MedMira and Morningside Announce Final Approval of Private Placement



    HALIFAX, Feb. 6 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF), a developer and marketer of rapid diagnostic technology and
solutions, and Morningside Venture (IV) Investments Limited ("Morningside"),
part of Morningside Asia, a Hong Kong-based institutional private equity and
venture capital group, jointly announced today the final approval of
US$250,000 in equity financing from Morningside to MedMira announced on
December 22, 2008. This news release also corrects minor errors in the
December 22, 2008 news release.
    Under the terms of this private placement Morningside acquired 6,119,500
equity units at $0.05 per unit. Each equity unit consists of one common share
and one common share purchase warrant. Each warrant entitles Morningside to
purchase one common share of MedMira at $0.10 per share for five years. The
common shares and the warrants are subject to a four month hold period that
expires on April 23, 2009. With the completion of this transaction,
Morningside now owns 14.86% of common shares of MedMira.
    Morningside has made prior investments in MedMira and in addition to the
common shares holds a four year debenture convertible into common shares of
MedMira at a price of $0.15 per common share in the first two years from the
date of the issuance of the debenture and $0.165 in year three and $0.1815 in
year four and secured by a security interest in the patent rights and
technology related to the Multiplo line of products and a security interest in
the STEP UP Technology. Morningside also holds a share purchase warrant,
exercisable for 4,333,333 common shares of MedMira at a price of $0.15 per
common share until August 28, 2010. If Morningside were to convert the
debenture and the warrant, it would own, together with the 16,952,833 common
shares currently owned, 31,738,999 common shares or 24.62% of the total issued
and outstanding capital of MedMira. Morningside acquired the securities for
investment purposes only and has no current intent of acquiring any further
securities of MedMira other than pursuant to the exercise of warrants or
pursuant to the conversion of the debenture.

    About Morningside

    Morningside Venture (IV) Investments Limited is part of the Morningside
group, a global private equity and venture capital group founded in 1986 by
the Chan family of Hong Kong. The Chan family founded the Hang Lung Group in
Hong Kong in 1960. Morningside has investments in North America, Europe,
across Asia-Pacific, and since 1992, in Mainland China. Morningside group has
invested extensively in the printing machinery sector, the Internet and
wireless sectors, outdoor and print media, biotechnology and healthcare, and
education. For more information http://www.morningside.com

    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(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 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. 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.
    %SEDAR: 00013053E




For further information:

For further information: MedMira: Dr. James Smith, Investor Relations &
Corporate Affairs, (902) 450-1588, ir@medmira.com; Andrea Young, Corporate
Communications, (902) 450-1588, media@medmira.com; Morningside: Louise
Garbarino, 377 97-97-47-37

Organization Profile

MedMira Inc.

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MORNINGSIDE VENTURE (IV) INVESTMENTS LIMITED

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