Business
MedMira Provides Corporate Update and Second Quarter Results
HALIFAX, March 31 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a develope...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nHALIFAX, March 31 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and\nsolutions, today provided a corporate update and reported on the Company's\nfinancial results for the three and six month periods ending January 31, 2009.\n\n\nCorporate Update\n\n\nIn the face of global economic pressures and current market conditions,\nparticularly in US, MedMira has repositioned to pursue growth opportunities\naimed at improving the Company's financial position and delivering positive\nshareholder value. In the second quarter MedMira announced a new outsourced\nmanufacturing strategy to help the Company compete in developing markets.\n\n\n"While it is not yet evident in our year to date financial results,\nMedMira is making advancements on our revenue-building initiatives, which will\nbe reflected in future quarters," said Hermes Chan, president and CEO, MedMira\nInc. "This quarter saw the completion of a 15-month long search and evaluation\nfor the right outsourced manufacturing partner, which we found in Shenzhen\nKang Sheng Bao Bio-Technology Co., Ltd. (KSB). This partnership helps MedMira\ncompete more effectively in high volume, price-driven developing markets such\nas Africa, Asia, and Latin America."\n\n\nIn addition to outsourced manufacturing, MedMira re-prioritized strategic\npartnerships as a key initiative in advancing the Company's exposure to global\nmarkets and the opportunities that exist within these markets for MedMira's\nrapid diagnostics.\n\n\nMr. Chan continued, "We are intensifying our discussions with strategic\npartners that can bring us sales in key global markets, as well as contract\nresearch and OEM manufacturing opportunities. Momentum continues to build and\nsubsequent to the close of this quarter we signed on both a private label\npartner for Africa as well as a sales and marketing partner for Latin America,\nthe Caribbean, and the Middle East."\n\n\nSecond Quarter Financial Results\n\n\nOverall gross margin for the quarter was 57%, compared to 49% last year.\nInternal and general operating expenses have been decreased to $798 thousand\ncompared to $904 thousand in the same period last year, a reduction of 11.7%.\n\n\nProduct sales in the second quarter were $197 thousand with a net lo...