MedMira Announces Leadership Transition - Hermes Chan to Succeed Stephen Sham as CEO

Jul 24, 2006, 01:00 ET from MEDMIRA INC.

    HALIFAX, NS, July 24 /PRNewswire-FirstCall/ - MedMira Inc., ("MedMira")
 (TSX Venture: MIR, NASDAQ:   MMIRF) a global market leader in premium rapid
 diagnostic solutions, announced today that Stephen Sham will retire as
 Chief Executive Officer, a position he has held since the company's
 inception 12 years ago. Mr. Sham will continue in his role as Chairman of
 the Board of Directors. The CEO role will immediately transition to Hermes
 Chan, who has been appointed by the Board of Directors. Mr. Chan, the
 company's co-founder, has served as President & COO of MedMira for the past
 two years.
     "I have thoroughly enjoyed my time as CEO of MedMira and I am looking
 forward to maintaining my involvement with the Company by leading the Board
 of Directors," said Stephen Sham, chairman, MedMira. "The time is right for
 me to retire as CEO. As President & COO, Hermes has consistently
 demonstrated his drive and determination to make MedMira a success. He has
 displayed excellent leadership and is extremely committed to our company."
     Mr. Chan will assume the role of CEO and continue to serve as President
 of MedMira. He is the inventor of MedMira's core technology platform, upon
 which all of the company's rapid tests are developed. Mr. Chan moved up
 through the management ranks of the company including positions of Research
 Scientist, General Manager, and Senior Vice President. Prior to joining
 MedMira in 1994, Mr. Chan worked with another Nova Scotia biotechnology
     "I am proud and excited about my new role as CEO at MedMira. Stephen's
 contribution to MedMira has been invaluable. I thank him for this and look
 forward to his continued input at the Board level," said Hermes Chan,
 president & CEO, MedMira Inc.
     Chan continued "MedMira has many exciting market opportunities ahead
 and I look forward to leading the management team as we focus on revenue
 building opportunities and creating value for our shareholders. With a
 streamlined sales and marketing team in place and new products in the
 pipeline, we have a re-energized focus on steady growth."
     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, the SFDA in the People's Republic of China and
 European Union have approved MedMira's Reveal(R) G2, MiraWell(R) and
 MiraCare(TM) 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.
     MiraCare(TM) is sold through MedMira's distributor network to
 pharmacies, hospitals and laboratories in the European Union. It is also
 available over-the-counter (OTC) in pharmacies throughout Hong Kong and
 Macao Special Administrative Regions, in the People's Republic of China.
     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 and
 joint venture manufacturing facility 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.