Miraculins Inc.

Miraculins Inc.

February 03, 2014 16:05 ET

Miraculins Announces Change to Board of Directors

WINNIPEG, MANITOBA--(Marketwired - Feb. 3, 2014) - Miraculins Inc. (TSX VENTURE:MOM), ("Miraculins" or the "Company") a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, announces today the resignation of Lisa Suennen from the Miraculins Board of Directors, and the appointment in her place of David A. Eichler.

Ms. Suennen was appointed to the Miraculins Board in connection with the closing of the transaction that resulted in Miraculins acquiring the Scout DS® diabetes testing technology from Veralight, Inc. ("Veralight"). At the time, Ms. Suennen was a partner of Psilos Group which is the majority shareholder of Veralight, and also served as Chair of Veralight's Board of Directors. With her significant experience in healthcare information technology, healthcare services and the medical technology sectors, she was appointed to the Miraculins Board to represent Veralight's interests. Her recently announced departure from Psilos Group has accordingly resulted in her resignation from the Miraculins Board.

"The Board of Directors wishes to thank Lisa for her vision, dedication and service over these last six months," said Harry Bloomfield Q.C., Chair of the Miraculins Board. "Her visionary work in advancing the Scout DS® technology prior to the Miraculins' acquisition was fundamental to its development, and her ongoing service as a Miraculins board member in the months since has been greatly appreciated. We wish her every success as she begins a new chapter in her career."

Replacing Ms. Suennen will be David A. Eichler, who is a Managing Member of Psilos Group. Mr. Eichler joined Psilos in 1999 and focuses primarily on investments in the medical technology and healthcare services sectors. He has worked directly with many Psilos investee companies as an advisor on finance, strategy and corporate development, including formerly as Acting Chief Financial Officer of Caregiver Services, Inc. He also has extensive experience as an advisor to senior management and boards on M&A, financial restructuring and capital raising transactions. Mr. Eichler represented Psilos on the board of Acuity Pharmaceuticals (exited via merger with Opko Health) and Mauna Kea Technologies [NYSE Euronext: MKEA]. Currently, Mr. Eichler serves on the board of Veralight and also as Chairman of the Board of Caregiver Services, Inc. and Gamma Medica, Inc.

"We welcome David, and with his demonstrated expertise and experience, I am confident he will make a significant contribution," added Harry Bloomfield Q.C.

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 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 statements.

PreVu® and Scout DS® are registered trademarks of Miraculins Inc. All Rights Reserved. 2014.

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