MedMira Inc. (TSXV:MIR) has achieved significant regulatory milestones in Canada while advancing its US regulatory efforts, marking a pivotal moment in the company's expansion of its diagnostic testing portfolio.
Health Canada Approval and Market Expansion
The Halifax-based diagnostics company received Health Canada's Medical Device License for its Multiplo® TP/HIV test for professional use on December 24, 2025. This approval enables MedMira to launch the product in the Canadian market starting January 2025, supported by an established network of distribution partners including laboratories and hospitals.
In response to the growing syphilis pandemic in North America, MedMira has partnered with REACH Nexus at St. Michael's Hospital's MAP Centre for Urban Health Solutions. The collaboration secured full funding from the Canadian Institute of Health Research (CIHR) for clinical trials of its Multiplo® Complete Syphilis (TP/nTP) Antibody Test.
US Regulatory Progress and Clinical Trials
The company reports substantial advancement in its FDA CLIA-waiver clinical trials for the Reveal® G4 HIV-1/2 rapid test in the United States. These regulatory initiatives have contributed to increased operational expenses, with general and administrative costs rising as the clinical trials progress.
Financial Performance
The first quarter of fiscal year 2025 revealed challenging financial metrics:
- Revenue decreased to $61,723 from $117,862 in the same period last year
- Gross profit declined to $52,778 compared to $70,633 in Q1 FY2024
- Operating expenses increased significantly to $1,111,283 from $668,729
- Net loss widened to $1,300,549 from $780,360 year-over-year
The company's working capital deficit increased by 8% compared to the previous quarter, reaching $1,398,803. Current liabilities saw a 2% increase, primarily due to loans becoming due within the next twelve months.
Strategic Outlook
MedMira anticipates higher-than-expected revenue growth in the Canadian market in upcoming quarters, driven by demand for affordable and high-quality testing solutions. The company is also exploring expansion of its applications to non-professional healthcare users, aiming to reach markets beyond traditional healthcare settings.
The company expects to receive immediate regulatory licenses for its Reveal® TP (Syphilis) Antibody Test and Reveal® G4 HIV-1/2 Antibody Test, following the Multiplo® TP HIV approval. This expanded product portfolio positions MedMira to increase its market presence and provide specialized solutions for different healthcare professionals.
