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
"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."
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.
SOURCE MEDMIRA INC.