Business
New OnSite Lab Investment Enables MedMira to Expand Sales Programs and Manufacturing Capacity Ahead of Planned Product Launches
HALIFAX , Sept. 20, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rap...
About this update from Medmira Inc.
[{"type":"text","content":"\n\n\nHALIFAX, Sept. 20, 2013 /CNW/ - MedMira Inc., (MedMira) (TSXV: MIR), a\n developer of rapid diagnostic technology and solutions, today announced\n a CAD $6.105 million (CHF 5.5 million) equity investment from OnSite\n Lab Holding AG (OnSite Lab).  OnSite Lab is the Company's largest and\n controlling shareholder.  MedMira will use the investment to initiate\n significant sales and marketing programs, in the United States and\n global markets, in advance of the launch of new rapid tests anticipated\n to begin in 2014.\n\n\nStrengthening MedMira's sales and marketing efforts will include the\n hiring of key personnel with in-depth medical device and biotechnology\n sales and business development experience, as well as the establishment\n of regional offices to service strategic markets, customers, and\n partners.  MedMira will initially focus much of its sales and marketing\n expansion efforts in the US, where it plans to launch new rapid\n diagnostics, from both the Reveal and Multiplo ranges, to the market\n during 2014-15. Additionally, the funds will be used to fully implement\n automated manufacturing ensuring that MedMira can keep up with rising\n customer demand for quality rapid diagnostics.\n\n\nUnder the terms of the deal Onsite Lab will acquire 122,100,000 equity\n units at $0.05 per unit. Each equity unit consists of one common share\n and one common share purchase warrant and is subject to a four month\n hold period ending February 1, 2014.  Each full warrant entitles Onsite\n Lab to purchase one common share of MedMira at $0.10 per share\n exercisable over four years.  Under the terms of this transaction,\n Onsite Lab will increase its ownership of MedMira common shares from\n 58.6% to 68.5%. This could increase to 74.5% if all warrants related to\n this transaction are exercised. Onsite Lab made previous investments in\n MedMira totaling CAD $11.5 million.  This investment is subject to\n final approval by the TSX Venture Exchange.\n\n\nAbout MedMira\n\n\nMedMira is a leading developer and manufacturer of flow-through rapid\n diagnostics. The Company's tests provide hospitals, labs, clinics and\n individuals with reliable, rapid diagnosis for diseases such as HIV and\n hepatitis C in just three minutes. The Company's tests are sold under\n the Reveal®, Multiplo™ and Mi...