Don’t let MedMira Inc.’s financial results fool you.

Despite tepid sales of its rapid diagnostics technology, the Halifax bioscience company continues to hold the attention of international investors such as Andurja Beteiligungen AG. The Swiss outfit has anted up another $1 million, bringing its total investment to $5.5 million.

“If you look at the financial statements, you could argue that the numbers have not been very positive,” Daniel Frid, chief financial officer of MedMira, said Wednesday.

“But the fact that investors continue to invest shows they have confidence in the future prospects of the company. For me, that is a very positive message.”

While MedMira’s North American sales were down for the year ended last July 31, the company reported an increase in overall sales revenues for the three months ending Oct. 31.

The boost in revenues was due mainly to sales growth in the Asia-Pacific region.

“The major source of growth for this region was in China with the company’s strategic business development and manufacturing partner, Triplex International Biosciences,” MedMira chief executive officer Hermes Chan said in a news release last week.

“Together with Triplex, we are gaining momentum in China, particularly in the public health sector,” Chan said. “The performance and quality found in MedMira products is becoming a critical factor in many of the recent Triplex wins.”

MedMira develops and manufactures tests that provide hospitals, labs and clinics with diagnosis for diseases such as HIV and hepatitis C in just three minutes.

Frid said another sign of success is a multimillion-dollar contract with the United States military to create a new rapid test for hepatitis B. MedMira was awarded the $2.2-million contract last year by a branch of the U.S. army to develop and commercialize the test.

“The fact that we won this contract with the U.S. military speaks to the fact that they believe in the underlying technology of MedMira,” Frid said. “We have the best technology in the rapid diagnostic arena. We just haven’t had the opportunity to take full advantage of that.”

Under the terms of the agreement reached this week, Andurja will acquire 20 million equity units at five cents per unit.

The Swiss company invested $2 million in MedMira in 2009, $1 million in 2010 and $1.5 million in 2011.

Andurja is the controlling and majority shareholder of MedMira’s strategic partner, Vitest AG.

From: https://thechronicleherald.ca/business/57877-medmira-gets-shot-arm