Miraculins Inc.

Miraculins Inc.

October 15, 2007 09:38 ET

Miraculins Provides Update to Shareholders on Recent Progress With Prostate Cancer Diagnostic

WINNIPEG, MANITOBA--(Marketwire - Oct. 15, 2007) - Miraculins Inc. (TSX VENTURE:MOM), a biotechnology company dedicated to the discovery and validation of cancer biomarkers for use in developing diagnostic tools and therapeutic products, is pleased to update the Company's shareholders on its prostate cancer diagnostic.

"During the past several months, Miraculins has successfully met a number of milestones which collectively have significantly advanced our diagnostic product for prostate cancer", stated Christopher J. Moreau, president and CEO of Miraculins Inc. "We are pleased to provide the following update, and we remain on track to provide an important diagnostic tool to reduce unnecessary biopsies and address an unmet need for a $500 million market."

- Miraculins has successfully purified and identified the second and final protein biomarker from its diagnostic panel test. Subsequently, the Company has been able to successfully detect the marker using immuno-capture technologies. Similar to the announcement of October 2006, where Miraculins announced the detection of its primary protein biomarker using an ELISA based immunoassay, the successful detection of both proteins now supports the development of a more sensitive and complex clinical grade ELISA using an outside manufacturer.

- The key to Miraculins' intellectual property position is the discovery and patenting of a combination of the two biomarkers. Data provided by the Company's pivotal study in May 2007 and the Company's purification and identification of the two markers now allow Miraculins to release their identity. The primary marker, previously named MIR-0750, has been identified as Prostate Secretory Protein (PSP94). The second marker, named MIR-005, has been identified as a fragment of Vitronectin. This fragment contains the somatomedin B domain of the parent molecule.

- PSP94 is a well known protein that has previously been associated with prostate cancer. This is a validation of the Company's B.E.S.T. Platform™ and its ability to discover biomarkers of significance related to disease. The Company's diagnostic test, now being introduced as P2V, measures levels of the two markers in urine and makes a diagnosis based on an algorithm.

- Miraculins has been approached by, and has met with, a number of large diagnostic developers and laboratory service providers, the two distinct potential partner groups for the P2V test. Discussions have involved both the potential for marketing of kits, and the adoption of the technology into proprietary systems. Consistent feedback has been that ELISA data is crucial to enhancing the Company's position and moving discussions forward. Based on this feedback, Miraculins has done a broad search for partners to develop clinical grade ELISA kits for the two markers and will begin development of the kits in the near term. It is expected that a clinical grade ELSIA test platform will improve both the sensitivity and specificity of the diagnostic test.

- With its protein biomarkers markers now identified, the Company will be pursuing further opportunities for peer reviewed presentations and publications of its prostate cancer research and clinical studies.

- The validated performance of the P2V test, positions the test as being able to eliminate 23% of unnecessary prostate biopsies, targeting an estimated market size of approximately $500 million. The Company is also pursuing initiatives to further improve the detection accuracy for its next generation P2V test, including discussions with potential collaborators who specialize in novel immunoassay methods, signal amplification techniques and complex algorithm development.

- The P2V test has also shown utility determining the difference between high risk and low risk prostate cancer. While this discovery still requires validation, it has potential to open up additional markets for the test.

- Miraculins has completed a pre-IDE application for filing with the US Food and Drug Administration (FDA), designed to solicit feedback on the Company's final study design and regulatory path for commercialization.

About Miraculins Inc.

Miraculins is discovering, validating and developing biological markers (biomarkers) with clinical relevance for the diagnosis and treatment of cancers with critical unmet needs. The importance of tumor biomarkers for "common" cancers has been widely recognized and acknowledged by cancer experts and leading groups such as the National Cancer Institute and the American Cancer Society. The Company's lead product is a panel test of two biomarkers for the detection of prostate cancer currently being developed in an ELISA format.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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