MedMira Wins $4.2 million U.S. Army Contract to Commercialize Rapid Triple Test
/FROM PR NEWSWIRE DALLAS 888-776-3971/ [STK] OtherOTC:MMIRF TorontoVE:MIR [IN] BIO [SU] CON HEA TO BUSINESS/FINANCIAL EDITORS: MedMira Wins $4.2 million U.S. Army Contract to Commercialize Rapid Triple Test HALIFAX, July 3, 2012 /PRNewswire/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid diagnostic technology and solutions, announced today that it has been awarded a U.S. Army Medical Research Acquisition Activity (USAMRAA) contract to develop and commercialize a rapid test capable of simultaneous detection of HIV and Hepatitis B and C.
The contract, awarded through a competitive bid process, involves a two-year base period and a 10-month option with a value of USD$4,266,144, if all options are exercised. MedMira presented its technology and multiple rapid test, which met the U.S. Army's advanced technology readiness level requirements. The Multiplo Rapid HBV/HIV/HCV Antibody Test resulting from this contract award will be deployed on the frontlines of military healthcare for use in emergency screening for transfusion transmitted diseases where no FDA approved donor screening tests are available. The military could also put the test to use during pre and post deployment screenings and civilian disaster relief efforts.
"We are thrilled to receive this new contract from USAMRAA for the development and commercialization of our Multiplo test. This contract award demonstrates the excellent fit between MedMira's technology and products and military requirements. We have built a lasting relationship with the U.S. Army, delivering advanced diagnostic solutions that reduce the need for militaries to undertake ground-up development work," said Hermes Chan, CEO, MedMira Inc. "MedMira's technology and products are elegantly simple, portable, fast, and high quality. All of these attributes are mission critical in deploying diagnostic healthcare solutions on the frontlines of military healthcare." Chan continued, "Our team recently attended a conference focused on military pre-hospital trauma management where we heard first hand of the need for a multiple rapid HBV/HIV/HCV test from many of the leading experts, military personnel, and medical professionals in this field." Under contract number W81XWH-12-C-0151 the U.S. Army will fund all development costs and associated fees in obtaining a U.S. Food and Drug Administration (FDA) premarket approval (PMA) for this multiple rapid test. The scope of work under this contract will see MedMira advance and fully commercialize a multiple rapid test that will simultaneously detect three of the most serious infectious diseases, namely HIV-1/2, Hepatitis B, and C antibodies within three minutes using just a small drop of blood. Once approved, the product will be supplied by MedMira directly to the U.S. Army and to other customers throughout the world, both military and civilian, via the Company's distribution network.
"A multiplexed test for transfusion transmitted diseases provides an enabling technology that will be used to mitigate risk in austere environments where emergency blood collections are necessary to save lives of severely wounded war fighters," said Colonel Richard Gonzales, Product Manager, U.S. Army Medical Materiel Development Activity.
About MedMira MedMira is a leading developer and manufacturer of flow-through rapid diagnostics and technologies. 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@, MultiploT and Miriad brands in global markets. MedMira's rapid flow-through 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, including statements relating to growth in the Company's business, earnings and profitability, and trends in demand for the Company's products, which involve risk and uncertainties and reflect the Company's current expectation regarding future events including statements regarding possible future growth and new business opportunities. 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.
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SOURCE MEDMIRA INC.
Image with caption: "Under a US Army contract valued at USD$4.2 million, MedMira will develop and commercialize this multiple rapid test which detects HIV, Hepatitis B and C simultaneously in 3 minutes from a single drop of blood. (CNW Group/MEDMIRA INC.)". Image available at: http://photos.newswire.ca/images/download/20120703_C5808_PHOTO_EN_15891.jpg -0- 07/03/2012 /CONTACT: <p> <b>MedMira Contact:</b><br/> Andrea Young, Corporate Communications<br/> Tel: 902-450-1588<br/> Email: email@example.com </p> (OtherOTC:MMIRF / TorontoVE:MIR) / CO: MEDMIRA INC.
ST: Nova Scotia IN: BIO SU: CON HEA PRN -- MO555 -- 0000 07/03/2012 15:47:00 EDT http://www.prnewswire.c