MedMira Announces Second Quarter Results



    Investment Analysts Invited to Corporate Update Conference Call

    HALIFAX, March 18 /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, 2008. Product sales in the second quarter were
$721 thousand, compared to $312 thousand in the same quarter last year. The
net loss for the quarter was $632 thousand or $0.01 per share compared with a
net loss of $1.8 million or $0.03 per share in the same period last year.
    For the six months ended January 31, 2008 product sales were
$854 thousand compared to $907 thousand in the previous year. The net loss for
the six month period was $2.1 million or $0.03 per share compared to a loss of
$3.2 million or $0.06 per share for the same period last year.
    "Our second quarter results show a marked improvement over the previous
quarter. Increased sales coupled with an aggressive debt reduction initiative
helped MedMira achieve the improved results," said Hermes Chan, President and
CEO of MedMira. "This quarter we saw sales success in new international
markets with product shipped to Romania, Russia and India. This was combined
with shipments to Germany and a resumption of strong US sales. Our focus on
establishing sustainable revenue channels as part of our long term strategic
growth plan is working."
    Chan Continued, "Second quarter results also show the effects of the debt
reduction initiative we began earlier this year. As part of our overall cost
containment strategy we have renegotiated agreements with various debt holders
in order to convert debt to shares. With a significant portion of our debt
reduced we can now realign these resources to develop and implement new
marketing and sales initiatives in untapped international markets."
    Overall gross margin for the quarter and for the first six months of the
year was 49%. 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 have decreased to $903 thousand
compared to $1.2 million in the same period last year. For the six months
ended January 31, 2008 operating expenses decreased to $1.9 million from
$2.6 million last year. This decrease is driven by cost containment measures
undertaken in the year.
    At January 31, 2008 the Company had total assets of $2.9 million,
consistent with $2.9 million in total assets at July 31, 2007.

    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         six
                                  months      months      months      months
                                   ended       ended       ended       ended
                              January 31, January 31, January 31, January 31,
                                    2008        2007        2008        2007
           (000's)            (unaudited) (unaudited) (unaudited) (unaudited)
                              ----------- ----------- ----------- -----------

    Product Sales             $      721  $      312  $      854  $      907
    Cost of goods sold               367         263         433         577
                              ----------- ----------- ----------- -----------

    Gross margin                     354          49         421         330
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Operating & other
     expenses                        987       1,857       2,528       3,616
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Loss for the period       $     (633) $   (1,808) $   (2,107) $   (3,286)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------

    Loss per share            $    (0.01) $    (0.03) $    (0.03) $    (0.06)
                              ----------- ----------- ----------- -----------
                              ----------- ----------- ----------- -----------


                                               As at       As at
                                          January 31,    July 31,
                                                2008        2007
                                          (unaudited)

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

    Total assets                          $    2,870  $    2,864
                                          ----------- -----------
                                          ----------- -----------

    Shareholders deficiency               $  (12,563) $  (12,778)
                                          ----------- -----------
                                          ----------- -----------
    

    Conference Call Details

    The Company will host a conference call with analysts to discuss the
Company's second quarter financial results and provide a corporate update on
Wednesday March 19, 2008 at 10:00 am EST (11:00 am AST). In order to listen to
the conference call, please dial 1-800-814-4890 toll-free anywhere in Canada
or the USA, or 416-644-3430 in the Toronto area.
    A replay of the call will be available until March 26, 2008 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 21264890#
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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