MedMira Fueled with Capital Injection to Advance US Market Opportunities
05 Jun, 2013, 17:30 ET
HALIFAX, June 5, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, today announced a loan of CHF $500,000 or CAD $531,464 from OnSite Lab Holding AG (OnSite Lab). OnSite Lab is the Company's largest and controlling shareholder.
This latest investment from OnSite Lab will accelerate MedMira's product line expansion in the United States to meet the growing demand for point-of-care rapid HIV tests. In April the U.S. Preventative Services Task Force (USPSTF) finalized its guidelines calling for routing HIV screening for everyone aged 15 to 65 years old and all pregnant women in the United States. Approximately 50,000 people in the United States contract HIV each year, including 100 to 200 babies born with HIV (Elizabeth Glaser Pediatric AIDS Foundation). MedMira is bringing a whole blood point-of-care version of its FDA-approved rapid HIV test to physician offices, convenience care clinics, mobile testing vehicles, and large scale public health programs where the vast majority of HIV screening takes place. A pre-IDE (Investigational Device Exemption) information package for this product has been submitted and accepted by the U.S. Food and Drug Administration (FDA).
"There is a growing market appetite for easy-to-use, point-of-care rapid tests in the United States. HIV is a key focus area along with Hepatitis and sexually transmitted diseases such as Syphillis. Our next generation rapid HIV test is just the beginning of a product line expansion in the United States that will also see the introduction of a new multiple HIV/Hepatitis test as well as a Hepatitis B," said Hermes Chan, CEO, MedMira Inc. "This capital injection further advances our strategy to leverage the breadth and depth of experience, technology, and product line to capitalize on opportunities in the United States."
Under the terms of the deal, Onsite Lab made a related party loan for CAD$531,464. This loan, with an interest rate of 3%, is repayable over five years with interest only payments in the first year. Onsite Lab made previous investments in MedMira totaling CAD$11.5 million, including CAD$2.0 million in 2009, CAD$1.0 million in 2010, CAD$1.5 million in 2011, and CAD$1.0 million in January 2012, and CAD$6.0 million in 2012.
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®, Multiplo™ and Miriad brands in global markets. MedMira's rapid flow-through 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 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
Email: [email protected]
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