Top Ranking MedMira Rapid HIV Test Garners Additional Tender Sales in China
Company Sees More Market Development and Product Line Expansion on the Horizon for China
HALIFAX, July 14, 2014 /CNW/ - MedMira, Inc. (MedMira) (TSXV: MIR) is steadily gaining critical market share for its top-ranking rapid HIV test in the highly competitive and crowded Chinese marketplace. The Company, in partnership with Triplex International Biosciences, its China-based strategic sales and distribution partner, has shipped 100,000 of its rapid HIV tests to multiple provinces in China. MedMira has also won follow-on tender business for the supply of 200,000 additional rapid HIV tests.
"Our growth in China has come primarily through the tender system and we continue to build our network of contacts and opportunities in this sector. Approximately 80 percent of rapid HIV tests purchased in China each year are procured through tenders, making this a key market sector for us," said Hermes Chan, CEO of MedMira. "The restructuring of China's healthcare system and implementation of stricter quality standards has positively affected the growth in our market share in China. As agencies such as the China CDC demand high performance products, there is a trickledown effect happening where these evaluations impact provincial tender criteria. It's a win-win for MedMira and its products."
MedMira's rapid HIV test consistently ranks as one of the best in annual evaluations conducted by the Chinese Center for Disease Control and Prevention (China CDC). In the 2014 evaluation results from the China CDC, MedMira'S rapid HIV test ranked in the top three of all rapid HIV tests available in China. These evaluations are critical support tools in MedMira's sales and business activities and help in gaining ground in a marketplace that is saturated with imported and domestic rapid tests of quality and performance that vary widely.
The Company and its strategic partner will continue to pursue new and recurring tender business in various Chinese provinces. Building on this foundation, MedMira plans to expand its brand in China in two ways. First, MedMira is preparing to bring its Multiplo product range to China. The global demand for multiplexed tests is rapidly increasing as healthcare providers and public health agencies look to maximize resources. MedMira is also growing its presence in the Chinese market through research institutes and biotech companies seeking a development platform for new rapid tests. In April 2014, the company introduced its Miriad™ RVF Toolkit at the China Medical Equipment Fair with resounding success. The Toolkit enables researchers to quickly access MedMira's Rapid Vertical Flow Technology™ platform for proof of concept development and advancing their commercialization activities. It also allows for the conversion of an existing rapid test and eliminates the barriers to market entry presented by other platform technologies.
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 Revealâ, Multiplo™ and Miriad™ brands in global markets. Based on its patented Rapid Vertical Flow Technology™, MedMira's rapid HIV test is the first 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.
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.
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SOURCE MedMira Inc.For further information:
Andrea Young, Corporate Communications