HALIFAX, Nova Scotia, June 29, 2017 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV:MIR), reported today on its financial results for the three and nine month periods ending April 30, 2017.
MedMira’s revenue from product sales and related royalties in the quarter was $192,590 as compared to $230,419 for the same period last year. Gross profit on product sales for the quarter was $116,381 (60%) compared to $163,828 (71%) in the same period in 2016.
Total operating expenses were $625,227 during the quarter compared to $1,040,949 in the third quarter of FY2016. The decrease of 40% during the quarter compared to the same quarter in FY2016 is a direct result of the continuing cost containment measures implemented across the Company as well as the conclusion of large research and development projects.
Subsequent to the close of the quarter, MedMira received CE Mark on its rapid multiplex syphilis/HIV test, Multiplo TP/HIV. CE Mark on this product enables the Company to pursue new sales opportunities in the European Union and international markets where CE Mark is accepted. Multiplex tests, which deliver simultaneous, instant results, can help healthcare providers, NGOs, and public health organizations capitalize on existing programs and infrastructure to challenge the increasing rate of both syphilis and HIV infections with just one test.
About MedMira
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Technologyä. The Company’s rapid test applications built on RVF Technology provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The Company’s tests are sold under the Reveal, Multiplo and Miriad™ brands in global markets. MedMira’s corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada and the Company has a sales and customer service office located in the United States. For more information visit medmira.com. Follow us on Twitter and LinkedIn.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the Company’s current expectation regarding future events including statements regarding possible approval and launch of new products, future growth, and new business opportunities. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.