Company Sees More Market Development and Product Line Expansion on the
Horizon for China
HALIFAX, July 14, 2014 /CNW/ - MedMira, Inc. (MedMira) (TSXV: MIR) is
steadily gaining critical market share for its top-ranking rapid HIV test in the highly competitive and crowded Chinese marketplace. The
Company, in partnership with Triplex International Biosciences, its
China-based strategic sales and distribution partner, has shipped
100,000 of its rapid HIV tests to multiple provinces in China. MedMira
has also won follow-on tender business for the supply of 200,000
additional rapid HIV tests.
"Our growth in China has come primarily through the tender system and we
continue to build our network of contacts and opportunities in this
sector. Approximately 80 percent of rapid HIV tests purchased in China
each year are procured through tenders, making this a key market sector
for us," said Hermes Chan, CEO of MedMira. "The restructuring of
China's healthcare system and implementation of stricter quality
standards has positively affected the growth in our market share in
China. As agencies such as the China CDC demand high performance
products, there is a trickledown effect happening where these
evaluations impact provincial tender criteria. It's a win-win for
MedMira and its products."
MedMira's rapid HIV test consistently ranks as one of the best in annual
evaluations conducted by the Chinese Center for Disease Control and
Prevention (China CDC). In the 2014 evaluation results from the China
CDC, MedMira'S rapid HIV test ranked in the top three of all rapid HIV
tests available in China. These evaluations are critical support tools
in MedMira's sales and business activities and help in gaining ground
in a marketplace that is saturated with imported and domestic rapid
tests of quality and performance that vary widely.
The Company and its strategic partner will continue to pursue new and
recurring tender business in various Chinese provinces. Building on
this foundation, MedMira plans to expand its brand in China in two
ways. First, MedMira is preparing to bring its Multiplo product range
to China. The global demand for multiplexed tests is rapidly
increasing as healthcare providers and public health agencies look to
maximize resources. MedMira is also growing its presence in the
Chinese market through research institutes and biotech companies
seeking a development platform for new rapid tests. In April 2014, the
company introduced its Miriad™ RVF Toolkit at the China Medical Equipment Fair with resounding success. The
Toolkit enables researchers to quickly access MedMira's Rapid Vertical Flow Technology™ platform for proof of concept development and advancing their
commercialization activities. It also allows for the conversion of an
existing rapid test and eliminates the barriers to market entry
presented by other platform technologies.
MedMira is a leading developer and manufacturer of vertical flow rapid
diagnostics. The Company's tests provide hospitals, labs, clinics and
individuals with instant diagnosis for diseases such as HIV and
hepatitis C in just three easy steps. The Company's tests are sold
under the Revealâ, Multiplo™ and Miriad™ brands in global markets. Based on its patented
Rapid Vertical Flow Technology™, MedMira's rapid HIV test is the first
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.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