Business
MedMira Reaches Funding Agreement to Enable US Market Expansion
HALIFAX, Aug. 15 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\n\nHALIFAX, Aug. 15 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,\nNASDAQ: MMIRF), a developer and marketer of rapid diagnostics, announces today\nthat it has entered in to an agreement in principal with an investor for the\nissuance of a CDN $650,000 convertible debenture. Under the terms of the\nagreement, the debenture will bear interest of 9% per annum and will mature\nfour years from the date of close. The debenture is convertible in whole or in\npart into common shares of MedMira at $0.15 per share during the first two\nyears. The conversion price will increase by 10% in year three and increase by\nan additional 10% in year four. This agreement is subject to approval of the\nTSX.\n\n\nThis investment will enable MedMira to fuel various growth-centered\nactivities in US market, including expansion of the Company's product\noffering. MedMira will be pursuing regulatory approvals for new rapid tests\nfor sexually transmitted diseases as well as advancements in the Reveal rapid\nHIV test currently being sold in this market.\n\n\n"This investment will enable MedMira to move forward in the regulatory\napproval process for our new line of STD rapid tests as well as bring\nadditional advancements to our already successful Reveal rapid HIV tests in\nthe US market," said Hermes Chan, president and CEO of MedMira. "The US is a\nkey growth market for MedMira and bringing new products forward in an advanced\nhealthcare system such as US positions us for further growth in international\nmarkets, with FDA approved products in our portfolio."\n\n\nAbout MedMira\n\n\nMedMira is a leading developer and manufacturer of flow-through rapid\ndiagnostics. The company's tests provide hospitals, labs, clinics and\nindividuals around the world with reliable, rapid diagnosis for diseases such\nas HIV and hepatitis C in just three minutes. The company's tests are sold\nunder the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in\nglobal markets. MedMira's rapid HIV test is the only one in the world to\nachieve regulatory approvals in Canada, the United States, China and the\nEuropean Union.\n\n\nIn January 2006, MedMira launched the Maple Biosciences division to\ndevelop and commercialize diagnostic instruments based on two revolutionary\nbiosensor-based technology platforms. For more information...