Mr. Markus Meile reports

MEDMIRA REPORTS THIRD QUARTER RESULTS FY2024

Medmira Inc. has released its financial results for the quarter ended April 30, 2024.

Corporate update

In third quarter fiscal 2024, Medmira focused on the launch of Medmira's latest U.S. Food and Drug Administration-approved Reveal G4 rapid HIV 1/2 antibody test and continued its regulatory work in Canada and the United States. At the same time, the company collaborated with a third party to complete Medmira's next commercial prototype for its patented MiROQ system.

Medmira launched the Reveal G4 rapid HIV 1/2 with its existing distribution partners and secured a number of direct clients through Medmira's United States-based sales team. As a result, the company was able to close a number of strategically important key accounts. In addition, the company partnered with new distributors such as Thomas Scientific to complement Medmira's existing distribution partners (VWR/Avantor), Cardinal Health and Medline Industries. This allows the company to reach the majority of the hospital and laboratory market in the United States and in Canada.

Subsequent to Q3 FY 2024, the company received the award confirmation for its latest funded clinical trials in Canada. ReachNexus has committed to fully finance and support Medmira's Health Canada approval, including the multimillion-dollar clinical trials. Medmira's unique complete syphilis (Tp/nTP) test has been selected for this award. Medmira will issue a press release after July 17, 2024, at the time the official announcement has been made by the funding agency.

Profit and loss highlights:

• Revenue: The company recorded revenues in Q3 FY 2024 of $81,548 compared with second quarter FY 2024 $148,696 and $106,010 in the same period last year.
• Gross profit: The company recorded a gross profit in Q2 FY 2024 of $50,305 compared with $68,137 in Q2 FY 2024 and $71,257 in the same period last year.
• Operating expenses: The company recorded for this quarter operating expenses of $653,398 compared with $579,374 in Q2 FY 2024 and $693,673 in the same period last year.
• Net loss: The company recorded a net loss of $603,093 compared with a loss of $632,416 for the same period last year.

Balance sheet highlights:

• Assets: The company recorded an increase of its assets by $1,899,329 between Q2 FY 2024 and Q3 FY 2024, which was mainly due to the cash received from an investor.
• Liabilities: The company's liabilities increased by $2,679,476 between Q2 FY 2024 and Q3 FY 2024. The company's current liabilities increased by $2,750,899, which was mainly due to an increase in advances.
• Loans in default decreased by $6,309 due to the fluctuations in the U.S. dollar and the Swiss franc. All other long- and short-term debts are currently under negotiation to restructure terms and conditions of repayment.
• Working capital deficit: As a result of the changes noted above, the company recorded a lower working capital deficit of $796,370 or 5 per cent compared with last quarter.

The company's financial statements and management's discussion and analysis are available on the company's profile on SEDAR+. For matters of going concern, reference is made to the auditor's emphasis of matter statement in the fiscal year ended 2023 auditor report and Note 2b in the audited financial statements, which are also available on SEDAR+.

About Medmira Inc.

Medmira is the developer and owner of rapid vertical flow technology. The company's rapid test applications built on RVF technology provide hospitals, labs, clinics and individuals with instant diagnosis for diseases such as HIV and hepatitis C in just three easy steps. The company's tests are sold under the Reveal, Multiplo and Miriad brands in global markets. Medmira's corporate offices and manufacturing facilities are located in Halifax, N.S., Canada, and the company has a sales and customer service office located in the United States.

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