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MedMira announces significant debt reduction and additional growth capital


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Dec 14, 2021  •  17 minutes in the past  •  4 minute learn  • 

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HALIFAX, Nova Scotia, Dec. 14, 2021 (GLOBE NEWSWIRE) — Today, MedMira Inc. (MedMira) (TSXV: MIR) announces a monetary package deal of over $5.23 million to assist the Company’s FY2022 company technique by its largest shareholder and associated events. As a part of the deal, MedMira receives a money injection of $1.67 million and a reduction of $3.56 million of the Company’s present liabilities in trade for fairness.

MedMira’s FY2022 company technique focuses on reaching regulatory approvals for its important merchandise and to construct a powerful basis for the Company’s monetary stability and profitability. The money injection contributes to the commercialisation efforts of the REVEAL ® G4 CLIA-waived , REVEALCOVID-19 ® and different product traces. The debt reduction part of this monetary settlement helps the Company’s purpose to strengthen its monetary place by lowering its total liabilities and monetary bills.

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“While certain processes take unfortunately longer than we had anticipated, we have been working on a number of existing and promising opportunities such as our G4 CLIA* product for the USA or other products destined for either or all three major markets. The FY2022 strategy is built 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 which will benefit the Company and all our stakeholders,” stated Hermes Chan, CEO of MedMira Inc. “The significant reduction of over 30% in debt supports our continuous drive to become a more solid business partner and present a more attractive investment opportunity.”

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MedMira receives $1,665,691.48 money and converts $3,564,435.92 debt and in trade will subject a complete of 36,069,844 fairness items at $0.145 per unit which is topic to a 4 month maintain interval. In addition, MedMira Holding AG receives 11,000,000 warrants at an train worth of $0.150 exercisable inside 6 months. Any additional accrued curiosity or different prices might be waived in favour of MedMira Inc. This transaction is topic to TSX.V laws and approval.

Additional Corporate Update:

In November, the Company has efficiently accomplished its newest FDA inspection of the Company’s organic medical machine merchandise. In addition, the Company announces that it has accomplished the MDSAP audit and shall obtain the MDSAP certification in early December 2021.

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MedMira will present a regulatory replace on its COVID-19 product line previous to the yr finish; within the occasion of any materials adjustments, these might be offered earlier than that date. Furthermore, MedMira will present inside this month additional company updates by way of its board construction.

*
MedMira’s REVEAL G4 HIV check for level of care (POC) finger stick entire blood check was FDA-approved beforehand, and the CLIA Waiver will enable MedMira to develop into considerably bigger new channels which might be closest to affected person care. These channels embrace physician-office-lab (POL) services, clinics, CDC cellular testing services and different group healthcare suppliers.

The U.S. Congress handed the Clinical Laboratory Improvement Amendments (CLIA) in 1988 to ascertain requirements for all laboratory testing and amended it in 2008 to ascertain extra stringent pointers for  in-vitro  diagnostics. CLIA requirements require that solely correct and easy-to-use assessments are carried out within the doctor’s workplace. The FDA determines whether or not a tool is CLIA-waived based mostly on intensive evaluations carried out in a CLIA-waived atmosphere by meant customers resembling physicians, nurses and medical assistants.

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About MedMira

MedMira is a number one developer and producer of Rapid Vertical Flow ® diagnostics. The Company’s assessments present hospitals, labs, clinics and people with on the spot illness analysis, resembling HIV, Syphilis, Hepatitis, and SARS-CoV-2, in simply three simple steps. The Company’s assessments are bought globally below the REVEAL ® , REVEALCOVID-19 ® , Multiplo ® and Miriad ® manufacturers. Based on its patented Rapid Vertical Flow ® Technology, MedMira’s speedy HIV check is the one one on the planet to attain regulatory approvals in Canada, the United States, China and the European Union. MedMira’s company workplaces and manufacturing services are situated in Halifax, Nova Scotia, Canada. For extra data go to medmira.com . Follow us on Twitter  and LinkedIn .

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This information launch comprises ahead ‐ trying statements, which contain danger and uncertainties and mirror the Company’s present expectation relating to future occasions, together with statements relating to attainable regulatory approval, product launch, future growth, and new enterprise alternatives. Actual occasions may materially differ from these projected herein and rely on a variety of elements together with, however not restricted to, altering market circumstances, profitable and well timed completion of scientific research, uncertainties associated to the regulatory approval course of, institution of company alliances and different dangers detailed every now and then within the firm quarterly filings.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined within the insurance policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this launch.

MedMira Contact
Markus Meile
Chief Financial Officer
MedMira Inc.
[email protected]

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