HALIFAX, June 29 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and
solutions, today announced its financial results for the three and nine month
periods ending April 30, 2009. Product sales in the third quarter were $329
thousand, compared to $400 thousand in the same quarter last year. The net
loss for the quarter was $976,930 or $0.01 per share compared with a net loss
of $1.4 million or $0.02 per share in the same period last year.
For the nine months ended April 30, 2009 product sales were $905 thousand
compared to $1.3 million in the previous year. The net loss for the nine month
period was $3,921,539 or $0.03 per share compared to a loss of $3,484,381 or
$0.04 per share for the same period last year.
"This quarter we saw an expected increase in sales over the second
quarter of this year as market conditions begin to rebound slightly and our
customers increase their inventories," said Hermes Chan, CEO, MedMira Inc. "We
continue to focus on strategic partnerships to access markets and sales
opportunities and subsequently build new revenue streams. During this quarter
we ramped up business development activities in several markets by way of of
these partnerships, including initial product sales in Indonesia and market
development in Latin America, the Caribbean, the Middle East, Africa, and
China. Additional sales channels are taking shape in the US market and we
anticipate some positive growth in this key market in the coming months."
Overall gross margin for the quarter was 60%, compared to 21.6% last
year. Internal and general operating expenses have been decreased to $672
thousand compared to $908 thousand in the same period last year, a reduction
of 26%.
Chan continued, "MedMira's sales and business development focus in
conjunction with the ongoing cost containment and operational efficiency
achievements is being reflected in the financial results, with increased gross
margin and expected decreases in operating losses for the first three quarters
of this fiscal year."
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(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global
markets. 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'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. 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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this statement.
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