HALIFAX, June 18 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,NASDAQ: MMIRF), a global market leader in premium rapid diagnostic solutions,announces its intention to enter into an arrangement for a settlement ofshares for debt with YA Global Investments LP. The Company has submitted adraw down notice for $104,650 to YA Global Investments LP against its equityline of credit. Under the terms negotiated in the debenture agreement enteredinto on May 23, 2008, YA Global Investments LP will purchase common sharesfrom MedMira at a price to be calculated based on 96.5% of the daily volumeweighted average price ("VWAP") over a 10 day pricing period, from June 19,2008 through July 3, 2008. The proceeds from the share purchase will beapplied as a scheduled payment against the convertible debenture. The drawdown is scheduled to be settled on July 4, 2008. The issuance of the MedMiracommon shares with respect to this draw down is subject to the approval of theTSX Venture Exchange.
About MedMira
MedMira is a leading developer, manufacturer, and marketer of advancedrapid diagnostics. Built on the Company's patented rapid flow-throughtechnology platform, MedMira's single and multiple rapid tests providehospitals, labs, clinics and individuals around the world with reliable,diagnosis for diseases such as HIV and hepatitis C in just three minutes. Thecompany's tests, which are sold under the Reveal(R), MiraWell(R), MiraCare(TM)and Multiplo(TM) brands in global markets, have achieved regulatory approvalsin Canada, the United States, China, Russia, India, and the European Union.MedMira is an approved supplier to US Agency for International Development(USAID) and the Pan American Health Organization (PAHO).
In 2006, MedMira launched the Maple Biosciences division to develop andcommercialize diagnostic instruments based on biosensor technology platforms.The new diagnostic solutions will enable routine laboratory tests to beperformed in a matter of minutes, increasing automation, and streamlining thediagnosis of multiple conditions and diseases. Together MedMira and MapleBiosciences will be leading participants in the emerging fields ofpersonalized medicine and molecular diagnostics. For more information visitwww.maplebio.com.
MedMira's corporate offices, R&D, and manufacturing facilities arelocated in Halifax, Nova Scotia, Canada. For more information visit MedMira'swebsite at www.medmira.com.
This news release contains forward-looking statements, which involve riskand uncertainties and reflect the company's current expectation regardingfuture events. Actual events could materially differ from those projectedherein and depend on a number of factors including, but not limited to,changing market conditions, successful and timely completion of clinicalstudies, uncertainties related to the regulatory approval process,establishment of corporate alliances and other risks detailed from time totime in the company quarterly filings.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
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