MedMira Announces VYRA™ CoV2Flu and Additional Regulatory Opportunities

VYRA™ CoV2Flu Rapid Antigen Rapid Test.

HALIFAX, Nova Scotia, Dec. 21, 2021 (GLOBE NEWSWIRE) — Today, MedMira Inc. (MedMira) (TSXV: MIR) announces the expansion of its VYRA™ product line by launching its VYRA™ CoV2Flu Rapid Antigen Rapid Test (VYRA™ CoV2Flu). Based on MedMira’s proprietary technology, this 3-in-1 test is developed to distinguish between SARS-CoV-2 and Influenza A or B infections. Furthermore, the Company takes advantage of the latest regulatory development surrounding the US FDA De Novo/510(k) clearance processes by applying for its COVID-19 products.

The VYRA™ CoV2Flu Test simultaneously detects the Nucleocapsid antigens of SARS-CoV-2, Influenza A and B. Three distinguish results can be obtained in a matter of a few minutes. The test has demonstrated the ability to detect the Influenza A and B viruses from a testing panel including the Influenza A (Brisbane/59/07, Brisbane/10/07, Perth/16/2009, Solomon Islands/03/2006, New Caledonia/20/99, Swine NY/01/2009 and Swine Canada/6294/09) and the Influenza B (Lee/40, Florida/02/2006, Brisbane/33/2008, Panama/45/90). These positive specimens are all confirmed by FDA cleared Influenza rapid tests.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11cd6646-3125-45c0-b923-aab0c7b80fe1

“We believe our VYRA™ CoV2Flu product will meet the customer needs to distinguish between COVID-19 and Influenza. With MedMira’s unique RVF® technology we are able to achieve three results with only one sample and just in less than 3 minutes. MedMira is seeking CE Marking for VYRA™ CoV2Flu concurrently to our EUA and De Novo/510(k) route in the United States. We anticipate the product launch first in Europe in early 2022, together with our REVEALCOVID-19® product line, and subsequently launch VYRA™ CoV2Flu in the USA.” said Hermes Chan, CEO of MedMira Inc. “Furthermore, we are excited that the FDA has announced its plan to issue the final ruling of the De Novo/510(k) approval in early January 2022 to provide clarity and transparency about the FDA’s expectations and processes for De Novo classification to FDA reviewers, medical device industry, stakeholders, and the public. This will allow MedMira to have a clear path in terms of timing and product launch. While the EUA process is still an on-going and important step forward, we believe that a formal FDA approved product would be preferable by the current and future customers.”

The FDA issued a Final Rule regarding the De Novo/510(k) Classification Request process, a fast and efficient pathway for manufacturers of novel medical devices seeking marketing authorization as a Class I or Class II device. The advantages of the De Novo Classification Request for new devices include expeditious review times and a fixed classification decision lending to more certainty within the device’s regulatory lifespan. These advantages align with MedMira’s long-term vision for its upcoming SARS-CoV-2 diagnostic devices, and the Company is prepared to submit a De Novo Classification Request for our REVEALCOVID-19® and VYRA™ products when the rule becomes effective in January 2022. MedMira’s most recent certification for Medical Device Single Audit Program (MDSAP), completion of the FDA routine inspection and detailed preparation will contribute to a straightforward review by the FDA. The De Novo/510(k) applications will be in parallel to the EUA applications.

About MedMira

MedMira is a leading developer and manufacturer of Rapid Vertical Flow® diagnostics. The Company’s tests provide hospitals, labs, clinics and individuals with instant disease diagnosis, such as HIV, Syphilis, Hepatitis, and SARS-CoV-2, in just three easy steps. The Company’s tests are sold globally under the REVEAL®, REVEALCOVID-19® , Multiplo® and Miriad® brands. Based on its patented Rapid Vertical Flow® Technology, 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.com. Follow us on Twitter and LinkedIn.

This news release contains forward‐looking statements, which involve risk and uncertainties and reflect the Company’s current expectation regarding future events, including statements regarding possible regulatory approval, product launch, future growth, and new business opportunities. 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.

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MedMira Contact
Markus Meile
Chief Financial Officer
MedMira Inc.
ir@medmira.com