HALIFAX, Sept. 20, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a
developer of rapid diagnostic technology and solutions, today announced
a CAD $6.105 million (CHF 5.5 million) equity investment from OnSite
Lab Holding AG (OnSite Lab). OnSite Lab is the Company's largest and
controlling shareholder. MedMira will use the investment to initiate
significant sales and marketing programs, in the United States and
global markets, in advance of the launch of new rapid tests anticipated
to begin in 2014.
Strengthening MedMira's sales and marketing efforts will include the
hiring of key personnel with in-depth medical device and biotechnology
sales and business development experience, as well as the establishment
of regional offices to service strategic markets, customers, and
partners. MedMira will initially focus much of its sales and marketing
expansion efforts in the US, where it plans to launch new rapid
diagnostics, from both the Reveal and Multiplo ranges, to the market
during 2014-15. Additionally, the funds will be used to fully implement
automated manufacturing ensuring that MedMira can keep up with rising
customer demand for quality rapid diagnostics.
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. This investment is subject to
final approval by the TSX Venture Exchange.
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