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Miraculins Inc. (MOM) Completes Agreements with Diagnostic Technologies Ltd. and CIIRDF


6/25/2009 7:03:32 AM

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Miraculins Inc., a Canadian company focused on developing and commercializing medical diagnostic tests for unmet clinical needs, is pleased to announce the finalization of a Research Collaboration Agreement with Diagnostic Technologies Ltd. (DTL), an Israel based developer of diagnostic kits and devices for monitoring pregnancy disorders. In addition, Miraculins also announces the execution of a Cooperation and Project Funding Agreement with DTL and CIIRDF (Canada-Israel Industrial Research and Development Foundation).

With the completion of these Agreements, Miraculins has now completed the requisites for obtaining the first payment of $156,000 from its $467,000 share of the previously approved grant funding for a joint research and development project entitled "Marker and test platform to assess preeclampsia risk." The full grant is payable in three equal tranches over a two year period.

"We are very pleased with the support from the CIIRDF of our joint project and look forward to a productive relationship with the team from DTL", stated Christopher J. Moreau, President & Chief Executive Officer of Miraculins Inc. "As our responsibilities under the project are largely aligned with our preeclampsia research program, we are pleased to be able to access additional non-dilutive capital to advance our lead research program. The potential commercialization of a product through our collaboration with DTL could help us to achieve increased access to global markets and help improve outcomes for expectant mothers and their children throughout the world."

In addition to looking at a number of biomarkers from Miraculins suite, including endoglin, a cell surface glycoprotein which was recently the key focus of a major study published in the New England Journal of Medicine entitled "Soluable Endoglin and Other Circulating Antiangiogenic Factors in Preeclampsia", the approximately $1.6 Million project will also leverage DTL's biomarker PP13 , a protein expressed in the placenta and currently used for preeclampsia risk assessment in the first trimester.

Through the research project the parties will collaborate to develop and test the performance of combinations of biomarkers for preeclampsia risk. Key components of the project include the collection of a large cohort of clinical samples from pregnant women throughout pregnancy, the development of reagents and assays for a number of markers from Miraculins preeclampsia suite, and the development of algorithms and software for combining the markers.

"Despite recent advances like the commercialization of PP13, preeclampsia continues to affect 3 million mothers worldwide every year and be a major cause of suffering through premature births and infant illness including cerebral palsy, blindness, epilepsy, deafness and lung conditions", added Dr. Stephen Frost, Director of Research and Development for Miraculins Inc. "The goal of our collaboration with DTL is to provide new diagnostic tools in the first trimester of pregnancy to aid physicians in the risk assessment of preeclampsia. These tools will be built upon the strong base provided by PP13, endoglin and other protein markers, the strength of research from our technology inventor, Dr. Isabella Caniggia, and the substantial expertise of key opinion leaders associated with DTL."

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.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. Contact:

Contacts: Miraculins Inc. Christopher J. Moreau President and CEO 204-477-7599 204-453-1546 (FAX) info@miraculins.com www.miraculins.com

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