MedMira Reaches Funding Agreement to Enable US Market Expansion

    HALIFAX, Aug. 15 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ:   MMIRF), a developer and marketer of rapid diagnostics, announces today
that it has entered in to an agreement in principal with an investor for the
issuance of a CDN $650,000 convertible debenture. Under the terms of the
agreement, the debenture will bear interest of 9% per annum and will mature
four years from the date of close. The debenture is convertible in whole or in
part into common shares of MedMira at $0.15 per share during the first two
years. The conversion price will increase by 10% in year three and increase by
an additional 10% in year four. This agreement is subject to approval of the
    This investment will enable MedMira to fuel various growth-centered
activities in US market, including expansion of the Company's product
offering. MedMira will be pursuing regulatory approvals for new rapid tests
for sexually transmitted diseases as well as advancements in the Reveal rapid
HIV test currently being sold in this market.
    "This investment will enable MedMira to move forward in the regulatory
approval process for our new line of STD rapid tests as well as bring
additional advancements to our already successful Reveal rapid HIV tests in
the US market," said Hermes Chan, president and CEO of MedMira. "The US is a
key growth market for MedMira and bringing new products forward in an advanced
healthcare system such as US positions us for further growth in international
markets, with FDA approved products in our portfolio."

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals around the world 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.
    In January 2006, MedMira launched the Maple Biosciences division to
develop and commercialize diagnostic instruments based on two revolutionary
biosensor-based technology platforms. For more information visit
    MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada with a representative office in China. Maples
Biosciences' labs are located in Toronto, Ontario. For more information visit
MedMira's website at
    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,

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