HALIFAX, Oct. 7 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and solutions, announced today that the Company will receive CDN$2 million in an equity investment from Andurja AG (Andurja), a Swiss company based in Lucerne, Switzerland.
Andurja is a privately owned Swiss investment company wholly owned by Mr. Urs Meile. Andurja is the controlling and majority shareholder of Vitest AG (Vitest), MedMira's strategic partner leading business development initiatives for Europe and Africa. Vitest has made significant progress with MedMira's line of rapid diagnostics, developing several key markets within these regions.
"I am pleased to have been given an opportunity to make this timely investment into MedMira. It has strengthened our commitment and brought our strategic partnership to the next level," said Mr. Urs Meile, Chairman of Andurja AG and Vitest AG. "We have identified many key opportunities for advanced rapid diagnostics and have seen first-hand the need for these products. We are confident that together with MedMira we can deliver the right solutions."
This newest partnership initiative between Vitest and MedMira will advance the reach and market share of both companies in the global diagnostics sector, with a particular focus on developing countries where rapid testing is most needed and most useful. The partners will draw on each others strengths, knowledge, and expertise to provide comprehensive, advanced rapid diagnostics solutions to customers.
"Our partnership strategy offers key partners like Vitest a unique business opportunity to significantly increase revenue streams through profit sharing, enhancing our combined capabilities in delivering rapid diagnostic solutions," said Hermes Chan, CEO, MedMira. "We are excited to expand our partnership with Vitest in this way and believe that the results will be very positive in increasing profit and market share. This new capital will certainly expedite the development and commercialization of new product offerings."
Under the terms of the deal Andurja will acquire 40,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant for a period of three years from the closing date. Each full warrant entitles Andurja to purchase one common share of MedMira at $0.06 per share for the first year period while the second and third year exercisable for one common share at a price of $0.10 per common share. Under the terms of this transaction, Andurja will become a 19.85% shareholder of MedMira and this could increase to 33.13% if all warrants are exercised. Andurja has the right to nominate one director to the Board of MedMira.
This transaction is subject to a voting by disinterested shareholders via written consent. TSX (Venture Exchange) approval is also required before the transaction came be finalized.
About Andurja AG/Vitest AG
Anduja AG is a holding company of Vitest AG. Vitest AG is a privately held company based in Wollerau, Switzerland (www.vitest.ch) with a corporate subsidiary in Germany (Vitest GmbH). Vitest is the manufacturer of medical rapid tests and known well for their high quality products. The company provides doctors offices, clinics and government institutions with innovative rapid tests. With the introduction of Vitest HIV to the German market, Vitest takes the lead in the latest AIDS prevention movement to reduce the number of new HIV infections in Germany, by making better diagnostics more widely available. For more information about Vitest Europe, please contact Christiane Ewel, Head of Marketing and Sales Europe (email@example.com), Vitest GmbH, D -16761 Hennigsdorf, Neuendorfstrasse 24b, Tel. +49 3302 202 7100, Fax. +49 3302 202 7199 or for Vitest International, please contact Nicholas Dellaportas (firstname.lastname@example.org), Director of Business Development and Sales, Vitest AG, UK - 33 Thames Point, The Boulevard, Imperial Wharf, London, SW6 2 SX, +44 77111 826550, Fax. +4420 7371 5110.
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.
SOURCE MedMira Inc.
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