MedMira Announces Second Quarter Results



    HALIFAX, March 1 /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 and six month periods
ending January 31, 2007. Product sales in the second quarter were
$608 thousand, compared to $1.1 million in the same quarter last year. The net
loss for the quarter was $1.5 million or $0.03 per share compared with
$1.2 million or $0.03 per share in the same period last year.
    For the six months ended January 31, 2007 product sales were $1.2 million
compared to $1.6 million in the previous year. The net loss for the six month
period was $3.0 million or $0.05 per share compared to a loss of $2.9 million
or $0.07 per share for the same period last year.
    "While our financial performance for the second quarter was stable
compared to the first quarter, we expanded our European and Latin American
distribution network, completed the roll out of our enhanced product in the
US market and just after the quarter end signed a one million test order for
India," said Hermes Chan, President and CEO of MedMira. "These initiatives
will contribute to sustainable revenue growth during the last half of our
fiscal year."
    Overall gross margin for the quarter was 57%, compared to 57% last year.
For the first six months of the year gross margin was 52% compared to 54% in
the previous year. These gross margin levels are in line with management's
expectations for the mix of markets that we are operating in.
    Operating expenses for the second quarter remained relatively constant at
$1.9 million compared to $1.8 million in the same period last year. For the
six months ended January 31, 2007 operating expenses decreased to $3.6 million
from $3.8 million last year. This decrease is driven by cost containment
measures undertaken in the year.
    At January 31, 2007 the Company had total assets of $4.2 million compared
with $4.0 million in total assets at July 31, 2006.
    The Company will hold a conference call on March 7, 2007 at 10:00 am AST
to discuss the results for the second quarter. Conference call details will be
provided in a separate news release.

    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     For the     For the
                                   three       three         six        nine
                                  months      months      months      months
                                   ended       ended       ended       ended
                              January 31, January 31, January 31, January 31,
                                    2007        2006        2007        2006
           (000's)            (unaudited) (unaudited) (unaudited) (unaudited)
                              ----------- ----------- ----------- -----------

    Product Sales             $      608  $    1,132  $    1,203  $    1,575
    Cost of goods sold               264         490         577         728
                              ----------- ----------- ----------- -----------

    Gross margin                     344         642         626         848
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Operating expenses             1,857       1,810       3,617       3,771
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Loss for the period       $   (1,512) $   (1,168) $   (2,990) $   (2,923)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Loss per share            $    (0.03) $    (0.03) $    (0.05) $    (0.07)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------


                                               As at       As at
                                          January 31,    July 31,
                                                2007        2006
                                          (unaudited)

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

    Total assets                          $    4,154  $    4,008
                                          ----------- -----------
                                          ----------- -----------

    Shareholders deficiency               $  (10,278) $   (8,046)
                                          ----------- -----------
                                          ----------- -----------
    


    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.
    The company's corporate offices and manufacturing facilities are located
in Halifax, Nova Scotia, Canada with a representative office in China. 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, (902)
450-1588, ir@medmira.com; Andrea Young, Corporate Communications, (902)
450-1588, ayoung@medmira.com

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