Miraculins Inc. Announces Completion of PREVU Skin Cholesterol Test Acquisition
Published: Sep 03, 2010
WINNIPEG, MANITOBA--(Marketwire - September 03, 2010) - Miraculins Inc. (TSX VENTURE: MOM), a medical diagnostic company focused on developing and commercializing diagnostic tests for unmet clinical needs, is pleased to announce that it has completed the acquisition from PreMD Inc. of all assets relating to the PREVU(i) Skin Cholesterol Test. PREVU(i) is a simple, non-invasive, inexpensive test that addresses the major worldwide market of cardiovascular risk assessment. PREVU(i) has been cleared for sale in the US by the FDA (Food and Drug Administration). It has also received regulatory clearance for sale in Canada and Europe and was successfully test marketed in the US and Canada.
"With the completion of the acquisition we can now begin to focus on implementing our plan to launch the PREVU(i) Skin Cholesterol Test and join the fight against cardiovascular disease, the leading cause of death worldwide," said Christopher J. Moreau president and CEO of Miraculins. "Miraculins looks forward to creating value for our shareholders as we work to realize our vision for this product."
As previously announced, the purchase price for the PREVU(i) Skin Cholesterol Test consists of a combination of cash, shares of Miraculins and an ongoing royalty. Miraculins has the right to buy-out the ongoing royalty at anytime for a one-time cash payment.
The PREVU(i) 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 coronary artery disease risk assessment. Skin contains over 11 percent 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(i) 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 Alere Inc. (formerly Inverness Medical Innovations) (NYSE: ALR), one of the world's largest diagnostic companies. For more information on Miraculins please visit www.miraculins.com.
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"), such as statements regarding our implementation of plans to launch the PREVU(i) Skin .Cholesterol Test and create value for our shareholders. 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: the satisfaction of all of the closing conditions of the transaction, 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Company Contact: Miraculins Inc.
Christopher J. Moreau
President and CEO
Investor Relations Contact: CHF Investor Relations
Senior Account Manager
CHF Investor Relations
Senior Account Manager