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Miraculins Finalizes Agreement Terms for Cachet Pharmaceutical to Distribute Scout DS(R) Diabetes Screening Test in China
Execution of Definitive Agreement Expected to Take Place within 30 Days
|By Marketwired .
|June 25, 2014 06:30 AM EDT
WINNIPEG, MANITOBA -- (Marketwired) -- 06/25/14 -- 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 the Company has finalized the major terms of a definitive agreement (the "Agreement"), that would see the Scout DS® Diabetes Screening Test distributed exclusively in China by Cachet Pharmaceutical Co., Ltd. ("Cachet"). These terms are substantially similar to those outlined in the Company's term sheet announcement made January 31, 2014, and include the placement of an initial order for Scout DS® devices valued at $15 Million USD on the signing of the Agreement, to be activated upon Chinese Food and Drug Administration regulatory clearance.
"I am pleased to confirm that we have now finalized the major aspects of the Agreement for the exclusive distribution of Scout DS® in China by Cachet, and that the signatory parties have advised of their intentions to proceed with the execution of the Agreement within the next 30 days," said Christopher J. Moreau, President and CEO of Miraculins Inc.
Coinciding with the anticipated timing of the signing of the Agreement, a delegation from Cachet's senior management team in Beijing is scheduled to arrive in Canada in mid-July and will be conducting next stage distribution planning sessions with Miraculins. The Chinese delegation will also be visiting the production facility in the U.S. where the Scout DS® devices will be manufactured, during their trip.
The key deal terms will be announced once the Agreement has been executed. The execution of the Agreement remains subject to all final corporate approvals of the parties. There is no assurance that the parties will enter into the final Agreement.
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 settlement of agreement terms, the execution of the final Agreement, the placement of the initial order, and the impact of the final 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.
Scout DS® is a registered trademark of Miraculins Inc. All Rights Reserved. 2014.
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