WINNIPEG, MANITOBA--(Marketwire - May 20, 2009) - Miraculins Inc. (TSX VENTURE: MOM), a Canadian medical diagnostic company focused on developing and commercializing diagnostic tests for unmet clinical needs and Diagnostic Technologies Ltd. (DTL), an Israel based developer of diagnostic kits and devices for monitoring pregnancies at risk are pleased to announce they have been notified by the CIIRDF (Canada-Israel Industrial Research and Development Foundation) of the approval of $782,000 in grant funding, over a two year period, for a joint research and development project.
The estimated $1.6 million project will see the Companies develop products for preeclampsia risk assessment, including multi-marker algorithm approaches. Preeclampsia is a devastating disease of pregnancy that affects 3-7% of all pregnant women. This disease is the leading cause of maternal and prenatal deaths worldwide, and the early identification of mothers at risk of developing preeclampsia is expected to help manage pregnancy and ensure better outcomes for pregnant women and their families.
The CIIRDF was established in 1994 to promote collaborative R&D between companies in Israel and Canada. CIIRDF is involved in three broad complementary activities, including promoting and marketing the benefits of joint Canadian-Israeli R&D collaboration, matching companies in one country seeking a research partner in the other and supporting projects by contributing up to 50% of the joint R&D costs.
The grant funding is dependent upon the completion of a collaboration agreement between Miraculins and DTL and a final co-operation and project funding agreement between the parties and the CIIRDF. Both agreements are expected to be completed in the next thirty days.
About Diagnostic Technologies Ltd. (DTL)
DTL, is a private company that has a highly sensitive immunoassay for the quantitative determination of placental protein 13 (PP13) in maternal serum for prediction pregnancy disorders. The current test is aimed at the prediction of the risk for preeclampsia. The company's in vitro ELISA-based test utilizes a simple blood test for the early prediction of preeclampsia, a test used already in Israel and in Europe and in the final stages of submission to the FDA. On Jan. 31, 2006, PerkinElmer, Inc. (NYSE: PKI), a world leader in Health Sciences and Photonics, announced that it had secured the exclusive global rights to PP13 for identifying patients at risk for preeclampsia developed by DTL.
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 is executing a development plan for its suite of biomarkers for preeclampsia including the biomarker endoglin, the lead marker in the suite, to develop a serum based test for risk of preeclampsia. The Company's other lead program is the development of a prostate cancer diagnostic. Miraculins has successfully developed a urine based immunoassay for PSP94, its key prostate cancer marker, and is exploring commercialization opportunities for its intellectual property on PSP94's use in combination with other markers for detecting and differentiating high grade prostate cancer.
Caution Regarding Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
These statements reflect management's current beliefs and are based on information currently available to management. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: Miraculins' early stage of development, lack of product revenues and history of operating losses, uncertainties related to clinical trials and product development, rapid technological change, uncertainties related to forecasts, competition, potential product liability, additional financing requirements and access to capital, unproven markets, supply of raw materials, income tax matters, management of growth, partnerships for development and commercialization of technology, effects of insurers' willingness to pay for products, system failures, dependence on key personnel, foreign currency risk, risks related to regulatory matters and risks related to intellectual property and other risks detailed from time to time in Miraculins' filings with Canadian securities regulatory authorities, as well as Miraculins' ability to anticipate and manage the risks associated with the foregoing. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in the body of this news release. Miraculins cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on Miraculins' forward-looking statements to make decisions with respect to Miraculins investors and others should carefully consider the foregoing factors and other uncertainties and potential events.
These risks and uncertainties should be considered carefully and prospective investors should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, Miraculins cannot provide assurance that actual results will be consistent with these forward-looking statements. Miraculins undertakes no obligation to update or revise any forward-looking statement.
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