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HALIFAX, June 4 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,
announced today that it has received final approval from the TSX Venture
Exchange and closed the USD $1,000,000 convertible debenture with YA Global
Investments LP, announced on May 23, 2008.
Under the terms of the agreement, the debenture will bear interest of 10%
per annum and be subject to a one-time fee of 5.5% of the debenture amount.
The debenture is convertible in whole or in part into common shares of MedMira
at $.259 per share at any time during the term of the debenture which matures
November 20, 2008. The debenture is repayable either by way of cash or shares
issuable under a subscription agreement entered into by both parties on
September 6, 2005 and subject to a prospectus filed by the company on
March 17, 2008. Both of these documents can be viewed at www.medmira.com and
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 2006, MedMira launched the Maple Biosciences division to develop and
commercialize 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
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, firstname.lastname@example.org