to MedMira racks loss of $ 1.6 million in the last quarter

The losses mounted MedMira Inc. in its latest quarter. But in the course of action to improve its balance sheet, said the head of the medical testing company in Halifax, his company is ready to be a time of expansion. MedMira, which makes rapid diagnostic tests, has lost 1.6 million or six cents per share, in the three months ended 30 April. This was almost double the $ 881.324 it lost in the same quarter a year ago. Proceeds from the sale fell by 35 percent to 189 $, 398 in the last quarter. Hermes Chan, head of MedMira CEO, said Monday the big mess because of the turnover of long sales cycles for our products in international markets. "The progress we make in our ongoing initiatives for business development is not reflected in these results," Chan said via e-mail. In fact, announced last month that MedMira Andurja Holdings AG, headquartered in Lucerne, had 6 million dollars was spent for its stake in MedMira to almost 59 percent to 40 percent. MedMira used the money to eliminate nearly $ 12 million debt. "The work is based on a number of fronts ... where the registry, and more rules were previously beyond the financial track available to us," said Chan. "With the elimination of more than $ 11.8 million of debt, is now capable of much better positioned to take advantage of these opportunities and creating new ones." MedMira diagnostic tests provide hospitals, labs, clinics and individuals with reliable, rapid diagnosis of diseases such as HIV and hepatitis C in 3 minutes. His flow-through rapid HIV test is the only one in the world to regulatory approval in Canada, the United States, China and the EU to win. MedMira share closed on Friday by more than five cents per piece on the TSX Venture Exchange. Markets were closed Monday in Canada.