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
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.
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
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
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.