Morningside becomes a Strategic Partner to Accelerate MedMira's Growth HALIFAX, March 6 /PRNewswire-FirstCall/ -- MedMira Inc., ("MedMira") (TSX Venture: MIR, NASDAQ: MMIRF) the global market leader in premium rapid diagnostic solutions, announced today that it has secured $6.5 million (Canadian dollars) in equity financing from the Morningside group, an international private equity and venture capital investment group. This new financing will enable MedMira to capitalize on key markets such as OTC tests for HIV, leverage its rapid co- infection line of tests, and bring the Maple Biosciences technology to market. "We are excited by the possibilities we see in MedMira. They have the type of product strategy, expertise, and focus we seek in our strategic investments," said George Chang, chief financial officer of Morningside. "We are committed to working collaboratively with MedMira's executive team as the company advances to the next phase of growth." Under the terms of the agreement Morningside will acquire 10,833,333 equity units at $0.60 per unit, for total proceeds of $6.5 million in cash and retirement of a USD$775,000 promissory note. Each equity unit consists of 1 common share and one half of a common share purchase warrant. Each full warrant entitles Morningside to purchase one common share of MedMira at $0.69 per share for a two year period. Under the terms of this transaction, Morningside will become a 19% Shareholder of MedMira; this could increase to 25% if all warrants are exercised. Morningside has the right to nominate one director to the Board of MedMira. This transaction is subject to the approval of shareholders and the TSX Venture Exchange. "We are very pleased to partner with Morningside, a company who shares the same vision and appreciation for our technology platforms," said Stephen Sham, chairman and CEO of MedMira. "Morningside brings extensive biotechnology expertise while also providing strong financial support for MedMira's future." About Morningside Morningside group is an international investment group with investments in North America, Europe, across Asia-Pacific, and since 1992, in Mainland China. Morningside group was founded in 1986 by the Chan family of Hong Kong. The Chan family also established the Hang Lung group of companies (http://www.hanglung.com/), leaders in Hong Kong's property development market for over 40 years. For more information http://www.morningside.com/ 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(R) 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 is available over-the-counter (OTC) in pharmacies throughout Hong Kong and Macao Special Administrative Regions, in the People's Republic of China. MiraCare(TM) is sold through MedMira's distributor network to pharmacies, hospitals and laboratories in the European Union. 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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