MedMira Provides Corporate Update and Second Quarter Results

    HALIFAX, March 31 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF), a developer and marketer of rapid diagnostic technology and
solutions, today provided a corporate update and reported on the Company's
financial results for the three and six month periods ending January 31, 2009.

    Corporate Update

    In the face of global economic pressures and current market conditions,
particularly in US, MedMira has repositioned to pursue growth opportunities
aimed at improving the Company's financial position and delivering positive
shareholder value. In the second quarter MedMira announced a new outsourced
manufacturing strategy to help the Company compete in developing markets.
    "While it is not yet evident in our year to date financial results,
MedMira is making advancements on our revenue-building initiatives, which will
be reflected in future quarters," said Hermes Chan, president and CEO, MedMira
Inc. "This quarter saw the completion of a 15-month long search and evaluation
for the right outsourced manufacturing partner, which we found in Shenzhen
Kang Sheng Bao Bio-Technology Co., Ltd. (KSB). This partnership helps MedMira
compete more effectively in high volume, price-driven developing markets such
as Africa, Asia, and Latin America."
    In addition to outsourced manufacturing, MedMira re-prioritized strategic
partnerships as a key initiative in advancing the Company's exposure to global
markets and the opportunities that exist within these markets for MedMira's
rapid diagnostics.
    Mr. Chan continued, "We are intensifying our discussions with strategic
partners that can bring us sales in key global markets, as well as contract
research and OEM manufacturing opportunities. Momentum continues to build and
subsequent to the close of this quarter we signed on both a private label
partner for Africa as well as a sales and marketing partner for Latin America,
the Caribbean, and the Middle East."

    Second Quarter Financial Results

    Overall gross margin for the quarter was 57%, compared to 49% last year.
Internal and general operating expenses have been decreased to $798 thousand
compared to $904 thousand in the same period last year, a reduction of 11.7%.
    Product sales in the second quarter were $197 thousand with a net loss
for the quarter of $1.2 million or $0.01 per share compared with a net loss of
$632 thousand or $0.01 per share in the same period last year.
    For the six months ended January 31, 2009 product sales were $575
thousand compared to $854 thousand in the previous year. The net loss for the
six month period was $2.9 million or $0.027 per share compared to a loss of
$2.1 million or $0.03 per share for the same period last year.

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals with reliable, rapid diagnosis for diseases such as HIV and
hepatitis C in just three minutes. The company's tests are sold under the
Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global
markets. MedMira's rapid HIV test is the only 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's website at
www.medmira.com.

    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.
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For further information: MedMira: Andrea Young, Corporate
Communications, (902) 450-1588, ayoung@medmira.com