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HALIFAX, June 4 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions, announced today that it has received final approval from the TSX Venture Exchange and closed the USD $1,000,000 convertible debenture with YA Global Investments LP, announced on May 23, 2008.
Under the terms of the agreement, the debenture will bear interest of 10% per annum and be subject to a one-time fee of 5.5% of the debenture amount. The debenture is convertible in whole or in part into common shares of MedMira at $.259 per share at any time during the term of the debenture which matures November 20, 2008. The debenture is repayable either by way of cash or shares issuable under a subscription agreement entered into by both parties on September 6, 2005 and subject to a prospectus filed by the company on March 17, 2008. Both of these documents can be viewed at www.medmira.com and www.sedar.com.
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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