HALIFAX, June 6, 2012 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a
developer of rapid diagnostic technology and solutions, announced today
that it has entered into an agreement with Andurja Beteiligungen AG
(Andurja), a Swiss company based in Zug, Switzerland, for a CAD$6.0
million equity investment to be used in financial operations and
further advancing global business development, sales, and marketing
"Andurja continues to demonstrate its commitment to MedMira and shares
our confidence in the Company's growth strategy. This is a significant
cash infusion and will be instrumental in taking a number of MedMira's
current business development, sales, and marketing programs to the next
level," said Hermes Chan, chief executive officer, MedMira
Inc. "Previous investments have enabled the Company to achieve success
in a number of key areas, including the establishment of a strategic
partnership program which extends our business development reach around
the globe. Additionally, MedMira continues to raise its profile within
organizations such as the Bill & Melinda Gates Foundation and various
United Nations agencies, and is increasing awareness of its technology
and products in niche markets, like the defence sector. This latest
investment from Andurja will make it possible to bolster our activities
in these areas as well as initiate market development in other high
growth diagnostic sectors."
Andurja, the controlling and majority shareholder of MedMira's strategic
business development partner Vitest AG, made previous investments in
MedMira, including CAD$2.0 million in 2009, CAD$1.0 million in 2010,
CAD$1.5 million in 2011, and CAD$1.0 million in January 2012.
"Over the past three years, Andurja investment has supported MedMira in
establishing a number of realistic and successful programs which now
form a solid foundation for further business development and marketing
initiatives," said Urs Meile, chairman, Andurja Beteiligungen AG.
"MedMira has honed its patented technology and successfully applied it
to produce a number of high quality premium diagnostics products. With
excellent products, and more in the pipeline, an international network
of strategic partners, ongoing global brand awareness campaigns, and an
increasing position within the defence market segment, we believe this
level of investment will enable to the Company to further its plan to
achieve success and shareholder value."
Under the terms of the deal Andurja will acquire 120,000,000 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 October 12, 2012. Each full warrant entitles Andurja
to purchase one common share of MedMira at $0.10 per share exercisable
over four years. Under the terms of this transaction, Andurja will
increase its ownership of MedMira common shares from 40.4% to 58.6% and
this could increase to 68.3% if all warrants related to this
transaction are exercised.
This agreement has received conditional approval and is subject to final
approval of the TSX Venture Exchange.
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics and technologies. 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 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
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