HALIFAX,
Sept. 20, 2013 /CNW/ - MedMira Inc.,
(MedMira) (TSXV: MIR), a developer of rapid diagnostic technology
and solutions, today announced a CAD $6.105
million (CHF 5.5 million)
equity investment from OnSite Lab Holding AG (OnSite Lab).
OnSite Lab is the Company's largest and controlling
shareholder. MedMira will use the investment to initiate
significant sales and marketing programs, in the United States and global markets, in
advance of the launch of new rapid tests anticipated to begin in
2014.
Strengthening MedMira's sales and marketing
efforts will include the hiring of key personnel with in-depth
medical device and biotechnology sales and business development
experience, as well as the establishment of regional offices to
service strategic markets, customers, and partners. MedMira
will initially focus much of its sales and marketing expansion
efforts in the US, where it plans to launch new rapid diagnostics,
from both the Reveal and Multiplo ranges, to the market during
2014-15. Additionally, the funds will be used to fully implement
automated manufacturing ensuring that MedMira can keep up with
rising customer demand for quality rapid diagnostics.
Under the terms of the deal Onsite Lab will
acquire 122,100,000 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 ending February
1, 2014. Each full warrant entitles Onsite Lab to
purchase one common share of MedMira at $0.10 per share exercisable over four
years. Under the terms of this transaction, Onsite Lab will
increase its ownership of MedMira common shares from 58.6% to
68.5%. This could increase to 74.5% if all warrants related to this
transaction are exercised. Onsite Lab made previous investments in
MedMira totaling CAD $11.5
million. This investment is subject to final approval
by the TSX Venture Exchange.
About MedMira
MedMira is a leading developer and manufacturer
of flow-through rapid diagnostics. The Company's tests provide
hospitals, labs, clinics and individuals 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®, Multiplo™
and Miriad brands in global markets. MedMira's rapid flow-through
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'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 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.
