HALIFAX, Oct. 10 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostic solutions,
announced today that is has completed the draw down against its equity line of
credit with YA Global Investments LP which was announced on September 16,
2008. Under the terms negotiated in the equity line, YA Global Investments LP
has purchased 921,866 common shares from MedMira at an average price of
$0.1135 which is based on the daily volume weighted average price ("VWAP")
over a 10 day pricing period, beginning September 16, 2008 and ending on
September 29, 2008 for net proceeds of $104,650. Proceeds from this draw down
will be applied as a principal payment against the convertible debenture from
YA Global Investments LP, entered into on May 23, 2008. The shares issued are
not subject to any hold period by the TSX Venture Exchange or other regulatory
bodies.
About MedMira
MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals with reliable, rapid diagnosis for diseases such as HIV and
hepatitis C in just three minutes. The company's tests are sold under the
Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global
markets. MedMira's rapid HIV test is the only one in the world to achieve
regulatory approvals in Canada, the United States, China and the European
Union. MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada. For more information visit MedMira's website at
www.medmira.com.
This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time 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.
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