HALIFAX, Oct. 2, 2014 /CNW/ - MedMira Inc. (TSXV: MIR) announced today that it has closed a CAD $1.1 million equity investment with a new, arm's length investor from Asia. This investment will be used to further build up the Company's sales and marketing efforts in its focus markets and expand initiatives in preparation for upcoming product launches. Global interest in MedMira's rapid testing solutions and its patented Rapid Vertical Flow Technology™ platform continues to grow, particularly in Asia, which has led to the Company widening its investment circle in this latest round.
Under the terms of the deal the investor will acquire 22,000,000 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 which expires on January 31, 2015. Each full warrant entitles the investor to purchase one common share of MedMira at $0.10 per share exercisable over four years.
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 Reveal®, Multiplo™ and Miriad™ brands in global markets. Based on its patented Rapid Vertical Flow Technology, 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.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: MedMira Contact: Andrea Young, Corporate Communications, T. 902-450-1588, E. [email protected]