WINNIPEG, Manitoba – May 10, 2010 - Miraculins Inc. (TSX-V:MOM), a medical diagnostic company focused on developing and commercializing diagnostic tests for unmet clinical needs is pleased to announce that it has signed a letter of intent (LOI) with PreMD Inc. to license the exclusive worldwide rights to the PreVu Skin Cholesterol Test, a simple non-invasive diagnostic test for the quantification of skin tissue cholesterol (skin sterol). Developed as a cost effective method of assisting with the risk assessment of coronary artery disease (CAD), the product has received FDA clearance and has been successfully test marketed in the United States and Canada.
The LOI sets out the key financial terms of the proposed license including an upfront fee, ongoing royalties and a future buyout provision. As per the terms of the LOI, Miraculins has an exclusive period to conclude its due diligence process and to finalize definitive documentation. The execution of definitive documentation and the completion of the transaction is subject to all necessary contractual, regulatory and corporate approvals of each of Miraculins and PreMD and the completion of satisfactory due diligence by Miraculins.
As a relatively new risk factor for heart disease, skin cholesterol provides valuable additional information for CAD risk assessment. Skin contains over 11% of the body’s cholesterol and ages in parallel with vascular connective tissue. As blood vessel walls accumulate cholesterol, so does skin tissue. A high skin cholesterol level is a reliable predictor of higher cholesterol accumulation in the arteries and, accordingly, risk of heart disease.
The test has been cleared in important jurisdictions such as Europe and Canada as a general part of CAD risk assessment. In the United States, the test has received clearance as an adjunct to current risk assessment procedures for patients considered at risk for CAD.
“The PreVu Skin Cholesterol test represents a tremendous business opportunity for Miraculins and we plan to aggressively target the growing worldwide coronary artery disease risk assessment market,” stated Christopher J. Moreau, President and CEO of Miraculins. “As the first FDA cleared product in our pipeline, this test would represent another step towards Miraculins’ goal of becoming a world class diagnostic company.”
“We are excited about the possibility of seeing the PreVu test given new life through partnership with Miraculins,” said Dr. Brent Norton, President of PreMD Inc. “Miraculins has a unique opportunity to quickly unlock the technology’s value and bring this product to the broader marketplace where it can help patients.”
Further updates will be provided upon the execution of definitive documentation. There is, however, no assurance that the parties will enter into definitive documentation or complete the transaction contemplated by the LOI. If the definitive documentation is not entered into by the parties, or the exclusivity period is not extended by the parties, on or before August 7, 2010, the LOI will expire. Bloom Burton & Co. is advising on the transaction.
About PreVu
The PREVU* Skin Cholesterol Test non-invasively and painlessly measures skin tissue cholesterol, or skin cholesterol. As a new risk factor for heart disease, skin cholesterol provides valuable additional information to traditional CAD risk assessment. Skin contains over 11% of the body’s cholesterol and ages in parallel with vascular connective tissue. As blood vessel walls accumulate cholesterol, so does skin tissue. A high skin cholesterol level is a reliable predictor of higher cholesterol accumulation in the arteries and, accordingly, risk of heart disease. For further information about PreVu visit www.prevu.com.
About Miraculins Inc.
Miraculins is a medical diagnostic development company focused on non-invasive tests for unmet clinical needs. Miraculins is bridging the gap between commercially available diagnostic tests and research conducted at leading research institutions around the world. The Company’s lead program, a suite of biomarkers for preeclampsia, is partnered with Inverness Medical Innovations (NYSE:IMA), one of the world’s largest diagnostic companies.
For more information, please contact:
Christopher J. Moreau
President and CEO
Miraculins Inc.
Ph: 204-477-7599
Fax: 204-453-1546
info@miraculins.com
www.miraculins.com