HALIFAX, Nova Scotia, Nov. 28, 2017 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR), reported today on its financial results for the quarter and year ended July 31, 2017.
MedMira’s Chief Financial Officer, Markus Meile, stated “In 2017, the Company continued to make progress on key objectives within identified target markets and long-term projects, while preserving fiscal constraints necessary to support these initiatives.”
Corporate Highlights
In 2017, MedMira added to its approved rapid testing product range receiving the CE Mark on the Multiplo TP/HIV rapid test for simultaneous detection of syphilis and HIV. CE Mark enables use of this rapid test within the European Union as well as in developing international markets where CE Mark is accepted. With syphilis and HIV rates on the rise globally, this approval further reinforces MedMira’s focus on providing healthcare providers with advanced diagnostic tools to combat global health challenges.
In the U.S., the Company saw sales continue to increase for its Research Use Only Miriad product line, primarily used by tissue and eye banks. Elsewhere in the U.S. healthcare market MedMira’s sales were temporarily impacted by a shift in ordering patterns at one of the Company’s sales and distribution partners.
The Company’s R&D team continued maintaining a solid product and platform development pathway in 2017, looking at expansion and evolution of product ranges as well as ongoing advancements and new innovations in diagnostics utilizing MedMira’s patented Rapid Vertical Flow Technology platform.
Financial Summary
- Total product revenues recorded for FY2017 were $747,344 compared to $962,140 in FY2016.
- Operating expenses were $2,611,467 compared to $5,498,157 in FY2016.
- Net loss was $2,661,067 compared to $5,158,401 in FY2016.
About MedMira
MedMira is the developer and owner of Rapid Vertical Flow (RVF) Technology™. 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.
MedMira Contacts:
Markus Meile, CFO
Tel: 902-450-1588
Email: m.meile@medmira.com
Andrea Young, Corporate Communications
Tel: 902-450-1588
Email: ayoung@medmira.com