MedMira Reports Third Quarter Results

    




 HALIFAX, June 29, 2012 /CNW/ - MedMira Inc., (MedMira) , a  developer of rapid diagnostic technology and solutions, reported today  on its financial results for the three and nine month periods ending  April 30, 2012. 

 "The Company's third quarter results reflect the lengthy sales cycle  that our sales partners are currently experiencing in international  markets. We believe that a number of the sales initiatives that are  currently underway will conclude successfully in the short term," said  Hermes Chan, CEO, MedMira Inc. "Subsequent to the close of the quarter  MedMira was successful in securing a substantial investment from  Andurja Beteiligungen AG that will fuel the Company's ongoing sales,  marketing and business development activities around the globe. This  investment also enabled the improvement of the Company's debt position  with the elimination of over $11.8 million in debt. With a greatly  improved financial position and global business development strategies  aligned for success, MedMira is poised for growth." 

 Third Quarter Financial Highlights 




        --  The Company recorded revenue from product sales of $189,398 as
            compared to $295,534 for the same period last year. The
            decrease in sales was due to higher number in Q3 of 2011 from a
            one-time sale in the Africa market, along with weaker North
            American sales in Q3 of 2012.

        --  The Company recorded increased revenue from Asia Pacific
            product sales of $63,130 over the same period last year.

        --  Gross profit for the quarter was $131,393 compared to $148,651
            in the same period in 2011.

        --  Total operating expenses increased to $679,300 in the quarter
            ended April 30, 2012, compared to $534,810 during the same
            period in 2011. The increase in operating expenses is
            attributed to R&D expenses associated with the US Army contract
            and other projects as well as increased professional fees.

        --  Subsequent to the close of the third quarter, the Company
            completed a $6 million equity investment from Andurja
            Beteiligungen AG. Additionally, On June 12, 2012, MedMira
            announced that it had paid $1,806,481 to reduce the Company's
            debt position by $11,834,592. The debt reduction occurred
            through various compromise and negotiated debt holder
            settlements.




   

 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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