HALIFAX, Nova Scotia, December 14, 2021 (GLOBE NEWSWIRE) – Today, MedMira Inc. (MedMira) (TSXV: MIR) announces more than $ 5.23 million in funding to support corporate strategy of the company for the financial year 2022 by its main shareholder and parties. As part of the deal, MedMira receives a cash injection of $ 1.67 million and a reduction of $ 3.56 million in the company’s current liabilities in return for equity.
MedMira’s corporate strategy for fiscal 2022 focuses on obtaining regulatory approvals for its core products and building a solid foundation for the financial stability and profitability of the company. The cash injection contributes to REVEAL’s marketing efforts® G4 CLIA-waived, REVEALCOVID-19® and other product lines. The debt reduction component of this financial agreement supports the Company’s objective of strengthening its financial position by reducing its overall liabilities and financial expenses.
“While some processes unfortunately take longer than expected, we have worked on a number of existing and promising opportunities such as our G4 CLIA * product for the US or other products for one or more. three main markets. The strategy for FY2022 revolves around these opportunities with a clear focus on the financial stability and future profitability of MedMira. Therefore, we are delighted to have been able to negotiate and agree on a financial package that will benefit the Company and all of our stakeholders, ”said Hermes Chan, CEO of MedMira Inc.“ The significant reduction of over 30% Debt Support supports our to become a stronger business partner and present a more attractive investment opportunity.
MedMira receives $ 1,665,691.48 in cash and converts $ 3,564,435.92 in debt and, in exchange, will issue a total of 36,069,844 equity shares at $ 0.145 per unit which is subject to a hold period four months. In addition, MedMira Holding AG receives 11,000,000 warrants with an exercise price of $ 0.150 exercisable within 6 months. Any additional accrued interest or other charges will be waived in favor of MedMira Inc. This transaction is subject to regulation and approval by the TSX Venture Exchange.
Additional Company Update:
In November, the company successfully completed its last FDA inspection of the company’s biological medical device products. In addition, the Company announces that it has completed the MDSAP audit and that it will receive MDSAP certification in early December 2021.
MedMira to Provide Regulatory Update on Its COVID-19 Product Line Before Year End; in the event of substantial modifications, these will be communicated before this date. Additionally, MedMira will provide further company updates during this month in terms of its board structure.
* MedMira’s REVEAL G4 HIV test for point-of-care (POC) whole blood testing was previously approved by the FDA, and the CLIA dispensation will allow MedMira to expand into new and much larger channels and closer to patient care. These channels include physician laboratory (POL) facilities, clinics, CDC mobile testing facilities, and other community health care providers.
The US Congress passed the Clinical Laboratory Improvement Amendments (CLIA) in 1988 to set standards for all laboratory tests and amended them in 2008 to establish more stringent guidelines for in vitro Diagnostic. CLIA standards require that only accurate and easy-to-use tests be performed in the doctor’s office. The FDA determines whether a device is CLIA-exempt based on extensive assessments conducted in a CLIA-free environment by intended users such as physicians, nurses, and physician assistants.
MedMira is a leading developer and manufacturer of rapid vertical flow® Diagnostic. The company’s tests provide hospitals, laboratories, clinics and individuals with instant diagnosis of diseases, such as HIV, syphilis, hepatitis and SARS-CoV-2, in just three easy steps. The Company’s tests are sold worldwide under REVEAL®, REVEALCOVID-19®, Multiplo® and Myriad® brands. Based on its patented rapid vertical flow® MedMira’s rapid HIV test technology is the only one in the world to obtain regulatory approvals in Canada, the United States, China and the European Union. MedMira’s head office and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information, visit medmira.com. Follow us on Twitter and LinkedIn.
This press release contains forward–forward-looking statements, which involve risks and uncertainties and reflect the Company’s current expectations regarding future events, including statements regarding possible regulatory approval, product launches, future growth and new business opportunities. Actual events could differ materially from those anticipated herein and depend on a number of factors including, but not limited to, changes in market conditions, successful and timely completion of studies clinical, uncertainties associated with the regulatory approval process, establishment of corporate alliances and other risks. detailed from time to time in the company’s quarterly documents.
Neither the 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.