MedMira Announces Settlement of Debt

HALIFAX, July 7 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, announced today that that it has reached an agreement with a debt holder to settle a total of $40,000 owing for debts to the Company through the issuance of 800,000 common shares. The Company will issue common shares at a price of $0.05 per share based on the June 30, 2010 closing price. This agreement has been approved by the TSX Venture Exchange. Shares issued under this agreement will be subject to a four month hold period.

About MedMira

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), Multiplo(TM) and Miriad 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE MedMira Inc.

For further information: For further information: MedMira Contact: Andrea Young, Corporate Communications, Tel: 902-450-1588, Email: ayoung@medmira.com

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MedMira Inc.

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