Miraculins and Cachet Pharmaceutical Agree to 30-Day Extension on
Letter of Intent to Continue Negotiation of Licensing Rights for
SCOUT DS(R) Diabetes Test in China
Original 90-Day Negotiation Period Now Extended to January 30,
2014
WINNIPEG, MANITOBA--(Marketwired - Dec 31, 2013) - Miraculins
Inc. (TSX-VENTURE:MOM) ("Miraculins" or the "Company"), a medical
diagnostic company focused on acquiring, developing and
commercializing diagnostic and risk assessment technologies for
unmet clinical needs, today announces that the non-binding Letter
of Intent (the "LOI") the Company executed with Cachet
Pharmaceutical Co. Ltd. ("Cachet") on September 30, 2013, to
provide a non-exclusive 90-day negotiation period for Cachet to
acquire an exclusive license to commercialize the Company's Scout
DS® Non-Invasive Diabetes Screening Test in Mainland China, has
been extended by mutual agreement of the parties for an additional
30-day period ending January 30, 2014.
"The parties continue to engage in meaningful discussions
regarding the establishment and execution of a definitive licensing
agreement," said Christopher J. Moreau, President and CEO of
Miraculins Inc. "Miraculins and Cachet concur that additional time
is required in order to further pursue discussions."
Any licensing agreement advanced would be subject to
satisfactory due diligence, definitive documentation, and board
approval by both parties respectively.
About Cachet Pharmaceutical Co. Ltd.
Founded in 1998, Cachet Pharmaceutical Co., Ltd. is a majority
state-owned stock company with a market capitalization of 4 Billion
RMB ($654 Million USD). Cachet's largest shareholder, the China
Youth Industrial Development Corporation, belongs directly to the
Central Committee of the Communist Youth League of China. On August
18, 2010, Cachet went public on the Shenzhen Stock Exchange (stock
name: Cachet; stock code: 002462). Cachet Pharmaceutical Co., Ltd.
engages in the wholesale and retail sale of pharmaceutical products
in China. The company is involved in the supply of medicines to
hospitals; wholesale of biological products, medical instruments,
and traditional Chinese medicines; and pharmaceutical logistics. It
additionally owns 150 chain stores in Beijing that sell medicines,
health care food, medical instruments, cosmetics, daily
necessities, and traditional Chinese medicines.
Diabetes in China
A recent nationwide survey conducted in China indicates that
11.6% of adults, or 114 million people, has diabetes. The data,
published in the Journal of the American Medical
Association, additionally projects that 40% of 18-20 year olds
and 47% of 30-39 year olds in China are pre-diabetic, and that
493.4 million people have higher than normal blood glucose levels
(as diagnosed by fasting blood glucose and Hba1C testing).
According to the World Health Organization, over time diabetes can
damage the heart, blood vessels, eyes, kidneys, and nerves and it
increases the risk of heart disease and stroke (50% of people with
diabetes die of cardiovascular disease - primarily heart disease
and stroke). Combined with reduced blood flow, neuropathy (nerve
damage) in the feet increases the chance of foot ulcers, infection
and eventual need for limb amputation. Diabetic retinopathy is an
important cause of blindness, and occurs as a result of long-term
accumulated damage to the small blood vessels in the retina. One
percent of global blindness can be attributed to diabetes, diabetes
is among the leading causes of kidney failure and the overall risk
of dying among people with diabetes is at least double the risk of
their peers without diabetes. The financial burden of diabetes and
its complications is also enormous.
About the Scout DS® System
The 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.
About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring,
developing and commercializing non-invasive technologies for unmet
clinical needs. A significant number of promising diagnostic
opportunities remain un-commercialized because of the sizable gap
between the discovery stage, when research institutions are
typically involved, and the commercialization stage, when the
larger commercial enterprises become interested. Miraculins has
direct experience in bridging this gap. 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. 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 preeclampsia
program is partnered with Alere Inc., one of the world's largest
diagnostic companies. 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 entering into and executing
a definitive licensing agreement. 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 statement.
PreVu® and Scout DS® are
registered trademarks of Miraculins Inc. All Rights Reserved.
2013.
Miraculins Inc.Christopher J. MoreauPresident &
CEO204-477-7599204-453-1546info@miraculins.comwww.miraculins.com
Miraculins Inc. (TSXV:MOM)
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