Acquires SensorChem to Expand World Class Diagnostic Product Line HALIFAX, Dec. 15 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) the global market leader in premium rapid diagnostic solutions, announced today that it has acquired SensorChem International Corp. ("SensorChem") based in Toronto in order to bring a revolutionary, new biosensor technology platform to international diagnostic markets. Working under the name "Project Maple", this new acquisition will see MedMira broaden its product offering based on this breakthrough technology platform, which was invented by a team of University of Toronto researchers, led by Dr. Michael Thompson, Professor of Analytical Chemistry within the Department of Chemistry and associated member of the Institute for Biomaterials and Biomedical Engineering. The new products and applications resulting from Project Maple will complement MedMira's current product portfolio, which presently consists of rapid flow through point-of-care tests for HIV, Hepatitis C, and other infectious diseases. As with MedMira's existing, market-leading technology platform, the new products derived from Project Maple will be extremely versatile, allowing users to assess multiple diagnostic markers quickly and efficiently. The simplicity of this new technology will facilitate a fast turnaround time in patient point-of-care testing, and can be easily implemented in clinics, hospitals, central laboratories as well as for personal home use. "Over the past few years, we have spent considerable time and resources in thoroughly evaluating up and coming breakthrough technologies," said Stephen Sham, chairman and CEO of MedMira. "Dr. Thompson's research group at University of Toronto is highly regarded as a leading biosensor group and the patented intellectual properties they have created are extensive. We are extremely excited to have finalized this agreement today." Sham continued, "In acquiring SensorChem, we are strategically moving our product offering forward to meet the demands of our customers. Healthcare providers are not standing still in the face of emerging challenges, and neither are we." Facing labour shortages and demand for faster, reliable test results, clinical laboratories are continually looking for increased automation and simplicity. Project Maple's product line will enable fast and easy sample preparation and the ability to provide digital tracking of diagnostic results into electronic patient record systems. MedMira will soon be able to offer a complete suite of diagnostic tools for various infectious and non-infectious diseases and other critical diagnostic applications. "Project Maple is a ground breaking technology platform for the diagnostic world and MedMira is well equipped to bring this new technology to the international market. Their expertise in the development and marketing of rapid diagnostics tests is well established," said Dr. Michael Thompson, chairman and co-founder of SensorChem. "I look forward to working with the team at MedMira in the commercialization of this technology for the worldwide diagnostics market." Under the terms of the acquisition agreement, MedMira will acquire all of the outstanding common shares of SensorChem for a purchase price of $2,066,729. As consideration, MedMira will issue 2,952,471 common shares at a price of $0.70, including 414,795 common shares issued to a director of MedMira. SensorChem will continue to operate as a wholly owned subsidiary of MedMira Inc. This transaction is subject to the approval of the TSX Venture Exchange and the shareholders of SensorChem. MedMira will provide more information on Project Maple during a technical conference to be held in early 2006. Further details on this event will be announced in the near future. About MedMira 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 and the SFDA in the People's Republic of China have approved MedMira's Reveal(TM) G2 and MiraWell(R) 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. The MiraCare(TM) Rapid HIV Antibody Test, MedMira's over-the-counter (OTC) product, is available 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 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. 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: ; Andrea Young, Corporate Communications, Tel. (902) 450-1588, Email:

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