HALIFAX, March 26 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, reported today on the Company's financial results for the three and six month periods ending January 31, 2010.
"During the second quarter we made further progress on sales targets and opportunities in various regions. Our strategic partner Vitest is continuing with aggressive business development activities in Africa and Europe, market expansion initiatives, including product evaluations and registrations, are now underway in over a dozen African countries," said Hermes Chan, president and CEO, MedMira Inc. "Also during this quarter we introduced a new product line in the US market and are currently making plans to take this line to Europe later this year. The Miriad product line is aimed at the life sciences sector, providing diagnostics and tools for medical and academic researchers and growing future opportunities for MedMira to license its technology."
Product sales in the second quarter were $503 thousand, compared to $197 thousand in the same quarter last year. Total Sales for the 6 months ending, January 31, 2010 were $880 thousand compared to $576 thousand for the same period last year. The net loss for the quarter was $ 957 thousand ($1,196 thousand - 2009); Total loss for the 6 months ending, January 31, 2009 was $ 2,029,775 ($0.01, per share) compared to $ 2,924,603 ($0.03 per share), in the same period last year. Overall gross margin for the quarter was 65.8 %( 57.2%-2009) and 62.4%, for the 6 months ending (61.0 %-2009).
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, Corporate Communications, MedMira, (902) 450-1588, email@example.com