Cost Containment, Product Pipeline, New Sales Channels Creating Momentum
HALIFAX, June 26 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, said today that
it continues to make progress in moving the Company forward to profitability
and increased shareholder value. Over the past several months the Company has
been consistently gaining market traction around the globe, maintaining and
broadening its internal cost containment initiatives, and extending its core
technology platform and rapid test product line.
"Our market successes combined with debt reduction and expansion of our
product pipeline clearly demonstrates the team's commitment to our business
and their unwavering focus on driving the company forward. These achievements
are important steps in MedMira's advancement," said Stephen Sham, Chairman,
MedMira Inc. "Our continued strategic focus, together with our in-depth
experience and market knowledge will enable us to anticipate and answer the
growing demands in the rapid diagnostics market."
MedMira's most recent cost containment initiatives have focused on
decreasing interest costs through debt reduction. Year to date these
initiatives have resulted in a 46% decrease in debenture and short term note
debt, enabling the Company to realign funds and other resources to capitalize
on high priority opportunities. Additionally, the Company is streamlining
segments of its manufacturing operations to increase production efficiencies.
An important piece in this plan, slated to begin in late 2008, will see
MedMira's assembly and packaging facilities consolidated with product
manufacturing, R&D, and corporate departments at the Company's headquarters in
Halifax, Nova Scotia.
"MedMira has exercised the discipline necessary to manage our financial
position, and we are continually seeking further efficiencies in our
operations to maximize resources," said Hermes Chan, President and CEO,
MedMira's primary R&D focus is the evolution of the Company's core
product engine, its rapid flow-through technology (RFT) platform, and the
development and commercialization of new rapid tests. The Company has taken
steps to protect its valuable intellectual property, with patents granted in
the European Union and others pending in key international markets. With this
protection imminent, new revenue channels through technology partnerships are
on the horizon. The Technology team has successfully moved new rapid tests for
sexually transmitted diseases (STDs) including Syphilis and Herpes through the
discovery and development phases and will shortly embark on clinical trials
and the regulatory approval process in the United States and other priority
markets. Expansion of our product pipeline provides further growth
opportunities with both new and existing distribution partners.
Chan continued, "We clearly have a proven, superior technology platform
that enables us to quickly move product concepts through the R&D phases and
commercialize new rapid tests to answer market demands."
With a focus on building long-term, sustainable revenue channels, MedMira
has gained traction and market momentum in international markets including
Romania, India, Russia, and Germany over the past year. The Company is
expanding its reach even further with new sales channels and tender
opportunities opening in Asia and Africa in the coming months. MedMira has
also submitted its rapid HIV test to the World Health Organization (WHO) as a
part of their revamped diagnostics evaluation program. Approval from the WHO,
together with MedMira's existing vendor status with USAID and the Pan American
Health Organization (PAHO), opens the door for participation in tender
opportunities and large scale public health programs in developing countries.
MedMira is also expanding business development channels with our
partnering strategy. This strategy is aimed at creating opportunities for
collaboration with other quality diagnostics companies in order to build new
rapid tests on the MedMira RFT platform. These partnerships will bring MedMira
increased revenues through licensing agreements, royalties, technical
consultations, and contract manufacturing.
"MedMira is honing in on key sales opportunities around the globe and
expanding our offering to include new rapid tests as well as our patented
technology platform. Collaboration with other diagnostics developers will
enable us to leverage our technology to bring even more rapid tests to market,
creating new revenue streams for the Company," Chan added.
MedMira is a leading developer, manufacturer, and marketer of advanced
rapid diagnostics. Built on the Company's patented rapid flow-through
technology platform, MedMira's single and multiple rapid tests provide
hospitals, labs, clinics and individuals around the world with reliable,
diagnosis for diseases such as HIV and hepatitis C in just three minutes. The
company's tests, which are sold under the Reveal(R), MiraWell(R), MiraCare(TM)
and Multiplo(TM) brands in global markets, have achieved regulatory approvals
in Canada, the United States, China, Russia, India, and the European Union.
MedMira is an approved supplier to US Agency for International Development
(USAID) and the Pan American Health Organization (PAHO).
In 2006, MedMira launched the Maple Biosciences division to develop and
commercialize diagnostic instruments based on biosensor technology platforms.
The new diagnostic solutions will enable routine laboratory tests to be
performed in a matter of minutes, increasing automation, and streamlining the
diagnosis of multiple conditions and diseases. Together MedMira and Maple
Biosciences will be leading participants in the emerging fields of
personalized medicine and molecular diagnostics. For more information visit
MedMira's corporate offices, R&D, 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
For further information:
For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, firstname.lastname@example.org