WINNIPEG, MANITOBA--(Marketwire - Aug. 13, 2012) - Miraculins Inc., (TSX VENTURE:MOM.V - News) a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, announces today an agreement with London Drugs, one of Canada's leading pharmacy chains, and Pear Healthcare Solutions, that will see the retail pharmacy launch of its PreVu(R) Non-Invasive Skin Cholesterol Point of Care (POC) Test take place in up to ten London Drugs locations in Vancouver and the Lower Mainland, planned for October 2012.
"This pilot program is a very significant milestone for PreVu in Canada, as well as a major step forward in the commercialization of the technology worldwide," said Paul Moreau, Vice President, Sales and Marketing for Miraculins Inc. "We are very pleased that London Drugs, a highly respected retail brand in the healthcare services sector, wants to make the PreVu POC Test available to its customers to help them better understand their risk of coronary artery disease (CAD). With over 70,000 heart attacks in Canada each year, resulting in over 16,000 deaths, this pilot program represents an important development towards realizing better heart health for all Canadians at risk."
As part of the agreement, London Drugs will have an option to expand the PreVu POC Test into all 74 London Drugs stores as an ongoing service, following the completion of the pilot program. London Drugs operations extend from British Columbia to Manitoba, and the subsequent introduction of PreVu throughout its full network of stores - anticipated to begin in early 2013 - would be associated with a period of market exclusivity for London Drugs, in delivering the technology through its retail pharmacy platform into the Western Canadian marketplace.
"We have a longstanding tradition of bringing new, innovative and meaningful technologies to our customers and we are most impressed with the science behind the PreVu POC Test," said John Tse, Vice President, Pharmacy for London Drugs. "We believe our customers will benefit from experiencing this convenient, rapid and non-invasive skin cholesterol test and that it can serve to help them begin to gain greater understanding and management of the risk factors they may unknowingly be living with for CAD."
The pilot program will incorporate the PreVu POC Test into specially designed CAD risk assessment clinics that will be conducted in-pharmacy and supported by Pear Healthcare Solutions, a leading provider of in-pharmacy health screening and education to the Canadian pharmacy community and the exclusive distributor of the PreVu POC Test to this same market segment.
"We are very pleased to be working with London Drugs on this pilot program to better serve the health needs of its customers, and to provide the organization with a competitive distinction in the marketplace by introducing tailored CAD risk assessment programming into its stores featuring the PreVu POC Test," said Mark Doyle, Vice President, Sales and Marketing for Pear Healthcare Solutions.
Further details about the pilot program will be announced closer to the fall launch.
Miraculins recently announced the allowance of key patents for its PreVu technology in the U.S. and China - both anticipated to be major markets for the test - and has launched a new English language website for PreVu for the Canadian marketplace (www.prevu.com), with a mirror site in the French language currently under development.
About The PreVu(R) Non-Invasive Skin Cholesterol Test
The PreVu(R) Point of Care (POC) Test is a non-invasive, risk assessment technology designed to measure Skin Cholesterol - an important new biomarker in assessing risk of coronary artery disease (CAD). The PreVu POC Test is completely painless, non-invasive, involves no blood draw or needles, and requires no overnight fasting. This in vitro diagnostic test is conducted on the palm of the hand in less than 5 minutes with results being immediately available, facilitating point of care consultation and a next steps discussion. Skin Cholesterol is the cholesterol that has been deposited and diffused into tissue, as opposed to freely circulating in the bloodstream, and the skin contains approximately 11% of all the cholesterol found in the human body. Elevated Skin Cholesterol has been shown in clinical studies to be strongly associated with significant CAD as measured by treadmill stress testing and coronary angiography, as well as measured by testing for coronary calcium, carotid artery thickening, and carotid artery plaque. The PreVu POC Test does not diagnose the presence or absence of CAD, but helps to identify patients who may be at higher, hidden risk for CAD by measuring this new biomarker. For more information visit www.prevu.com.
About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive tests 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(R) technology 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. Miraculins is also advancing a suite of biomarkers to aid in the early detection of the devastating disease of pregnancy known as preeclampsia. The Company's preeclampsia program is partnered with Alere Inc. (formerly known as Inverness Medical Innovations), one of the world's largest diagnostic companies. For more information visit www.miraculins.com.
About London Drugs
Founded in 1945, B.C.-based London Drugs has 75 stores in more than 35 major markets throughout British Columbia, Alberta, Saskatchewan and Manitoba, including its online store www.londondrugs.com. London Drugs offers consumers a range of products from digital cameras and cosmetics to computers and televisions. Renowned for its creative approach to retailing, the company employs more than 7,500 people with pharmacy and health care services being the heart of its business. Committed to innovation and superior customer service, London Drugs has established itself as a reputable and caring company and continues to position itself for future growth and development.
About Pear Healthcare Solutions
Pear Healthcare Solutions is a privately held company specializing in the development and implementation of programs to address the evolving needs of pharmacists in their expanding role of providing healthcare and disease management services. Pear Healthcare Solutions offers a number of innovative medical devices and professional education programs that help pharmacies connect with their patients, improving their health and wellness. Pear provides distribution, training and support/education services. For more information visit www.pearhealthcare.com.
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 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(R) is a registered trademark of Miraculins Inc. All Rights Reserved. 2012.
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Vice President, Sales & Marketing
Christopher J. Moreau
President and CEO