MedMira Announces Draw Down of Equity Line

    HALIFAX, Oct. 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF), a developer and marketer of rapid diagnostics, announces its
intention to enter into an arrangement for a settlement of shares for debt
with YA Global Investments LP. The Company has submitted a draw down notice
for $104,650 to YA Global Investments LP against its equity line of credit.
Under the terms negotiated in the debenture agreement entered into on May 23,
2008, YA Global Investments LP will purchase common shares from MedMira at a
price to be calculated based on 96.5% of the daily volume weighted average
price ("VWAP") over a 10 day pricing period, from October 21, 2008 through
November 3, 2008. The proceeds from the share purchase will be applied as a
scheduled payment against the convertible debenture. The draw down is
scheduled to be settled on November 4, 2008. The issuance of the MedMira
common shares with respect to this draw down is subject to the approval of the
TSX Venture Exchange.

    About MedMira

    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), MiraWell(R), MiraCare(TM) and Multiplo(TM) 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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this statement.
    %SEDAR: 00013053E

For further information:

For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, ir@medmira.com; Andrea Young, Corporate
Communications, (902) 450-1588, media@medmira.com