MedMira obtains C$2 million line of credit

By Jennifer Chiou

New York, Aug. 4 - MedMira Inc. said it has obtained a C$2 million secured operating line of credit with RBC Royal Bank.

The line of credit is secured by a guarantee from the Province of Nova Scotia.

MedMira, which has provided a lien on its assets, said proceeds are to be used primarily for working capital purposes, research and development.

"MedMira Inc. is a key player in the emerging Nova Scotia life sciences industry and the global rapid diagnostics market," RBC Royal Bank senior account manager Paul Grundy said in a news release.

Stephen Sham, chairman and chief executive officer of MedMira, said in the release: "Our relationship with RBC Royal Bank, supported by the Province of Nova Scotia, will allow us to continue to grow our business, meeting the growing demand for rapid HIV tests and other innovative solutions in the world marketplace."

The Halifax, N.S., manufacturer and marketer of in vitro flow-through rapid diagnostic tests completed a private placement of 20% one-year convertible debentures for $1.4 million on April 15.

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