MedMira Inc V.MIR

trying again...

[strungalong]

Attention Business/Financial Editors:

MedMira Announces Fourth Quarter and Year End Results

 HALIFAX, Nov. 28 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,NASDAQ: MMIRF) a developer and marketer of rapid diagnostics, today announcedits financial results for the three month and year end periods ending July 31,2008. "FY 2008 proved to be a challenging year for MedMira with fiscal andmarket pressures contributing to the Company's inability to meet sales andrevenue expectations. We continue to move forward with a streamlined approachto managing our resources, operating costs and expenses," said Hermes Chan,President and CEO, MedMira Inc. "During the year MedMira achieved a number ofcritical steps in the development of new revenue channels for the company,including licensing and public health opportunities. We secured patents in theUnited States and China, completing IP protection for our most valuable assetin three major global markets, the third being Europe. This patent protectionenables us to move forward with our licensing plans for our award-winningRapid Flow-Through technology platform." Due to the higher labor and material cost, a decrease from 47% to 35.3%in the overall operating margins for FY 08 was recorded. As the reduction ofthe manufacturing cost from outsourcing is realized, management fully expectsto see a significant improvement of the overall margins in the coming year.The net loss of the year was 7.0 million or $0.09 per share which included aNon-Cash, Impairment Loss Write-Down of $1.7 million (.02 per share) comparedto $6.3 million or $0.10 per share for the same period last year. For the yearended July 31, 2008 operating expenses were $3.8 million compared to $4.4million last year. "This year MedMira became approved suppliers to both USAID (United StatesAgency for International Development) and PAHO (Pan American HealthOrganization) and we submitted our rapid HIV test to the WHO's (World HealthOrganization) revamped Diagnostic Prequalification Programme. These are allsignificant steps in creating new revenue streams for MedMira from largepublic health tenders and programs," continued Chan. About MedMira MedMira is a leading developer and manufacturer of flow-through rapiddiagnostics. The company's tests provide hospitals, labs, clinics andindividuals with reliable, rapid diagnosis for diseases such as HIV andhepatitis C in just three minutes. The company's tests are sold under theReveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in globalmarkets. MedMira's rapid HIV test is the only one in the world to achieveregulatory approvals in Canada, the United States, China and the EuropeanUnion. MedMira's corporate offices and manufacturing facilities are located inHalifax, Nova Scotia, Canada. For more information visit MedMira's website atwww.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. %SEDAR: 00013053E  

For further information: Dr. James Smith, Investor Relations & CorporateAffairs, [phone], [e-mail]; Andrea Young, CorporateCommunications, [phone], [e-mail]