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MedMira awarded US$2.3M contract to develop rapid test for Hepatitis B

By The Canadian Press  | July 04, 2011
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HALIFAX - Stock in MedMira Inc. (TSXV:MIR) was up more than 50 per cent Monday after the developer of rapid diagnostic tests announced a more than $2-million development contract with the U.S. army and the prospect of related future product sales.

Halifax-based MedMira said the US$2.3-million U.S. army contract is to develop and commercialize a multi-marker rapid test for the detection of the Hepatitis B Core IgG and IgM antibodies.

Under the medical research acquisition activity contract, the U.S. army will fund all development costs and associated fees in obtaining a U.S. Food and Drug Administration pre-market approval for the new test.

"Once approved, the product will be supplied by MedMira directly to the U.S. army and to other customers through typical distribution sales channels," the company said in a release.

On the TSX Venture market, MedMira shares were up two cents, or 57.14 per cent, at 5.5 cents in midday trading.

CEO Hermes Chan said the work is "wholly aligned with MedMira's core competencies in developing multi-marker infectious disease rapid diagnostics on our proven technology platform."

"This contract is a solid foundation upon which to build an ongoing partnership with the U.S. army that will enable MedMira to provide key tools with frontline implications in military medical care."

MedMira, a developer and manufacturer of flow-through rapid diagnostics and technologies, provides hospitals, labs, clinics and individuals with reliable, rapid diagnosis of infectious diseases.

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