Cost Containment, Product Pipeline, New Sales Channels Creating Momentum
HALIFAX, June 26 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a developer and marketer of rapid diagnostics, said today that it continues to make progress in moving the Company forward to profitability and increased shareholder value. Over the past several months the Company has been consistently gaining market traction around the globe, maintaining and broadening its internal cost containment initiatives, and extending its core technology platform and rapid test product line.
"Our market successes combined with debt reduction and expansion of our product pipeline clearly demonstrates the team's commitment to our business and their unwavering focus on driving the company forward. These achievements are important steps in MedMira's advancement," said Stephen Sham, Chairman, MedMira Inc. "Our continued strategic focus, together with our in-depth experience and market knowledge will enable us to anticipate and answer the growing demands in the rapid diagnostics market."
Cost Containment
MedMira's most recent cost containment initiatives have focused on decreasing interest costs through debt reduction. Year to date these initiatives have resulted in a 46% decrease in debenture and short term note debt, enabling the Company to realign funds and other resources to capitalize on high priority opportunities. Additionally, the Company is streamlining segments of its manufacturing operations to increase production efficiencies. An important piece in this plan, slated to begin in late 2008, will see MedMira's assembly and packaging facilities consolidated with product manufacturing, R&D, and corporate departments at the Company's headquarters in Halifax, Nova Scotia.
"MedMira has exercised the discipline necessary to manage our financial position, and we are continually seeking further efficiencies in our operations to maximize resources," said Hermes Chan, President and CEO, MedMira Inc.
Technology
MedMira's primary R&D focus is the evolution of the Company's core product engine, its rapid flow-through technology (RFT) platform, and the development and commercialization of new rapid tests. The Company has taken steps to protect its valuable intellectual property, with patents granted in the European Union and others pending in key international markets. With this protection imminent, new revenue channels through technology partnerships are on the horizon. The Technology team has successfully moved new rapid tests for sexually transmitted diseases (STDs) including Syphilis and Herpes through the discovery and development phases and will shortly embark on clinical trials and the regulatory approval process in the United States and other priority markets. Expansion of our product pipeline provides further growth opportunities with both new and existing distribution partners.
Chan continued, "We clearly have a proven, superior technology platform that enables us to quickly move product concepts through the R&D phases and commercialize new rapid tests to answer market demands."
Revenue
With a focus on building long-term, sustainable revenue channels, MedMira has gained traction and market momentum in international markets including Romania, India, Russia, and Germany over the past year. The Company is expanding its reach even further with new sales channels and tender opportunities opening in Asia and Africa in the coming months. MedMira has also submitted its rapid HIV test to the World Health Organization (WHO) as a part of their revamped diagnostics evaluation program. Approval from the WHO, together with MedMira's existing vendor status with USAID and the Pan American Health Organization (PAHO), opens the door for participation in tender opportunities and large scale public health programs in developing countries.
MedMira is also expanding business development channels with our partnering strategy. This strategy is aimed at creating opportunities for collaboration with other quality diagnostics companies in order to build new rapid tests on the MedMira RFT platform. These partnerships will bring MedMira increased revenues through licensing agreements, royalties, technical consultations, and contract manufacturing.
"MedMira is honing in on key sales opportunities around the globe and expanding our offering to include new rapid tests as well as our patented technology platform. Collaboration with other diagnostics developers will enable us to leverage our technology to bring even more rapid tests to market, creating new revenue streams for the Company," Chan added.
About MedMira
MedMira is a leading developer, manufacturer, and marketer of advanced rapid diagnostics. Built on the Company's patented rapid flow-through technology platform, MedMira's single and multiple rapid tests provide hospitals, labs, clinics and individuals around the world with reliable, diagnosis for diseases such as HIV and hepatitis C in just three minutes. The company's tests, which are sold under the Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global markets, have achieved regulatory approvals in Canada, the United States, China, Russia, India, and the European Union. MedMira is an approved supplier to US Agency for International Development (USAID) and the Pan American Health Organization (PAHO).
In 2006, MedMira launched the Maple Biosciences division to develop and commercialize diagnostic instruments based on biosensor technology platforms. The new diagnostic solutions will enable routine laboratory tests to be performed in a matter of minutes, increasing automation, and streamlining the diagnosis of multiple conditions and diseases. Together MedMira and Maple Biosciences will be leading participants in the emerging fields of personalized medicine and molecular diagnostics. For more information visit www.maplebio.com.
MedMira's corporate offices, R&D, and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the company's current expectation regarding future events. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
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