MedMira Inc. (MMIRF)

[Paraceratherium]

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.com to 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.”