MedMira acquires SensorChem for C$2.1 million

By Angela McDaniels

Seattle, Dec. 15 - MedMira Inc., said it has formed an acquisition agreement with SensorChem International Corp. and will purchase all of SensorChem's outstanding common shares for a C$2,066,729.

MedMira will issue 2,952,471 common shares at a price of C$0.70, including 414,795 common shares issued to a director of MedMira.

MedMira said it acquired the company in order to bring SensorChem's acoustic-wave based, biosensor technology platform to international diagnostic markets.

"Over the past few years, we have spent considerable time and resources in thoroughly evaluating up and coming breakthrough technologies," MedMira chairman and chief executive officer Stephen Sham said in a company news release.

"In acquiring SensorChem, we are strategically moving our product offering forward to meet the demands of our customers."

SensorChem will continue to operate as a wholly owned subsidiary of MedMira, the company said.

The transaction is subject to the approval of the TSX Venture Exchange and the shareholders of SensorChem.

Based in Halifax, N.S., MedMira is a manufacturer and marketer of in vitro flow-through rapid diagnostic tests. MedMira's tests provide diagnosis in three minutes for the detection of human antibodies in human serum, plasma or whole blood for diseases such as HIV and hepatitis C.

SensorChem is a Toronto-based biotechnology company.

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