MedMira Reports First Quarter Results

    




 HALIFAX, Jan. 27, 2012 /CNW/ - MedMira Inc., (MedMira) , a  developer of rapid diagnostic technology and solutions, reported today  on its financial results for the three month period ending October 31,  2011. 

 "MedMira experienced an increase in overall sales revenue for the first  quarter due to sales growth in the Asia Pacific region.  The major  source of growth for this region was in China with the Company's  strategic business development and manufacturing partner, Triplex  International Biosciences Co., Ltd.," said Hermes Chan, CEO, MedMira  Inc. "Together with Triplex we are gaining momentum in China,  particularly in the public health sector.  The performance and quality  found in MedMira products is becoming a critical factor in many of the  recent Triplex wins." 

 Chan continued, "Business development initiatives continue to advance at  various rates in many other markets including the Middle East, Africa,  and Southeast Asia.  However, the ongoing delays in some public tender  processes in African have created extended sales cycles and other  regions remain challenging and unpredictable.  Even with these market  conditions, MedMira and its partners are making positive steps forward  and using various strategies to reach short-term and long-term sales  success." 

 Financial Highlights 




        --  The Company recorded revenue from product sales of $234,773 as
            compared to $176,861 for the same period last year.
        --  The revenue increase was primarily attributable to the
            Company's increased sales in Asia Pacific during the first
            quarter.  The Company recorded revenue from Asia Pacific
            product sales of $99,133 as compared to $221 for the same
            period last year.
        --  Gross profit for the quarter was $146,479 compared to $85,771
            in the same period in 2010.
        --  Total operating expenses increased to $682,759 in the quarter
            ended October 31, 2011, compared to $535,662 during the same
            period in 2010. The increase in operating expenses resulted
            from increased labor costs, regulatory and professional fees,
            and research and development costs incurred as part of the US
            military project.




 About MedMira MedMira is a leading developer and manufacturer of flow-through rapid  diagnostics. 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:  Andrea Young, Corporate CommunicationsTel: 902-450-1588Email: [e-mail] 


    

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