Beijing Bound: Chinese Biotech Giant Pursues Deal with Canada's Miraculins

October 16, 2013

Less than 60 days after acquiring its non-invasive diabetes screening test technology, Canadian biotech firm Miraculins Inc. [TSX-V: MOM] is planning to expand into China. Now bound for Beijing, President and CEO Chris Moreau is set to meet with the heads of Cachet Pharmaceutical, an approximately $700 million USD market cap company with the intention of spreading Miraculins' Scout DS technology to the massive Chinese marketplace.

The spread of diabetes is a rapidly growing problem in China. Overall prevalence of diabetes in China was estimated to be 11.6% of the population. However, the diagnosis rates of the disease are still low, with an overall rate estimated to be 3.5% whereas undiagnosed is believed to be another 8.1%. Another recent study indicates that the country has approximately 114 million people with diabetes, with 40% of 18-20 year olds and 47% of 30-39 years being prediabetic.

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