MedMira Announces Update on Development of Point-of-Care Antibody Test

HALIFAX, Nova Scotia, April 17, 2020 (GLOBE NEWSWIRE) -- Medmira Inc. (MedMira) (TSXV: MIR), announced today that it has completed the development of the serological Point-of-Care (POC) testing solution with immediate result. Based on MedMira’s unique and patented Rapid Vertical Flow^® (RVF) technology, the newly developed REVEALCOVID-19^TM delivers immediate results without the need for any additional equipment such as a reader or a timer. The product is subject to obtaining regulatory approvals to sell in the selected markets.  MedMira’s aim is to provide a reliable screening tool to relieve overburdened healthcare providers allowing for faster turn-around times with a rapid and reliable testing solution.

Based on its proven and highly flexible RVF technology, MedMira’s in-house R&D team has developed and validated its REVEALCOVID-19^TM, a serological total antibody test. The product is ready to submit to the relevant regulators, such as the FDA, through its Notification/Emergency Use Authorization process as announced on March 16, 2020 by the FDA. This test has been listed on the COVID-19 Diagnostic Device Applications by Health Canada.

The test can be completed under 3 minutes (from the blood drawn until the testing is completed) and provides an instant result. It can be used with whole blood, serum or plasma and is also ideal for batch testing in laboratory settings, meeting the needs of all possible users across a broad range of testing environments.

The REVEALCOVID-19^TM is designed to detect all antibodies found in individuals who have been exposed to SARS-CoV-2 virus, the virus that causes COVID-19 disease. The test, in combination with molecular diagnostic testing, will aid health care professionals to make the most accurate assessment of the status of patients. Rapid diagnostic tools such as MedMira’s test are urgently needed to assess and help to control the spread of the pandemic. This in-house developed test has been validated by MedMira’s scientific research team with over 20 years experience in In Vitro diagnostics using blood specimens obtained from RT-PCR confirmed patients.

"MedMira’s patented technology has been proven to provide the fastest and highest-quality testing solutions for HIV, Syphilis, Hepatitis B and C and has obtained regulatory approvals for selected products in many parts of the world.  The latest member of our REVEAL family, REVEALCOVID-19^TM, is expected to bring the much needed protection to both healthcare providers and their patients,” said Hermes Chan, CEO of MedMira Inc. "This provides a vital, realistic, timely and effective testing solution that showcases the capability of our RVF technology. It is paramount to identify those who are infected with, or who have been exposed to the virus and also to monitor those who are at high risk. Our existing business is the development and sales of antibody tests for HIV and Hepatitis, and we have internal lab and manufacturing facilities that are FDA certified and staffs who have been engaged in similar R&D for over 20 years.”

MedMira’s CSO has approved the scientific disclosure contained in the press release.

About MedMira

MedMira is a leading developer and manufacturer of vertical flow rapid diagnostics. The Company’s tests provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and Hepatitis C in just three easy steps. The Company’s tests are sold globally under the Reveal^®, Multiplo^® and Miriad^® brands. Based on its patented Rapid Vertical Flow Technology™, MedMira’s rapid 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.com. Follow us on Twitter and LinkedIn.

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 regulatory approval and launch of the REVEALCOVID-19^TM test, 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.

MedMira Contact:

Markus Meile
Chief Financial Officer, MedMira Inc.
ir@medmira.com

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