MedMira Announces $1.2 million in Funding Commitments from ACOA Funding Will Support New Product Approvals and Marketing Plans HALIFAX, May 26 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) the global market leader in rapid flow- through diagnostic technology, announced today that it has received funding commitments totalling $1.2 million from the Atlantic Canada Opportunities Agency (ACOA). This funding will support various marketing programs and an additional product regulatory approval in the United States. These funding commitments are provided through ACOA's Innovation and Business Development Programs in the form of loans, repayable following completion of the project or based upon MedMira meeting certain milestones. "The Government of Canada is committed to working with companies such as MedMira as they develop new and innovative products that can be marketed anywhere in the world," said Fisheries and Oceans Minister Geoff Regan, on behalf of ACOA Minister, the Honourable Joseph McGuire. "The result is a region that is more competitive in the new global, knowledge-based economy." "We are very pleased with the support ACOA has provided for our marketing and regulatory initiatives to date," said Stephen Sham, chairman and chief executive officer of MedMira. "Our rapid HIV tests have been extremely successful in the US and China markets, in part due to the significant support we have received from ACOA. We anticipate continued growth in these and other markets with the expansion of our product line." About MedMira MedMira is the leading global manufacturer and marketer of in vitro flow- through rapid diagnostic tests for the clinical laboratory market. 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. The United States FDA and the SFDA in the People's Republic of China have approved MedMira's Reveal(TM) G2 and MiraWell(TM) Rapid HIV Tests, respectively. MedMira's Reveal(TM) G2 and MiraWell(TM) rapid HIV tests are currently used in clinical laboratories and hospitals where professional counselling and patient treatment are immediately available. The MiraCare(TM) Rapid HIV Antibody Test is available over-the-counter (OTC) in pharmacies throughout the Hong Kong and Macao Special Administrative Regions, in the People's Republic of China. MedMira markets its rapid tests worldwide in such countries as the United States, Canada, South Africa and China. Its corporate offices and manufacturing facilities are located in Halifax, Nova Scotia, Canada with a representative office in Beijing, 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. For more information visit MedMira's website at http://www.medmira.com/. DATASOURCE: MedMira Inc. CONTACT: Dr. James Smith, Investor Relations, Tel: (902) 450-1588, E-mail:

Copyright