Attention Business/Financial Editors:

MedMira Announces Fourth Quarter and Year End Results

    HALIFAX, Nov. 28 /CNW/ - MedMira Inc., ("MedMira") (TSX Venture: MIR,
NASDAQ: MMIRF) a developer and marketer of rapid diagnostics, today announced
its financial results for the three month and year end periods ending July 31,
2008.
    "FY 2008 proved to be a challenging year for MedMira with fiscal and
market pressures contributing to the Company's inability to meet sales and
revenue expectations. We continue to move forward with a streamlined approach
to managing our resources, operating costs and expenses," said Hermes Chan,
President and CEO, MedMira Inc. "During the year MedMira achieved a number of
critical steps in the development of new revenue channels for the company,
including licensing and public health opportunities. We secured patents in the
United States and China, completing IP protection for our most valuable asset
in three major global markets, the third being Europe. This patent protection
enables us to move forward with our licensing plans for our award-winning
Rapid Flow-Through technology platform."
    Due to the higher labor and material cost, a decrease from 47% to 35.3%
in the overall operating margins for FY 08 was recorded. As the reduction of
the manufacturing cost from outsourcing is realized, management fully expects
to see a significant improvement of the overall margins in the coming year.
The net loss of the year was 7.0 million or $0.09 per share which included a
Non-Cash, Impairment Loss Write-Down of $1.7 million (.02 per share) compared
to $6.3 million or $0.10 per share for the same period last year. For the year
ended July 31, 2008 operating expenses were $3.8 million compared to $4.4
million last year.
    "This year MedMira became approved suppliers to both USAID (United States
Agency for International Development) and PAHO (Pan American Health
Organization) and we submitted our rapid HIV test to the WHO's (World Health
Organization) revamped Diagnostic Prequalification Programme. These are all
significant steps in creating new revenue streams for MedMira from large
public health tenders and programs," continued Chan.

    About MedMira

    MedMira is a leading developer and manufacturer of flow-through rapid
diagnostics. The company's tests provide hospitals, labs, clinics and
individuals with reliable, rapid diagnosis for diseases such as HIV and
hepatitis C in just three minutes. The company's tests are sold under the
Reveal(R), MiraWell(R), MiraCare(TM) and Multiplo(TM) brands in global
markets. MedMira's rapid HIV test is the only one in the world to achieve
regulatory approvals in Canada, the United States, China and the European
Union. MedMira's corporate offices and manufacturing facilities are located in
Halifax, Nova Scotia, Canada. For more information visit MedMira's website at
www.medmira.com.

    This news release contains forward-looking statements, which involve risk
and uncertainties and reflect the company's current expectation regarding
future events. Actual events could materially differ from those projected
herein and depend on a number of factors including, but not limited to,
changing market conditions, successful and timely completion of clinical
studies, uncertainties related to the regulatory approval process,
establishment of corporate alliances and other risks detailed from time to
time in the company quarterly filings.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this statement.
    %SEDAR: 00013053E

For further information: Dr. James Smith, Investor Relations & Corporate
Affairs, (902) 450-1588, ir@medmira.com; Andrea Young, Corporate
Communications, (902) 450-1588, media@medmira.com