MedMira's Partnership Strategy Results in $2 Million Equity Investment from Switzerland
Andurja is a privately owned Swiss investment company wholly owned by
"I am pleased to have been given an opportunity to make this timely investment into MedMira. It has strengthened our commitment and brought our strategic partnership to the next level," said
This newest partnership initiative between Vitest and MedMira will advance the reach and market share of both companies in the global diagnostics sector, with a particular focus on developing countries where rapid testing is most needed and most useful. The partners will draw on each others strengths, knowledge, and expertise to provide comprehensive, advanced rapid diagnostics solutions to customers.
"Our partnership strategy offers key partners like Vitest a unique business opportunity to significantly increase revenue streams through profit sharing, enhancing our combined capabilities in delivering rapid diagnostic solutions," said Hermes Chan, CEO, MedMira. "We are excited to expand our partnership with Vitest in this way and believe that the results will be very positive in increasing profit and market share. This new capital will certainly expedite the development and commercialization of new product offerings."
Under the terms of the deal Andurja will acquire 40,000,000 equity units at
This transaction is subject to a voting by disinterested shareholders via written consent. TSX (Venture Exchange) approval is also required before the transaction came be finalized.
About Andurja AG/Vitest AG
Anduja AG is a holding company of Vitest AG. Vitest AG is a privately held company based in Wollerau,
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(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global markets. MedMira's rapid HIV test is the only one in the world to achieve regulatory approvals in
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.
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