MedMira Announces Fourth Quarter and Year End Results



    Investment Analysts Invited to Corporate Update Conference Call

    HALIFAX, Nov. 28 /CNW/ - MedMira Inc. ("MedMira") (TSX Venture: MIR,
NASDAQ:  MMIRF) a global market leader in premium rapid diagnostic solutions,
today announced its financial results for the three month and year end periods
ending July 31, 2007. Product sales in the fourth quarter were $331 thousand,
compared to $415 thousand in the same quarter last year. The net loss for the
quarter was $1.8 million or $0.02 per share compared with $2.2 million or
$0.04 per share in the same period last year. For the year ended July 31, 2007
product sales were $1.7 million, compared to $2.1 million for the same period
last year. The net loss of the year was $6.3 million or $0.10 per share
compared to $7.3 million or $0.15 per share for the same period last year.
    MedMira will host a conference call with analysts to discuss the
company's year end financial results and provide a corporate update beginning
at 10:30 am EST (11:30 am AST) on Monday, December 3, 2007. Access details are
provided at the end of this release.
    "FY 2007 was a year for MedMira to refocus on our global business
initiatives and reposition ourselves to meet the growing challenges and
opportunities that we are expecting in the coming fiscal year. Theses
preparations will allow MedMira to further capture new market share through
the introduction of a new line of Multiplo products in lucrative US and
European markets. MedMira did not meet sales and revenue expectations in 2007.
However, we have made significant steps forward in establishing what will be
long term revenue streams from international markets. The Company also
continues to operate with a streamlined approach to operating costs and
expenses. We believe that MedMira is on the growth path for the year ahead
with initiatives underway and progress being made in key global markets," said
Hermes Chan, President & CEO of MedMira.
    "We have taken significant steps to market our products in other key
international markets including India, Latin America and Russia this past year
and in 2008 we will continue to build these and other sustainable sales
channels for our line of rapid diagnostic products. We have shifted our sales
focus from a traditional model to engage in out-licensing relationships with
other quality diagnostics providers and strategic partnerships in order to
expand the breadth and depth of market penetration for MedMira products,"
continued Chan.
    Overall gross margin for the year was 47%, compared to 55% last year. The
gross margin level is in line with management's expectations for the mix of
markets that we are operating in.
    For the year ended July 31, 2007 operating expenses were $7.1 million
compared to $8.4 million last year. These decreases are mainly driven by the
significant reduction of costs that MedMira made during the fiscal year 2007.
These costs were made mainly in wages and benefits, general and administrative
and sales and marketing.
    At July 31, 2007 the Company had total assets of $2.9 million compared
with $4.0 million in total assets at July 31, 2006.

    
    Financial Information
    ---------------------

    The following is a brief summary of financial information expressed in
thousands of Canadian dollars except per share amounts:

                                  For the                       For the
                                year ended                 year ended July
                               July 31, 2007                   31, 2006
          (000's)

      Product Sales            $       1,705                 $       2,091
    Cost of goods sold                   906                           950
                            -------------------           -------------------

       Gross margin                      799                         1,141
                            -------------------           -------------------
                            -------------------           -------------------

    Operating expenses                 7,105                         8,430
                            -------------------           -------------------
                            -------------------           -------------------

    Loss for the period        $      (6,288)                $      (7,288)
                            -------------------           -------------------
                            -------------------           -------------------

      Loss per share           $       (0.10)                $       (0.15)
                            -------------------           -------------------


                                                  As at
                                              July 31, 2007

    Cash and cash equivalents                 $           -
                                           -------------------
                                           -------------------

          Total assets                        $       2,864
                                           -------------------
                                           -------------------

     Shareholders deficiency                  $     (12,778)
                                           -------------------
    


    Conference Call Details

    In order to listen to the conference call, please dial 1-800-732-9307
toll-free anywhere in Canada or the USA, or 416-644-3420 in the Toronto area.
    A replay of the call will be available until December 12, 2007 and may be
accessed by dialing 1-877-289-8525 toll-free anywhere in Canada or the USA, or
416-640-1917 in the Toronto area, and entering the pass code
21254960# anytime after the call has ended.

    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 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

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