HALIFAX, Nova Scotia, May 27, 2020 (GLOBE NEWSWIRE) -- MedMira Inc. (MedMira) (TSXV: MIR) announces that company has entered into an Exclusive Distribution Agreement with Webb Diagnostic Technologies, Inc., (WebbDX) for the distribution of MedMira's REVEALCOVID-19 Total Antibody Test. Webb Diagnostic Technologies has placed the first order with the purchase value of approximately CDN$3.5 million. The Company has received the down payment to initiate the production process.
MedMira is also pleased to announce that it has launched a new website, www.revealcovid19.comto provide the latest information about the product and the COVID-19 pandemic.
REVEALCOVID-19 Total Antibody Test can detect antibodies to SARS-CoV-2, the virus that causes COVID-19, in the human serum, plasma and whole blood. Most serology tests detect only IgG and/or IgM antibodies, whereas REVEALCOVID-19 Total Antibody Test is designed to detect all human immunoglobulins, including IgG, IgM and IgA. Because it measures total antibodies, the test can identify previous or present infection with the SARS-CoV-2 virus and helps to assess a person's immune response.
"Webb Diagnostic Technologies (www.webbdx.com) has built an extensive sales and marketing team who will certainly drive our business forward. We are pleased to secure this mutually beneficial exclusive partnership and bring this high-quality, portable antibody test to the U.S. market," said Hermes Chan, CEO of MedMira. "As the demand for reliable SARS-CoV-2 antibody testing grows, this agreement is the first step in making our proven diagnostic platform available to more healthcare professionals throughout the United States."
"High-quality antibody tests are an important tool in understanding a person's exposure to COVID-19 - critical information in limiting the spread of the virus and paving the way for people to return to normal activities and restart the U.S. economy," said John P. Mayo, CEO, Webb Diagnostic Technologies. "REVEALCOVID-19 fills a unique void in the growing testing landscape. We placed our first order and are excited to leverage MedMira's technology to help our country move forward by enabling people to make safer, more informed choices about their health."
In early May, MedMira has submitted an application to obtain FDA Emergency Use Authorization (EUA), however, while awaiting the approval, REVEALCOVID-19 Total Antibody Test can be distributed in the U.S. according to Section IV.D of the Policy for Coronavirus Disease-2019 Test.
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 disease diagnosis, 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 receive 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 Twitterand 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 Total Antibody 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
