Mr. Hermes Chan reports

MEDMIRA REPORTS FIRST QUARTER RESULTS

MedMira Inc. has released its financial results for the three-month period ended Oct. 31, 2011.

"MedMira experienced an increase in overall sales revenue for the first quarter due to sales growth in the Asia Pacific region. The major source of growth for this region was in China with the company's strategic business development and manufacturing partner, Triplex International Biosciences Co. Ltd.," said Hermes Chan, chief executive officer, MedMira. "Together with Triplex, we are gaining momentum in China, particularly in the public health sector. The performance and quality found in MedMira products is becoming a critical factor in many of the recent Triplex wins."

Mr. Chan continued: "Business development initiatives continue to advance at various rates in many other markets, including the Middle East, Africa and Southeast Asia. However, the ongoing delays in some public tender processes in African have created extended sales cycles, and other regions remain challenging and unpredictable. Even with these market conditions, MedMira and its partners are making positive steps forward and using various strategies to reach short-term and long-term sales success."

Financial highlights

The company recorded revenue from product sales of $234,773 as compared with $176,861 for the same period last year.

The revenue increase was primarily attributable to the company's increased sales in Asia Pacific during the first quarter. The company recorded revenue from Asia Pacific product sales of $99,133 as compared with $221 for the same period last year.

Gross profit for the quarter was $146,479 compared with $85,771 in the same period in 2010.

Total operating expenses increased to $682,759 in the quarter ended Oct. 31, 2011, compared with $535,662 during the same period in 2010. The increase in operating expenses resulted from increased labour costs, regulatory and professional fees, and research and development costs incurred as part of the U.S. military project.

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