Company Sees More Market Development and Product Line
Expansion on the Horizon for China
HALIFAX,
July 14, 2014 /CNW/ - MedMira, Inc.
(MedMira) (TSXV: MIR) is steadily gaining critical market share for
its top-ranking rapid HIV test in the highly competitive and
crowded Chinese marketplace. The Company, in partnership with
Triplex International Biosciences, its China-based strategic sales and distribution
partner, has shipped 100,000 of its rapid HIV tests to multiple
provinces in China. MedMira has
also won follow-on tender business for the supply of 200,000
additional rapid HIV tests.
"Our growth in China has come primarily through the tender
system and we continue to build our network of contacts and
opportunities in this sector. Approximately 80 percent of
rapid HIV tests purchased in China
each year are procured through tenders, making this a key market
sector for us," said Hermes Chan,
CEO of MedMira. "The restructuring of China's healthcare system and implementation
of stricter quality standards has positively affected the growth in
our market share in China. As
agencies such as the China CDC demand high performance products,
there is a trickledown effect happening where these evaluations
impact provincial tender criteria. It's a win-win for MedMira and
its products."
MedMira's rapid HIV test consistently ranks as
one of the best in annual evaluations conducted by the Chinese
Center for Disease Control and Prevention (China CDC). In the
2014 evaluation results from the China CDC, MedMira'S rapid HIV test ranked in
the top three of all rapid HIV tests available in China. These evaluations are critical
support tools in MedMira's sales and business activities and help
in gaining ground in a marketplace that is saturated with imported
and domestic rapid tests of quality and performance that vary
widely.
The Company and its strategic partner will
continue to pursue new and recurring tender business in various
Chinese provinces. Building on this foundation, MedMira plans
to expand its brand in China in
two ways. First, MedMira is preparing to bring its Multiplo
product range to China. The
global demand for multiplexed tests is rapidly increasing as
healthcare providers and public health agencies look to maximize
resources. MedMira is also growing its presence in the
Chinese market through research institutes and biotech companies
seeking a development platform for new rapid tests. In
April 2014, the company introduced
its Miriad™ RVF Toolkit at the China Medical Equipment Fair with
resounding success. The Toolkit enables researchers to
quickly access MedMira's Rapid Vertical Flow Technology™ platform
for proof of concept development and advancing their
commercialization activities. It also allows for the
conversion of an existing rapid test and eliminates the barriers to
market entry presented by other platform technologies.
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 under the Revealâ, Multiplo™
and Miriad™ brands in global markets. Based on its patented Rapid
Vertical Flow Technology™, MedMira's rapid HIV test is the first
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.
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 approval and launch of new products,
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.
SOURCE MedMira Inc.