HALIFAX, July 8 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announced today that is has completed the draw down against its equity line of
credit with YA Global Investments LP which was announced on June 18, 2008.
Under the terms negotiated in the equity line, YA Global Investments LP
has purchased 757,420 common shares from MedMira at an average price of $.139
which is based on the daily volume weighted average price ("VWAP") over a
10 day pricing period, beginning on June 19, 2008 and ending on July 3, 2008
for net proceeds of $104,650. Proceeds from this draw down will be applied as
a principal payment against the convertible debenture from YA Global
Investments LP, entered into on May 23, 2008. The shares issued are not
subject to any hold period by the TSX Venture Exchange or other regulatory
MedMira is a leading developer, manufacturer, and marketer of advanced
rapid diagnostics. Built on the Company's patented rapid flow-through
technology platform, MedMira's single and multiple rapid tests provide
hospitals, labs, clinics and individuals around the world with reliable,
diagnosis for diseases such as HIV and hepatitis C in just three minutes. The
company's tests, which are sold under the Reveal(R), MiraWell(R), MiraCare(TM)
and Multiplo(TM) brands in global markets, have achieved regulatory approvals
in Canada, the United States, China, Russia, India, and the European Union.
MedMira is an approved supplier to US Agency for International Development
(USAID) and the Pan American Health Organization (PAHO).
In 2006, MedMira launched the Maple Biosciences division to develop and
commercialize diagnostic instruments based on biosensor technology platforms.
The new diagnostic solutions will enable routine laboratory tests to be
performed in a matter of minutes, increasing automation, and streamlining the
diagnosis of multiple conditions and diseases. Together MedMira and Maple
Biosciences will be leading participants in the emerging fields of
personalized medicine and molecular diagnostics. For more information visit
MedMira's corporate offices, R&D, 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.
For further information:
For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, email@example.com