HALIFAX, Aug. 11 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announces its intention to enter into an arrangement for a settlement of
shares for debt with YA Global Investments LP. The Company has submitted a
draw down notice for $104,650 to YA Global Investments LP against its equity
line of credit. Under the terms negotiated in the debenture agreement entered
into on May 23, 2008, YA Global Investments LP will purchase common shares
from MedMira at a price to be calculated based on 96.5% of the daily volume
weighted average price ("VWAP") over a 10 day pricing period, from August 12,
2008 through August 25, 2008. The proceeds from the share purchase will be
applied as a scheduled payment against the convertible debenture. The draw
down is scheduled to be settled on August 26, 2008. The issuance of the
MedMira common shares with respect to this draw down is subject to the
approval of the TSX Venture Exchange.
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, firstname.lastname@example.org