MedMira Closes Equity Investment with OnSite Lab
HALIFAX, Oct. 2, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, today announced that it has closed the CAD $6.105 million (CHF 5.5 million) equity investment with OnSite Lab Holding AG (OnSite Lab). The transaction, announced last month, was finalized on September 30, 2013. OnSite Lab is the Company's largest and controlling shareholder.
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.
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.For further information:
Andrea Young, Corporate Communications