HALIFAX, June 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer of rapid diagnostic technology and solutions, reported today on the Company's financial results for the three and nine month periods ending April 30, 2010.
"We are pleased with our third quarter results and our ability to demonstrate revenue growth and decreased net loss quarter over quarter for the Company. An increase in revenue of 19% over the second quarter and a net loss decreased by 30% over the same period last year, clearly demonstrates that our long term business development strategy implemented last year is working," said Hermes Chan, president and CEO, MedMira Inc. "Our strategic business development partner, Vitest AG, continues to make significant head way in the African market. During the third quarter they were working diligently to deliver MedMira's single largest contract to date to supply two million rapid HIV tests to the Nigerian Red Cross, which was finalized and announced subsequent to the quarter closing."
Chan continued, "Our work and the efforts of our partners, Vitest and Advance Aid, are resulting in success in Africa. The initiatives, including product evaluations and registrations and relationship building with key government departments, NGOs and VCT clinics, is the most focused activity we have ever put forth in Africa and the response has been very positive. The prospects for MedMira in this market and elsewhere are quality opportunities that we will convert to long term, sustainable revenue to our Company."
Building on the Miriad product line for research and academic markets, which was formally introduced during the second quarter of this year, MedMira's R&D team continues to work on a number of new products for emerging market needs in Africa and other developing countries including combination tests for Malaria, HIV, Syphilis and Tuberculosis. Additionally, the team's recent development focus has been on advancing a new technology platform forward to clinical trials and full commercialization to realize significant revenue growth from products beyond single HIV tests in the coming months.
Product sales in the third quarter increased by 82% to $601 thousand, compared to $329 thousand in the same quarter last year. Total Sales for the nine months ending, April 30, 2010 were $1,480,689 compared to $905,047 for the same period last year. The net loss for the quarter was reduced by 36% to $624 thousand ($976 thousand in 2009); Total loss was reduced by approximately 30% for the nine months ending, April 30, 2010 was $ 2,653,574 ($0.01, per share) compared to $3,921,359 ($0.03 per share), in the same period last year. Overall gross margin for the quarter was 74% (60% in 2009) and 67%, for the nine months ending (61% in 2009).
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.
SOURCE MedMira Inc.
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