HALIFAX, Dec. 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, today announced its financial results for the three month period ending October 31, 2009. Product sales in the first quarter were $376 thousand, compared to $378 thousand in the same quarter last year. The net loss for the quarter was reduced by more than 35% to $1.1 million or $0.01 per share compared with a net loss of $1.7 million or $0.02 per share in the same period last year. Overall gross margin for the quarter was 58%, compared to 63% last year. Internal and general operating expense was $740 thousand compared to $786 thousand for the same period last year.
"MedMira's globalization and partnership investment strategy is providing improved opportunities and a positive outlook for the Company in the coming year. This strategic partnership/investment program allows partners in specific regions of the global market to perform sales and marketing activities to increase revenues while we continue to build new products to support the increasing demand of high quality diagnostic tests," said Hermes Chan, president and CEO, MedMira Inc. "The first equity investment from Andurja AG has provided us additional working capital for advancing new products in the pipeline and technology platform development. Our strategic sales and marketing partner Vitest AG is already seeing success in the African market with new sales, product approval in Nigeria, and ongoing evaluations and registrations in other African countries. We are confident that this strategy will bring increased revenues and positive shareholder value for the remaining quarters of fiscal year 2010."
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.
SOURCE MedMira Inc.
For further information: For further information: Andrea Young, MedMira, (902) 450-1588, email@example.com