Deal Dramatically Increases U.S. Access to Patented Rapid Testing Technology
HALIFAX, Jan. 13, 2014 /PRNewswire/ - MedMira Inc., (MedMira) (TSXV: MIR), a developer of rapid testing technologies and solutions, today announced a U.S. distribution agreement with VWR International LLC, a global solutions provider of laboratory supplies and services with worldwide sales in excess of $4.1 billion in 2012.
Through this new agreement, MedMira will benefit from the breadth and depth of VWR's experience in reaching various U.S. industries including research, education and healthcare. VWR is selling MedMira's Miriad platform technology as well as its Reveal G3 rapid HIV test. In the future, MedMira and VWR will expand more rapid testing products to its portfolio.
"MedMira's proven technology and rapid tests will offer our customers the benefits of faster test times and simplified test procedures," said Mark McLoughlin, Senior Vice President and President of VWR's U.S. Lab Business. "We are very excited to add MedMira's products to our extensive portfolio and to work closely with MedMira on their strategic U.S. expansion."
"This agreement is a cornerstone of the foundation for MedMira's future strategy," said Kevin Jones, Ph.D., senior director, global sales and marketing, MedMira. "VWR has more than 300 U.S. representatives on the ground every day, in laboratories, universities and businesses in a variety of industries. We are thrilled and committed to work alongside VWR to bring our technologies and solutions to a much broader U.S. user base than we previously were able to reach."
The U.S. accounts for 40 percent of global in vitro diagnostics sales, which are expected to reach an estimated value of $74.2 billion globally by 2018 (Transparency Market Research). Rapid testing for diseases such as HIV and Hepatitis are an increasingly important segment of the U.S. diagnostics industry. The CDC recently implemented revised guidelines calling for routine HIV screening of all people aged 15-65 and all pregnant women in the U.S. as part of the normal course of medical care. Public health organizations in the U.S. are also ramping up screening programs to detect Hepatitis C infection; it is estimated that there are 3.2 million people in the U.S. infected with Hepatitis C, 50 to 70 percent of whom are unaware of their infection.
MedMira is a leading developer and manufacturer of rapid testing technology and solutions. The Company's tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis for diseases such as HIV and hepatitis C in just three minutes. The Company's tests are sold under the Reveal®, Multiplo™ and Miriad brands in global markets. MedMira's patented rapid flow-through HIV test is the only one in the world to achieve regulatory approvals in Canada, the United States, China and the European Union. MedMira's corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada. For more information visit MedMira's website at www.medmira.com.
This news release contains forward-looking statements, which involve risk and uncertainties and reflect the Company's current expectation regarding future events including statements regarding possible approval and launch of new products, future growth, and new business opportunities. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MEDMIRA INC.