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MedMira Inc V.MIR

Alternate Symbol(s):  MMIRF

Healthcare Medical Devices
MedMira Inc. is a Canada-based developer and manufacturer of Rapid Vertical Flow (RVF) diagnostics. The Company's tests provide hospitals, labs, clinics and individuals with instant disease diagnosis, such as human immunodeficiency virus (HIV), syphilis, hepatitis, and SARS-CoV-2, in three steps. The Company is engaged in the business of research, development and manufacturing of rapid diagnostics and technologies. Its research is focused on specific areas of the broader diagnostics market, namely the rapid, point-of-care, and in vitro sectors. Its tests are sold globally under the REVEAL, REVEALCOVID-19, Multiplo and Miriad brands. Based on its patented Rapid Vertical Flow Technology, the Company's rapid HIV test has regulatory approvals in Canada, the United States, China and the European Union. Its manufacturing facilities are located in Halifax, Nova Scotia, Canada. It provides access to its RVF Technology for researchers, developers, and biotech companies on a license basis.


TSXV:MIR - Post by User

MedMira Inc
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Post by montgomery22on Dec 30, 2010 8:58pm
210 Views
Post# 17909278

have it now

have it now
MEDMIRA ANNOUNCES FIRST QUARTER RESULTS
12/30/2010 8:45 PM - Canada NewsWire
HALIFAX, Dec. 30, 2010 (Canada NewsWire via COMTEX News Network) --
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 month period ending October 31, 2010. Product sales in the first quarter were $176 thousand, compared to $376 thousand in the same quarter last year. The net loss for the quarter was $1.1 million or
.005 per share compared with a net loss of $1.1 million or
.007 per share in the same period last year. Overall gross margin for the quarter was 48%, compared to 58% last year. Internal and general operating expense was $536 thousand compared to $740 thousand for the same period last year.
"The first quarter was slower than expected for MedMira due to the longer sales cycle our strategic business development partners are experiencing in international markets.  In the multi-layer agreements we and our business partners are pursuing in markets such as Africa, South East Asia, and Latin America, the sales cycle, negotiations on terms and conditions, and so on are extensive and complex," said Hermes Chan, CEO, MedMira Inc. "We are working towards bringing the right balance of higher margin orders along with large volume deals from both the developed and developing regions of the world to MedMira.  We believe that this mix of customers will provide the Company with the best long term growth strategy."
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