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 - Jun 18, 2014) - 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.
Miraculins Inc.Christopher J. MoreauPresident &
CEO204-477-7599204-453-1546info@miraculins.comwww.miraculins.com
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