Company Focuses on Business Development Activities to Capitalize on Technology Platform Opportunities and Adds Industry Expertise to Support Continued Innovation
HALIFAX, NOVA SCOTIA--(Marketwired - Sept. 2, 2015) - MedMira Inc. (MedMira) (TSX VENTURE:MIR) is entering into a CAD $5 million investment with OnSite Lab Holding AG (OnSite Lab) to increase promotion and brand building to position the Company's proprietary Rapid Vertical Flow (RVF) Technology™ as a dominant platform in the rapid diagnostics industry.
"MedMira has always been about technology, our initial focus began with the development of RVF Technology and we expanded into product applications as a way to validate the technology. In many ways, we've come full circle as more people use our product applications, we continue to evolve the capabilities of RVF Technology and the value it delivers," said Hermes Chan, Co-founder and CEO, MedMira Inc. "With the launch of Miriad and promoting RVF as a development platform, we realized that there are untapped opportunities, collaborations, and partnerships where our technology can play an important role. OnSite Lab's new investment will help us quickly and strategically capitalize on the potential of RVF Technology to become a leading provider of diagnostic technology."
As the Company positions itself for a strategic focus on technology it is adding scientific and industry expert resources to support these advancements. Last month, Dr. Philippe Dro joined MedMira's Board of Directors bringing with him a strong business network in the biotech sector, which will be valuable as the Company increases its business development initiatives focused on RVF technology. Joining MedMira as an independent scientific advisor is Dr. Christian Surber, a professor of dermatopharmacology and hospital pharmacy at the University of Basel. A leader in his field, Dr. Surber's deep scientific expertise will complement MedMira's R&D team as it continues to advance the RVF Technology platform.
Chan continued, "We are pleased to have both Dr. Dro and Dr. Surber join MedMira and look forward to their guidance and insight as we optimize the scientific advancement and promotion of our RVF Technology platform to sharpen MedMira's market position."
MedMira pioneered the development and advancement of RVF Technology and it remains the Company's core focus. While many clinical applications have already been developed using RVF Technology, including MedMira's own line of rapid tests for HIV, hepatitis B and C, and syphilis, the Company has set its sights on marketing RVF Technology as a platform for other diagnostic developers and researchers to build on with a path to future commercialization. These opportunities range from R&D collaboration to custom development and contract manufacturing opportunities for new applications in sectors including human health, vaccine development, veterinary, environmental, and others.
Under the terms of deal, OnSite Lab will acquire 100,000,000 equity units at $0.05 per unit. Each equity unit consists of one common share and one common share purchase warrant and is subject to the four month hold period which expires on January 5, 2016. Each full warrant entitles the investor to purchase one common share of MedMira at $0.10 per share exercisable over four years. OnSite Lab is the Company's controlling shareholder and has previously made investments in MedMira totalling CAD $18.7 million.
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 Atlanta, Georgia, 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.
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