MedMira Reports Successful Launch of Reveal® G4 Rapid HIV Test and Secures Key Accounts

MedMira Inc. (MedMira) has announced its financial results for the quarter ended April 30, 2024, highlighting significant achievements and positive developments. The company focused on the successful launch of its latest US FDA approved Reveal® G4 Rapid HIV 1/2 antibody test during Q3 FY2024. Additionally, MedMira continued its regulatory work in both Canada and the United States and collaborated with a third party to complete the next commercial prototype for its patented MiROQ system.

The launch of the Reveal® G4 Rapid HIV 1/2 test was a major milestone for MedMira, as it received approval from the US FDA. The company successfully introduced the test to the market through its existing distribution partners and also secured several direct clients through its US-based sales team. This achievement allowed MedMira to close a number of strategically important key accounts.

To further expand its reach, MedMira partnered with new distributors such as Thomas Scientific, in addition to its existing distribution partners VWR/Avantor, Cardinal Health, and Medline Industries. This collaboration enables the company to access a significant portion of the hospital and laboratory market in both the USA and Canada.

In a subsequent development, MedMira received confirmation for its latest funded clinical trials in Canada. ReachNexus, a funding agency, has committed to fully support and fund MedMira’s Health Canada approval, including the multi-million dollar clinical trials. The company’s unique Complete Syphilis (Tp/nTP) test has been selected for this award, further validating MedMira’s innovative solutions.

Turning to the financials, MedMira reported revenues of $81,548 in Q3 FY2024, compared to $148,696 in the previous quarter and $106,010 in the same period last year. The company recorded a gross profit of $50,305 in Q3 FY2024, and its operating expenses for the quarter amounted to $653,398. MedMira’s net loss for the quarter was $603,093, an improvement compared to the same period last year.

On the balance sheet side, MedMira saw an increase in assets by $1,899,329 between Q2 FY2024 and Q3 FY2024, primarily due to cash received from an investor. However, the company’s liabilities increased by $2,679,476 during the same period. MedMira’s working capital deficit decreased by 5% compared to the previous quarter.

MedMira’s financial statements and management’s discussion and analysis can be accessed on the Company’s profile on SEDAR at www.sedar.com.

MedMira, headquartered in Halifax, Nova Scotia, Canada, is the developer and owner of Rapid Vertical Flow (RVF)® Technology. The company’s rapid test applications built on RVF Technology provide instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. MedMira’s tests are sold globally under the Reveal®, Multiplo®, and Miriad® brands.

For more information about MedMira and its innovative solutions, please visit medmira.com. Stay updated by following MedMira on Twitter and LinkedIn.

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