MedMira Scores New Contract to Develop Rapid Colon Cancer Test with Beacon Biomedical

Rapid Vertical Flow Technology to be used for Fast Track Development of New Test for Third Most Common Cancer in the World

HALIFAX, Oct. 8, 2014 /CNW/ - MedMira Inc. (TSXV: MIR) has been engaged by Beacon Biomedical LLC (Beacon Biomedical) to develop a rapid colon cancer test on its patented Rapid Vertical Flow (RVF) Technology™ platform.  The test will detect Cripto-1 (CR-1), a protein biomarker associated with early tumor formation and progression. Beacon Biomedical has secured the exclusive global development and commercialization rights for rapid oncology-based tests using this biomarker from the National Cancer Institute (NCI) at the National Institutes of Health (NIH) in the United States.

According to the World Health Organization, colon cancer is the third most commonly diagnosed cancer worldwide and nearly 700,000 people died from colon cancer in 2012.  The lifetime risk of developing colon cancer is 1 in 20 and regular screening and early detection are keys to prevention and cure.

"In MedMira, we found the ideal technology platform and partner we wanted to work with to develop and commercialize a new, patient friendly point-of-care test for the early detection of colon cancer," said Donald Weber, President and CEO, Beacon Biomedical.  "MedMira's proven RVF Technology platform will allow us to dramatically reduce the time and expense of our design and development phases over that of using other testing platforms or internalizing the process.  Additionally, their well-established ISO and GMP compliant manufacturing facilities in Canada, China, and India will enable us to rapidly scale our production needs to meet global demand."

MedMira RVF Technology is a highly adaptable platform that has reinvented rapid testing. From a single drop of blood, a test built upon the RVF Technology platform will deliver, instant, accurate, single and multiplex results in any setting, from the point-of-use to the laboratory.  RVF test performance has been shown to rival that of complex laboratory systems in independent studies, and offers users sensitivity, speed, and simplicity unmatched by other rapid testing technologies.

"We are pleased to work with Beacon Biomedical and use our RVF Technology platform to bring an advanced rapid colon cancer test to healthcare providers and their patients," said Neeraj Vats, Director Technology and Business Affairs, MedMira Inc.  "In addition to being the engine behind our own clinical testing applications, RVF Technology is now revealing a world of possibilities for developers, like Beacon Biomedical, who have an idea or in this case global rights to a new cancer biomarker, and want to bring that rapidly to market. By opening up our technology platform to other developers we are creating new revenue channels for our Company through contract development, licensing, and OEM manufacturing."

About MedMira

MedMira is a leading developer and manufacturer of vertical flow rapid diagnostics. The Company's tests 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. Based on its patented Rapid Vertical Flow Technology, MedMira's rapid 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.com.

About Beacon Biomedical

Beacon Biomedical is an early stage point-of-care diagnostic company dedicated to providing highly accurate, patient friendly and affordable cancer screening tests in order to help physicians increase patient compliance with such tests and in doing so save more lives. Beacon Biomedical's corporate office is located in Scottsdale, Arizona, USA.  For more information visit beaconbiomedical.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 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.

 

SOURCE MedMira Inc.

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