Welcome!

News Feed Item

Miraculins Signs Letter of Intent for PreVu(R) Distribution in India With $4 Million USD in Minimum Sales Revenues Projected Over Term

WINNIPEG, MANITOBA -- (Marketwired) -- 06/18/14 -- Miraculins Inc. (TSX VENTURE:MOM) ("Miraculins" or the "Company"), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, today announces that it has executed a Letter of Intent ("LOI") with Citizen Doctor Pvt. Ltd. ("CDPL"), an Indian healthcare services company, to appoint CDPL as the exclusive distributor for the PreVu® Non-invasive Skin Cholesterol Point-of-Care (POC) Test in India. The LOI also provides for the assignment of non-exclusive distribution rights for PreVu® POC to CDPL in certain other Asian countries.

The non-binding LOI has established the principal terms and conditions of the proposed distribution agreement (the "Agreement") between Miraculins and CDPL, exclusively for India and non-exclusively for certain other Asian countries, including PreVu® POC Spectrophotometer and Reagent Kit pricing, upfront and milestone payments, product ordering and diligence requirements, and ongoing responsibilities of the parties. In addition, CDPL would place a guaranteed first order for 20,000 PreVu® POC tests on signing of the Agreement, which would be activated upon Indian regulatory clearance. The LOI provides the parties with a period of 90 days within which to finalize definitive documentation for the Agreement.

The term of the Agreement would extend for five years from the date of Indian regulatory clearance, subject to minimum annual order quantities by CDPL. If minimum orders were met, this would represent a total order value of approximately $4 Million USD in projected PreVu® Spectrophotometer and Reagent Kit sales over the length of the term. Miraculins would be responsible for leading the Indian regulatory clearance process, with its related costs being the responsibility of CDPL. Guidance and support for the regulatory process would be provided by CDPL as necessary.

With India being a country that relies heavily on predicate country regulatory clearances as regards healthcare products, it is anticipated that the regulatory clearances PreVu® POC has already received in Canada, the European Union, and the U.S., will be advantageous to the process.

Upon clearance of the PreVu® POC in India, CDPL would be responsible for all sales and marketing costs. Miraculins would provide sales and marketing guidance and training support as required. Miraculins would retain the right to establish programs for ongoing device servicing and maintenance once the PreVu® POC devices begin to be sold into the field.

"This is a very important development in the continuing effort to establish PreVu® POC as a new clinical tool to assist with coronary artery disease risk assessment worldwide," stated Paul Moreau, Vice-President, Sales and Marketing for Miraculins. "CDPL is changing how risk assessment is delivered throughout India, and the recognition of PreVu's value by medical professionals in that country where cardiovascular disease is a leading killer, is extremely significant".

According to the World Health Organization, cardiovascular diseases will be the largest cause of death and disability in India by 2020. India has a present population of 1.237 billion.

About Citizen Doctor Pvt. Ltd.

Citizen Doctor Pvt. Ltd. operates Checkitsa, an Indian healthcare company headquartered in Hyderabad that is revolutionizing the way risk assessment and ongoing monitoring of disease conditions is delivered throughout the country. Checkitsa leverages new generation e-health medical devices, products and services based on internet, wireless, mobile and Bluetooth technology. The company advocates a shift away from acute care to preventative care that promotes awareness of personal health risks, enabling patients to assess, monitor and manage their health anytime, anywhere, under the supervision and guidance of medical experts. Checkitsa services are designed to work around a patient's schedule and preferences and are predominantly delivered outside of hospital and clinical settings including in the home, the office or workplace, at neighbourhood pharmacies, as well as at shopping malls. Checkitsa Workplace is India's first and the only on-site, end-to-end workplace wellness program that converts company wellness strategies into an "Organizational Human Performance Strategy", with guaranteed health risk reduction of individual employees and improvement of the overall health status of a company. Management behind Citizen Doctor Pvt. Ltd have been involved in direct-to-consumer health care initiatives for over ten years in the Indian market and were responsible for starting one of the first corporate chains of hospitals in the country, taking that company to a successful IPO. Management has also been involved in drafting many medical and healthcare laws in India. For more information visit www.checkitsa.com.

About Miraculins

Miraculins is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies for unmet clinical needs. The Company's Scout DS® system is the first non-invasive diabetes testing system designed to provide a highly sensitive and convenient method for measuring diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress. Unlike current testing methods, a Scout DS® test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world. The Company's PreVu® POC Test is a revolutionary new coronary artery disease risk assessment technology that measures cholesterol levels in a patient's skin non-invasively, painlessly and without the need for fasting. For more information visit www.miraculins.com.

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.

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 include statements regarding the completion of definitive documentation and the execution of the Agreement, the receipt of Indian regulatory clearance, and the impact of the Agreement on the Company. 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 statements.

PreVu® and Scout DS® are registered trademarks of Miraculins Inc. All Rights Reserved. 2014.

Contacts:
Miraculins Inc.
Christopher J. Moreau
President & CEO
204-477-7599
204-453-1546 (FAX)
[email protected]
www.miraculins.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
Today companies are looking to achieve cloud-first digital agility to reduce time-to-market, optimize utilization of resources, and rapidly deliver disruptive business solutions. However, leveraging the benefits of cloud deployments can be complicated for companies with extensive legacy computing environments. In his session at 21st Cloud Expo, Craig Sproule, founder and CEO of Metavine, will outline the challenges enterprises face in migrating legacy solutions to the cloud. He will also prese...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...