MedMira Receives CAD$6.0Million Equity Investment from Andurja Beteiligungen AG to Bolster Ongoing Business Development Activit

    




 HALIFAX, June 6, 2012 /CNW/ - MedMira Inc., (MedMira) , a  developer of rapid diagnostic technology and solutions, announced today  that it has entered into an agreement with Andurja Beteiligungen AG  (Andurja), a Swiss company based in Zug, Switzerland, for a CAD$6.0  million equity investment to be used in financial operations and  further advancing global business development, sales, and marketing  initiatives. 

 "Andurja continues to demonstrate its commitment to MedMira and shares  our confidence in the Company's growth strategy. This is a significant  cash infusion and will be instrumental in taking a number of MedMira's  current business development, sales, and marketing programs to the next  level," said Hermes Chan, chief executive officer, MedMira  Inc. "Previous investments have enabled the Company to achieve success  in a number of key areas, including the establishment of a strategic  partnership program which extends our business development reach around  the globe. Additionally, MedMira continues to raise its profile within  organizations such as the Bill & Melinda Gates Foundation and various  United Nations agencies, and is increasing awareness of its technology  and products in niche markets, like the defence sector. This latest  investment from Andurja will make it possible to bolster our activities  in these areas as well as initiate market development in other high  growth diagnostic sectors." 

 Andurja, the controlling and majority shareholder of MedMira's strategic  business development partner Vitest AG, made previous investments in  MedMira, including CAD$2.0 million in 2009, CAD$1.0 million in 2010,  CAD$1.5 million in 2011, and CAD$1.0 million in January 2012. 

 "Over the past three years, Andurja investment has supported MedMira in  establishing a number of realistic and successful programs which now  form a solid foundation for further business development and marketing  initiatives," said Urs Meile, chairman, Andurja Beteiligungen AG.  "MedMira has honed its patented technology and successfully applied it  to produce a number of high quality premium diagnostics products. With  excellent products, and more in the pipeline, an international network  of strategic partners, ongoing global brand awareness campaigns, and an  increasing position within the defence market segment, we believe this  level of investment will enable to the Company to further its plan to  achieve success and shareholder value." 

 Under the terms of the deal Andurja will acquire 120,000,000 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 a four month  hold period ending October 12, 2012. Each full warrant entitles Andurja  to purchase one common share of MedMira at $0.10 per share exercisable  over four years. Under the terms of this transaction, Andurja will  increase its ownership of MedMira common shares from 40.4% to 58.6% and  this could increase to 68.3% if all warrants related to this  transaction are exercised. 

 This agreement has received conditional approval and is subject to final  approval of the TSX Venture Exchange. 

 About MedMira 

 MedMira is a leading developer and manufacturer of flow-through rapid  diagnostics and technologies. The Company's tests provide hospitals,  labs, clinics and individuals with reliable, rapid diagnosis for  diseases such as HIV and hepatitis C in just three minutes. The  company's tests are sold under the Reveal®, Multiplo™ and Miriad brands  in global markets. MedMira's rapid flow-through HIV test is the only  one in the world to achieve regulatory approvals in Canada, the United  States, China and the European Union. MedMira's corporate offices 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 including statements regarding possible 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 INC.


CONTACT:  MedMira Contact:Andrea Young, Corporate CommunicationsTel: 902-450-1588Email: [e-mail] 


    

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