Article *side note, they have been unable to turn around approval for a test despite years of trying - I don't think they will be producing and getting approval fo a COVID-19 test anytime soon. :-)
Biotech MedMira Continues To Sink April 2, 2020
Struggling Halifax biotech MedMira is sinking deeper into the red with operations reaching a near halt.~ The Hermes Chan-led maker of rapid, portable blood tests reported a $615,000 net loss for the quarter ending Jan. 31, 2020 - 3% more than the $595,000 loss in the same period the year before. On Jan. 31, MedMira reported $155,000 cash on hand, secured by a loan through its generous Swiss majority shareholder - MedMira Holding Ag after it reported zero cash on the books last quarter (see 2020-01-02). CFO Markus Meile's family is behind MedMira Holding. Meile could not be reached for comment Wednesday. The cash-strapped firm has never made money, as is common in the biotech world, where companies spend on research and development in hopes of bringing a hit product to market, or being swallowed by a larger firm. The company spent just $50,000 on research and development last quarter, down 19% from $62,000 year over year. MedMira reported operating expenses for the quarter at $512,000, up 7% from $478,000 for the same period the year prior. The company attributes its 7% hike in operating costs to additional costs for regulatory work. For the quarter ending Jan 31, 2020, the company recorded $95,000 in revenue, a 27% drop compared to $130,000 year over year. The company said the lower revenue is due to a "change in ordering patterns" by the company's main customer. MedMira now has $9.3 million in defaulted loans, all of which it says are under repayment negotiations. They include more than $3.1 million in Nova Scotia government loans and $480,000 owed to the Atlantic Canada Opportunities Agency. The company closed at three cents per share, up a cent from the day before (52-week high/low: four cents/ half a cent).