MedMira Announces $5 Million Private Placement



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMENATION IN THE UNITED STATES./

    HALIFAX, March 26 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF) announced that it has engaged Loewen, Ondaatje, McCutcheon
Limited ("Loewen") to lead a brokered private placement to raise, on a best
efforts agency basis, up to $5 million through the issuance of Units at
$0.26 per unit. Each Unit will consist of one common share and one-half of
one common share purchase warrant. Each whole warrant entitles the holder to
acquire one common share at an exercise price $0.33 for a period of 24 months
after the closing date of the private placement.

    Net proceeds of the private placement will be used:

    
    1. To strengthen the company's U.S. market initiatives;
    2. To obtain FDA approvals for next generation Multiplo products of HIV,
       HCV, Herpes and Syphilis;
    3. To advance the current development of the new generation of over-the-
       counter rapid flow-through tests ;
    4. For global business development through out-licensing and strategic
       partnership opportunities; and
    5. General operation purposes.
    

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world 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.
    In January 2006, MedMira launched the Maple Biosciences division to
develop and commercialize diagnostic instruments based on two revolutionary
biosensor-based technology platforms. The solutions developed by Maple
Biosciences will enable routine laboratory tests to be performed in a matter
of minutes, increasing laboratory automation, streamlining the diagnosis of
multiple conditions and diseases and positioning MedMira to be a leading
participant in the emerging fields of personalized medicine and molecular
diagnostics. For more information visit www.maplebio.com.
    MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada with a representative office in China. Maples
Biosciences' labs are located in Toronto, Ontario. For more information visit
MedMira's website at www.medmira.com.

    This news release does not constitute an offer to sell or a solicitation
of an offer to sell any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.

    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: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, ir@medmira.com; Mr. Hermes Chan, Chief Executive
Officer, (902) 450-1588, hchan@medmira.com

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MedMira Inc.

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