Miraculins Inc.

Miraculins Inc.

July 28, 2005 12:03 ET

Dr. Vincent Lenaerts Appointed President of Miraculins Inc.

WINNIPEG, MANITOBA--(CCNMatthews - July 28, 2005) - Miraculins Inc. (TSX VENTURE:MOM), a biotechnology company engaged in the discovery and development of products for select cancers, is pleased to announce that Dr. Vincent Lenaerts has been appointed President of the Company effective immediately.

Dr. Lenaerts, a 20 year veteran of managing and commercializing life sciences ventures, was recently appointed to Miraculins' Board of Directors. He most recently served as President and CEO of Bioxalis Medica, a private biopharmaceutical company specialized in targeted blood vessel destruction in tumors, and arranged its recent acquisition.

"We have a fantastic opportunity to continue raising the bar on what has been accomplished by the Company," commented Dr. Lenaerts. "I have a goal to advance Miraculins towards the development of a world-class diagnostic company. This means diligent pursuit of the commercialization of the Company's prostate cancer diagnostic and capitalizing on the numerous other opportunities available to the Company. The industry is beginning to take notice of Miraculins, and I believe the Company is well positioned for exciting growth."

Dr. Jim Charlton will retire after having served as Miraculins' President since June of 2004. Dr. Charlton orchestrated the recent acquisition of the intellectual property assets of Europroteome AG without significantly impacting the Company's cash position. As a result of this purchase, Miraculins acquired a significant portfolio of patents and potential products, which had been developed with research spending in excess of 15 million euro. The acquisition was a significant move towards building a pipeline of diagnostic tools to support the Company's lead product. The Company's transition into this new stage of development was a key factor in Dr. Charlton's decision to step down as President of Miraculins.

"We sought and found an individual that could lead the Company into its next stage of growth and development," stated Dr. Charlton. "Vincent has a demonstrated ability in commercialization and deal-making, and a track-record of success that makes him an ideal senior officer for Miraculins at this stage and into the future." Although Dr. Charlton enters retirement, he remains associated with Miraculins as a consultant.

As part of his compensation package, the Miraculins' Board has granted Dr. Lenaerts 150,000 stock options, pursuant to the Company's stock option plan. The options have an exercise price of $2.11 and are set to expire five years from the date of grant. The options are subject to regulatory approval.

About Dr. Vincent Lenaerts

Dr. Lenaerts is an entrepreneur with a track record of successful company creation and development. In 1991 he co-founded Europeptides in Paris, France, a company focusing on the discovery and development of peptidic drugs, which was sold to AstaMedica, a subsidiary of Degussa, in 1995. He then co-founded Labopharm (TSX: DDS), a drug delivery company that has traded on the Toronto Stock Exchange since 1996. In 2003, he became President and CEO of Bioxalis Medica, recently acquired by Procyon Biopharma (TSX:PBP).

In recognition of his achievements in technological innovation and successful commercialization, Dr. Lenaerts was honoured with the J.-Armand Bombardier Award for Technological Innovation in 1999. Dr. Lenaerts has a Bachelor of Pharmacy, a Masters of Science in Industrial Pharmacy and a Ph.D. in Pharmaceutical Sciences from the Catholic University of Louvain in Belgium.

About Miraculins Inc.

Miraculins is a biotechnology company focused on research and development using its proprietary BEST™ platform for the screening and identification of target proteins and peptides related to diseases. The Company is developing products for the diagnosis and treatment of select cancers. Its lead product focuses on improving the diagnosis of prostate cancer.

Prostate cancer is responsible for greater than 240,000 new diagnoses in North America each year. The current screening standard for prostate cancer, PSA, is ineffective at reliably distinguishing between non-life threatening prostate conditions and critical prostate cancer. In spite of this fact, there are greater than 25 million PSA tests performed annually in the United States alone, resulting in one million prostate biopsy procedures. An estimated 75% of these procedures are unnecessary and could be avoided if a superior alternative to PSA were available.

The Company continues to evaluate opportunities to expand its focus and initiate studies in additional disease conditions and recently initiated a study for the development of a diagnostic for breast cancer. Miraculins has also recently acquired a number of complimentary patents, creating opportunities for the Company in numerous additional cancer areas.

Certain information contained in this press release may be forward-looking and is subject to risks and uncertainties. Although the Company believes that the expectations contained herein are reasonable, it can give no assurances such forward-looking statements will prove correct. Information is provided from sources deemed to be reliable.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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