HALIFAX, Oct. 2, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a
developer of rapid diagnostic technology and solutions, today announced
that it has closed the CAD $6.105 million (CHF 5.5 million) equity
investment with OnSite Lab Holding AG (OnSite Lab). The transaction,
announced last month, was finalized on September 30, 2013. OnSite Lab
is the Company's largest and controlling shareholder.
Under the terms of the deal Onsite Lab will acquire 122,100,000 equity
units at $0.05 per unit. Each equity unit consists of one common share
and one common share purchase warrant and is subject to a four month
hold period ending February 1, 2014. Each full warrant entitles Onsite
Lab to purchase one common share of MedMira at $0.10 per share
exercisable over four years. Under the terms of this transaction,
Onsite Lab will increase its ownership of MedMira common shares from
58.6% to 68.5%. This could increase to 74.5% if all warrants related to
this transaction are exercised. Onsite Lab made previous investments in
MedMira totaling CAD $11.5 million.
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®, Multiplo™ and Miriad brands in global markets. MedMira's
rapid flow-through 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 including statements regarding possible
approval and launch of new products, future growth, and new business
opportunities. 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.
SOURCE: MEDMIRA INC.
For further information:
Andrea Young, Corporate Communications