HALIFAX, Nova Scotia, July 14, 2021 (GLOBE NEWSWIRE) — Today, MedMira Inc. (MedMira) (TSXV: MIR) has closed a CAD$ 0.5 million equity investment with a Canadian arm’s length investor. The investment is strictly aimed to increase the Company’s growing operational capacity and represents fully diluted less than 1% of the total shareholding. The transaction was approved by the TSX Venture Exchange.
Under the terms of deal, the investor will acquire 2,711,496 equity units at $0.18444 per unit. Each equity unit consists of one common share and one common share purchase warrant and is subject to the four month hold period. Each full warrant entitles the investor to purchase one common share of MedMira at $0.18444 per share exercisable over six months.
“In anticipation of the increasing demand for our products due to the expansion of our COVID-19 product line and the commencement of the clinical trials for our CLIA G4 HIV* rapid test, we have to further expand our manufacturing capabilities at an even larger scale. As a result we sought out additional expert advice and gratefully we have the opportunity to work with a seasoned manufacturing executive who built and owns a highly successful manufacturing company in Canada. Accessing this valuable industrial resource will allow us to further enhance our manufacturing output by not sacrificing product quality and emphasising on a lean manufacturing methodology to decrease costs and increase profit margins.” said Hermes Chan, CEO of MedMira Inc. “After lengthy discussions and thorough due diligence we were offered additional funding to exhilarate our progress. While MedMira has and will continue to be supported by its largest shareholder, we believe this financial commitment from a new sophisticated investor underlines our potential and contributes to shareholder confidence.”
Progress Report on MedMira’s COVID-19 and other products will be published as soon as available.
MedMira’s REVEAL G4 HIV test for point of care (POC) finger stick whole blood test was FDA-approved previously, and the CLIA Waiver will allow MedMira to expand into significantly larger new channels that are closest to patient care. These channels include physician-office-lab (POL) facilities, clinics, CDC mobile testing facilities and other community healthcare providers.
The U.S. Congress passed the Clinical Laboratory Improvement Amendments (CLIA) in 1988 to establish standards for all laboratory testing and amended it in 2008 to establish more stringent guidelines for in-vitro diagnostics. CLIA standards require that only accurate and easy-to-use tests are performed in the physician’s office. The FDA determines whether a device is CLIA-waived based on extensive evaluations conducted in a CLIA-waived environment by intended users such as physicians, nurses and medical assistants.
MedMira is a leading developer and manufacturer of Rapid Vertical Flow® diagnostics. The Company’s tests provide hospitals, labs, clinics and individuals with instant disease diagnosis, such as HIV, Syphilis, Hepatitis, and SARS-CoV-2, in just three easy steps. The Company’s tests are sold globally under the Reveal®, Multiplo® and Miriad® brands. 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. 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 regulatory approval, product launch, 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.
Chief Financial Officer