MedMira Inc. has announced its financial results for the year ended July 31, 2024, alongside key updates on its diagnostic test development programs. A significant highlight is the Reveal® G4 Rapid HIV-1/2 antibody test, which achieved 100% specificity in completed clinical trials, alongside 100% sensitivity for HIV-1 and HIV-2.
Reveal® G4 HIV-1/2 Rapid Test: Clinical Trial Success and CLIA Waiver Pursuit
The Reveal® G4 HIV-1/2 rapid antibody test's ability to detect early HIV-2 infections is a crucial advantage, allowing CLIA laboratories, clinics, and hospitals to utilize the test for comprehensive HIV screening. Following FDA 510(k) approval, MedMira initiated clinical trials in the U.S. to secure a CLIA waived approval for the Reveal® G4 HIV-1/2 rapid test. The company anticipates providing an update on its regulatory status in early 2025, with expectations of a final date for approval at that time.
Syphilis Test Development and Regulatory Submissions
MedMira has also completed clinical trials for its Syphilis rapid test and submitted the data to Health Canada's In Vitro Diagnostic Division, Medical Device Directorate. The company is awaiting approvals for its Reveal® TP (Syphilis) rapid test, along with two additional rapid tests, in Canada.
Expansion Through Strategic Partnerships
In Q4 FY2024, MedMira signed two partnership agreements for the distribution of its current and future product lines in the United States. Subsequent to the financial year end, two additional distribution agreements were signed to target federal and state tenders in the US, in preparation of the Q1 FY2025 awards period. These partnerships aim to expand the company's presence and outreach for its Reveal® G4 HIV-1/2 rapid test and Miriad® product line, while preparing for the anticipated approval of the Reveal® G4 HIV-1/2 rapid test CLIA waived product.
Addressing the Syphilis Pandemic
MedMira, in partnership with REACH Nexus at St. Michael's Hospital's MAP Centre for Urban Health Solutions, has received funding from the Canadian Institute of Health Research (CIHR) for clinical trials of its Multiplo®Complete Syphilis (TP/nTP) Antibody Test (Multiplo® TP/nTP). This funding responds to concerns about the increasing rates of syphilis in North America. CDC data indicates a 61% increase in syphilis cases and a 106% increase among newborns between 2019 and 2023 in the US. Similarly, Canada has seen a 109% increase in syphilis infections since 2018 and a 599% increase among newborns, according to CCDR.
MedMira is focusing its product portfolio on detecting asymptomatic infections for sexually transmitted diseases like HIV, Syphilis, and Hepatitis C. The company aims to obtain regulatory approvals in Canada and the U.S. to offer rapid testing solutions. The stringent regulatory processes in these markets create high entry barriers, resulting in less competition and a potentially higher return on investment.
