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.

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
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
Any startup has to have a clear go –to-market strategy from the beginning. Similarly, any data science project has to have a go to production strategy from its first days, so it could go beyond proof-of-concept. Machine learning and artificial intelligence in production would result in hundreds of training pipelines and machine learning models that are continuously revised by teams of data scientists and seamlessly connected with web applications for tenants and users.
IT organizations are moving to the cloud in hopes to approve efficiency, increase agility and save money. Migrating workloads might seem like a simple task, but what many businesses don’t realize is that application migration criteria differs across organizations, making it difficult for architects to arrive at an accurate TCO number. In his session at 21st Cloud Expo, Joe Kinsella, CTO of CloudHealth Technologies, will offer a systematic approach to understanding the TCO of a cloud application...
"With Digital Experience Monitoring what used to be a simple visit to a web page has exploded into app on phones, data from social media feeds, competitive benchmarking - these are all components that are only available because of some type of digital asset," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Secure Channels, a cybersecurity firm, 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. Secure Channels, Inc. offers several products and solutions to its many clients, helping them protect critical data from being compromised and access to computer networks from the unauthorized. The company develops comprehensive data encryption security strategie...
SYS-CON Events announced today that App2Cloud 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. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyer belt between the Software Factory and production stages. Artifacts are m...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Cloud resources, although available in abundance, are inherently volatile. For transactional computing, like ERP and most enterprise software, this is a challenge as transactional integrity and data fidelity is paramount – making it a challenge to create cloud native applications while relying on RDBMS. In his session at 21st Cloud Expo, Claus Jepsen, Chief Architect and Head of Innovation Labs at Unit4, will explore that in order to create distributed and scalable solutions ensuring high availa...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, d...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
In his session at @DevOpsSummit at 20th Cloud Expo, Kelly Looney, director of DevOps consulting for Skytap, showed how an incremental approach to introducing containers into complex, distributed applications results in modernization with less risk and more reward. He also shared the story of how Skytap used Docker to get out of the business of managing infrastructure, and into the business of delivering innovation and business value. Attendees learned how up-front planning allows for a clean sep...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...