HALIFAX, April 3 /PRNewswire-FirstCall/ - MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) the global market leader in premium rapid diagnostic solutions, announced today that it has entered into an agreement to acquire an emerging cancer marker technology, to commercialize through the company's Maple Biosciences division. The technology, developed by Dr. Shou- Ching Tang, a practicing oncologist, leading researcher on the prognostic significance of BAG-1 for cancer patients, and a member of the MedMira Board of Directors, focuses on BAG-1, a protein found in certain types of caner cells including breast, lung and prostate cancers. "We continually evaluate emerging diagnostic technologies that can be integrated with our current and future product lines in order to deliver advanced solutions to the healthcare market," said Stephen Sham, chairman and CEO, MedMira. "Dr. Tang's BAG-1 technology, together with Maple Biosciences' advanced testing platform will create an evolutionary product to meet increasing demands for cancer diagnostics." The BAG-1 technology will be integrated with the Maple Biosciences platform to bring faster, more advanced tests for breast, lung and prostate cancers to the clinical laboratory market. The simple test, which will displace the current 30 year old technology, uses a tissue sample to provide comprehensive diagnostic, prognostic results, as well as critical information used in formulating a patient's treatment and therapy plan. The BAG-1 technology will be most powerful when combined with other cancer markers to diagnose a specific type of cancer. "I look forward to working with the team at MedMira as we integrate our two technologies to create versatile and dynamic cancer diagnostic tool. MedMira's experience in bringing advanced diagnostics to market will ensure that this technology will benefit cancer patients directly," said Dr. Shou- Ching Tang. "Commercializing the BAG-1 technology will give healthcare providers and patients a faster, more complete diagnosis of various types of cancer." Under the terms of the acquisition agreement MedMira will acquire the BAG-1 technology for a purchase price of $600,000. The purchase price will be paid in instalments as milestones in the commercialization of this technology, as specified in the agreement, are achieved. The purchase price will be paid through the issuance of common shares at the closing market price of MedMira common shares the business day immediately preceding the date the milestone is achieved, with a minimum issue price of $0.476. The maximum number of shares to be issued is 1,260,504 common shares. The shares issued will be subject to a 4 month hold period. This transaction is subject to the approval of the TSX Venture Exchange. About Dr. Shou-Ching Tang M.D., PhD, FACP, FRCP(C) Dr. Shou-Ching Tang is currently the Senior Asscociate Consultant at the Mayo Clinic in Scottsdale, Arizona. He served as the Associate Center Director for Clinical Research and Director of Solid Tumor Oncology, University of Miami Sylvester Comprehensive Cancer Centre and Associate Professor of Medicine, Division of Hematology and Oncology, University of Miami. Dr. Tang's academic credentials include an M.D., Honours Medicine, West China University of Medical Sciences (the former Sichuan Medical College), Chengdu, Sichuan, China and a Ph.D., Molecular Biology, Division of Medical Oncology, University of Alberta, Edmonton, Alberta, Canada. He is a Fellow of the American College of Physicians (FACP) and the Royal College of Physicians and Surgeons of Canada (FRCPC). Dr. Tang has extensive research and medical experience and has served on numerous committees and review boards. Dr. Tang has also published many research papers, including the publications on the prognostic significance of BAG-1, for breast and lung cancer patients, which were published by the following respected scientific journals; Oncogene, Journal of Clinical Oncology and the International Journal of Cancer. About MedMira MedMira is the leading global manufacturer and marketer of in vitro flow-through rapid diagnostic tests. MedMira's tests provide reliable, rapid diagnosis in just 3 minutes for the detection of human antibodies in human serum, plasma or whole blood for diseases such as HIV and hepatitis C. The United States FDA and the SFDA in the People's Republic of China have approved MedMira's Reveal(R) G2 and MiraWell(R) rapid HIV tests, respectively. MedMira's Reveal(R) G2 and MiraWell(R) rapid HIV tests are currently used in clinical laboratories, hospitals, and clinics where professional counselling and patient treatment are immediately available. The MiraCare(TM) Rapid HIV Antibody Test is available over-the-counter (OTC) in pharmacies throughout Hong Kong and Macao Special Administrative Regions, in the People's Republic of China. MiraCare(TM) is sold through MedMira's distributor network to pharmacies, hospitals and laboratories in the European Union. MedMira delivers rapid diagnostic solutions to healthcare communities around the globe. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office in Guilin, China. 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. For more information visit MedMira's website at www.medmira.com.
SOURCE MedMira Inc.