Business
Corporate Update: Strategic Focus Driving MedMira
Cost Containment, Product Pipeline, New Sales Channels Creating Momentum HALIFAX, June 26 /CNW/ -...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nCost Containment, Product Pipeline, New Sales Channels Creating Momentum\n\n\nHALIFAX, June 26 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostics, said today that\nit continues to make progress in moving the Company forward to profitability\nand increased shareholder value. Over the past several months the Company has\nbeen consistently gaining market traction around the globe, maintaining and\nbroadening its internal cost containment initiatives, and extending its core\ntechnology platform and rapid test product line.\n\n\n"Our market successes combined with debt reduction and expansion of our\nproduct pipeline clearly demonstrates the team's commitment to our business\nand their unwavering focus on driving the company forward. These achievements\nare important steps in MedMira's advancement," said Stephen Sham, Chairman,\nMedMira Inc. "Our continued strategic focus, together with our in-depth\nexperience and market knowledge will enable us to anticipate and answer the\ngrowing demands in the rapid diagnostics market."\n\n\nCost Containment\n\n\nMedMira's most recent cost containment initiatives have focused on\ndecreasing interest costs through debt reduction. Year to date these\ninitiatives have resulted in a 46% decrease in debenture and short term note\ndebt, enabling the Company to realign funds and other resources to capitalize\non high priority opportunities. Additionally, the Company is streamlining\nsegments of its manufacturing operations to increase production efficiencies.\nAn important piece in this plan, slated to begin in late 2008, will see\nMedMira's assembly and packaging facilities consolidated with product\nmanufacturing, R&D, and corporate departments at the Company's headquarters in\nHalifax, Nova Scotia.\n\n\n"MedMira has exercised the discipline necessary to manage our financial\nposition, and we are continually seeking further efficiencies in our\noperations to maximize resources," said Hermes Chan, President and CEO,\nMedMira Inc.\n\n\nTechnology\n\n\nMedMira's primary R&D focus is the evolution of the Company's core\nproduct engine, its rapid flow-through technology (RFT) platform, and the\ndevelopment and commercialization of new rapid tests. The Company has taken\nsteps to protect...