HALIFAX, June 30 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, today announced
its financial results for the three and nine month periods ending April 30,
2008. Product sales in the third quarter were $400 thousand, compared to
$467 thousand in the same quarter last year. The net loss for the quarter was
$1.4 million or $0.02 per share compared with a net loss of $1.2 million or
$0.02 per share in the same period last year.
For the nine months ended April 30, 2008 product sales were $1.3 million
compared to $1.7 million in the previous year. The net loss for the nine month
period was $3.5 million or $0.04 per share compared to a loss of $4.2 million
or $0.07 per share for the same period last year.
"We continue to implement further cost containment strategies with a
focus on decreasing interest costs through debt reduction. This strategy is
working, year to date we achieved a 19% decrease in operating expenses
compared to the same period last year," said Hermes Chan, President & CEO,
MedMira Inc. "Our team is driving MedMira forward with a strategic focus that
includes advancements in our product pipeline and the creation of new
international sales channels. These initiatives together with our cost
containment activities will bring the sustainable long term growth and
increased revenue that our shareholders are looking for."
In moving towards higher volume, lower margin business opportunities,
management expected a decrease in the overall operating margins. Third quarter
saw the beginning of our shipments to India, the Company's first significant
customer operating on the high volume, low margin model. The Company also
experienced shortages and delays in receiving raw materials which in turn
increased the overall manufacturing costs associated with fulfilling the order
for India. Gross margin for the third quarter decreased to 22% as compared to
51% for the same period last year. For the first nine months of the year gross
margin was 40% compared to 52% in the previous year. Management expects to see
improved margins in the coming quarters as further efficiencies are realized
in our manufacturing process for high volume orders.
At April 30, 2008 the Company had total assets of $2.6 million compared
with $2.9 million in total assets at July 31, 2007.
MedMira is a leading developer, manufacturer, and marketer of advanced
rapid diagnostics. Built on the Company's patented rapid flow-through
technology platform, MedMira's single and multiple rapid tests provide
hospitals, labs, clinics and individuals around the world with reliable,
diagnosis for diseases such as HIV and hepatitis C in just three minutes. The
company's tests, which are sold under the Reveal(R), MiraWell(R), MiraCare(TM)
and Multiplo(TM) brands in global markets, have achieved regulatory approvals
in Canada, the United States, China, Russia, India, and the European Union.
MedMira is an approved supplier to US Agency for International Development
(USAID) and the Pan American Health Organization (PAHO).
In addition to owning proprietary flow-through technology, MedMira is
developing diagnostic instruments based on biosensor technology platforms. The
new diagnostic solutions will enable routine laboratory tests to be performed
in a matter of minutes, increasing automation, and streamlining the diagnosis
of multiple conditions and diseases. Together MedMira and Maple Biosciences
will be leading participants in the emerging fields of personalized medicine
and molecular diagnostics. For more information visit www.maplebio.com.
MedMira's corporate offices, R&D, 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.
For further information:
For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, email@example.com