MedMira Acquires Technology to Develop New Tests for Cancer

Emerging Cancer Markers Commercialized Through Maple Biosciences

Apr 03, 2006, 01:00 ET from MedMira Inc.

    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
     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

SOURCE MedMira Inc.