HALIFAX, March 25, 2015 /CNW/ - MedMira Inc. (TSXV: MIR) is entering into a new CAD $1.1 million equity investment with OnSite Lab Holding AG (OnSite Lab) to support the Company's growth plans in the United States. These funds will contribute to advancing the Company's progressive sales and marketing drive, including upcoming product launches for its three products under review by the United States Food and Drug Administration, as well as bolstering the Company's physical presence in the United States to support growing sales opportunities.
"The U.S. market is one of the most advanced and highly regulated diagnostic markets in the world; a market that demands innovative products with the utmost quality and reliability. MedMira's patented Rapid Vertical Flow Technology™ has excelled in this market, enabling rapid testing solutions for both traditional healthcare providers as well as new tools for researchers. This is a clear sign that MedMira's unique and cost effective product offering are the next evolution in rapid testing," said Dr. Kevin Jones, Senior Director, Global Sales and Marketing, MedMira.
As part of the growth plan, a wholly-owned subsidiary focused on sales, marketing, and logistics will provide customer service, expanded sales channel support, as well as product launch planning and implementation. Direct sales and marketing support teams will be on the ground in the U.S., the Company's most important market, enabling an aggressive strategy roll-out, sales revenue growth, and increased value to MedMira shareholders.
Under the terms of the deal, OnSite Lab 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 July 28, 2015. Each full warrant entitles the investor to purchase one common share of MedMira at $0.10 per share exercisable over four years. OnSite Lab is the Company's controlling shareholder and has previously made investments in the Company totalling CAD $17.6 million.
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 vertical flow 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. Follow us on Twitter and LinkedIn.
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, T. 902-450-1588, E. [email protected]