WINNIPEG, MANITOBA--(Marketwire - April 5, 2011) - Miraculins Inc. (TSX VENTURE:MOM), a medical diagnostic company focused on developing and commercializing diagnostic tests and risk assessment tools for unmet clinical needs is pleased to announce that it has selected HEI, Inc. as the manufacturer of the PreVu* Point of Care (POC) Reader - the handheld, cordless spectrophotometer (color reader) which measures the result of the PreVu Skin Cholesterol Test.
HEI, Inc. is a premier electronics manufacturing services company that provides comprehensive design, development, manufacturing, assembly and packaging solutions. The company was founded in 1968 and serves a wide variety of markets through three US based manufacturing locations. These markets include the Medical, Defense, Aerospace, RF Communications, Sensors, Computing, and Industrial Equipment sectors in the United States, Canada, Mexico, Europe, Asia and Australia. Upon execution of a formal manufacturing and supply agreement between the parties, HEI will be responsible for the manufacturing and assembly of the PreVu POC Reader at its corporate headquarters and manufacturing facility in Victoria, Minnesota.
"We are proud to have been selected as a key partner for Miraculins as they advance the ground-breaking PreVu technology", commented Mark B. Thomas, Chief Executive Officer of HEI. "We pride ourselves on being a partner of choice for innovative medical device companies like Miraculins, and we are excited by the strong potential of PreVu as a new risk assessment tool for coronary artery disease."
The establishment of a manufacturing partnership for the PreVu POC Reader was identified as an important milestone for Miraculins on the path to launching the PreVu Skin Cholesterol Test. The Company has previously announced plans to make the PreVu technology available for commercial sale in the fourth quarter of 2011.
PreVu is a revolutionary new coronary artery disease (CAD) risk assessment technology that measures cholesterol levels in a patient's skin non-invasively, painlessly and without the need for fasting. In over a decade of clinical studies, high levels of skin cholesterol have been correlated to CAD as measured by stress test, angiography, coronary calcium and carotid intima media thickness and have also shown a close correlation to other risk factors such as Framingham assessment and inflammatory markers.
"HEI is a highly respected contract manufacturer specializing in microelectronic manufacturing services", stated Christopher Moreau, President & CEO of Miraculins Inc. "Their high performance manufacturing facility in Minnesota, along with their extensive experience in manufacturing and miniaturizing world-class medical devices, will provide us with the framework we need to ensure our PreVu POC reader is built to the highest of industry standards."
About HEI, Inc.
HEI, Inc. designs, develops and manufactures ultra-miniature microelectronics, substrates, systems, connectivity and software solutions for customers engaged in the medical, hearing, telecommunications, military, aerospace, and industrial markets. HEI provides its customers with a single point of contact that can take an idea from inception to a fully functional and cost effective product utilizing innovative design solutions and by the application of state-of-the-art materials, processes and manufacturing capabilities.
HEI's Medical Device Manufacturing Operation – their Victoria, Minnesota facility is AS9100B and ISO 9001:2008-certified with two Class 10,000 Clean Rooms - provides assistance in design, development, transitional manufacturing and contract manufacturing for Class I, II, and III medical devices. HEI's current customers include Tier 1 and Tier 2 medical device companies and a host of early stage medical device companies.
About Miraculins Inc.
Miraculins is a medical diagnostic development company focused on acquiring and advancing non-invasive tests for unmet clinical needs. The Company's PreVu test is a revolutionary new coronary artery disease (CAD) risk assessment technology that measures cholesterol levels in a patient's skin non-invasively, painlessly and without the need for fasting. PreVu has previously been successfully test marketed in North America on a limited basis. Miraculins additional programs include a research use only ELISA kit for the detection of PSP94, distributed by GenWay Biotech; and 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 being advanced in partnership with Alere, Inc. (NYSE:ALR) (formerly known as Inverness Medical Innovations), one of the world's largest diagnostic companies. For more information on Miraculins please visit www.miraculins.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.
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