairman and CEO of MedMira, "We are pleased with the initial market acceptance of our new improved product in the United States and with sales this quarter to China and other world markets. With our continued marketing efforts in China, the launch of our improved HIV product in the United States and increasing demand from new market areas, we are optimistic regarding the current fiscal year," Sham continued. Overall gross margin in the first quarter was 43%. The gross margin level is in line with management's expectations for the mix of markets that we are operating in. Operating expenses for the first quarter increased to $1.6 million from $1.3 million in the same period last year. This increase is driven by increased interest costs related to the issuance of convertible debentures earlier in calendar 2004. At October 31, 2004 the Company had total assets of $1.6 million of which $87 thousand was cash and cash equivalents, compared with $1.7 million in total assets at July 31, 2003. Subsequent to the end of the quarter the Company has raised approximately $200 thousand through the collection of outstanding receivables and the issue of long term debt. Financial Information The following is a brief summary of financial information expressed in thousands of Canadian dollars except per share amounts: For the For the three months three months ended ended October 31, 2004 October 31, 2003 (000's) (unaudited) (unaudited) ----------- ----------- Product Sales $ 906 $ 589 Cost of goods sold 519 252 ----------- ----------- Gross margin 387 337 ----------- ----------- Operating expenses 1,561 1,262 ----------- ----------- Loss for the period $ (1,172) $ (926) ----------- ----------- Loss per share $ (0.03) $ (0.02) ----------- ----------- As at As at October 31, 2004 July 31, 2004 (unaudited) Cash and cash equivalents $ 87 $ - ----------- ----------- Total assets $ 1,619 $ 1,694 ----------- ----------- Shareholders equity $ (6,381) $ (5,874) ----------- ----------- 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/. 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: Media Contact: Investor Relations: Dr. James Smith: (902) 450-1588 or e-mail:

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