A US Institution Invests $1 Million in MedMira

FOR IMMEDIATE RELEASE
A US Institution Invests $1 Million in MedMira
Capital Infusion to Support Sales and Marketing Initiatives in Strategic Markets
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Halifax, Nova Scotia, May 23, 2008 – MedMira Inc., (“MedMira”) (TSX Venture: MIR, NASDAQ:
MMIRF), a global market leader in premium rapid diagnostic solutions, announced today that it
has entered in to an agreement with YA Global Investments LP, a US-based private equity fund,
for the issuance of a USD $1,000,000 convertible debenture. Under the terms of the agreement, the
debenture will bear interest of 10% per annum and be subject to a one-time fee of 5.5% of the
debenture amount. The debenture is convertible in whole or in part into common shares of
MedMira at $.259 per share at any time during the term of the debenture and matures November
20, 2008. The debenture is repayable either by way of cash or shares issuable under a subscription
agreement entered into by both parties on September 6, 2005 and subject to a prospectus filed by
the company on March 17, 2008. Both of these documents can be viewed on our website at
www.medmira.com and on SEDAR at www.sedar.com.
This investment, accompanied by a $5 million private placement for which MedMira engaged
Loewen Ondaatje McCutcheon Limited in March 2008, will enable the Company to step up various
sales and marketing activities in key international markets including new regulatory approvals in
the US, a strategic sales program for the Multiplo product line, and global strategic partnerships
generating licensing opportunities for the Company’s patented rapid flow-through platform.
“Accelerating our sales and marketing drive in priority markets is key to MedMira’s future growth.
With this initial financing in place we can move forward to capitalize on the opportunities at
hand,” said Hermes Chan, president and CEO of MedMira. “Access to these funds also allows us
to continue on a path towards long-term growth, development of sustainable revenue streams, and
increased value for our shareholders. MedMira is uniquely positioned to capitalize on key
opportunities in the US and international markets and we are pleased to have this initial support
from YA Global Investments.