Miraculins Inc.

Miraculins Inc.

January 17, 2011 09:09 ET

Miraculins Announces Preeclampsia Program Advancements by Partner Alere

Alere Exceeds Research and Development Milestones

WINNIPEG, MANITOBA--(Marketwire - Jan. 17, 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 significant progress has been made towards the development of tests for a number of Miraculins' preeclampsia biomarkers. Miraculins' preeclampsia program is being advanced in partnership with Alere, Inc. (formerly Inverness Medical innovations) (NYSE:ALR), one of the world's largest diagnostic companies, with the goal of commercializing Miraculins' preeclampsia biomarkers for worldwide distribution.

Under the Collaborative Research and Option Agreement between the parties, Alere is responsible for developing immunoassays for Miraculins' protein biomarkers and evaluating their performance in Alere's global cohort of maternal patient blood samples. Importantly, Alere has now successfully completed the cloning and expression stage of development for a number of markers under the agreement, and in so doing has met and exceeded critical milestones under the development plan. Alere has also transferred antibodies to certain targets to Miraculins for further evaluation and use, including antibodies against soluble endoglin (sEng) which are being used in Miraculins' previously announced ultrasensitive assay for the detection of sEng.

Endoglin is the lead marker in the Miraculins' preeclampsia program and continues to receive worldwide attention from researchers as an important marker for preeclampsia and other disorders of pregnancy. The marker has been the subject of more than 50 peer-review publications in the past year. A recent study of 119 high risk pregnancies conducted by researchers from George Washington University, The University of Massachusetts and The University of Texas Southwestern Medical School demonstrated that maternal serum levels of soluble endoglin are increased prior to preeclampsia onset in a heterogeneous high-risk pregnant population (Maynard et al, Hypertens Pregnancy: 2010; 29(3):330-341).

Alere maintains an exclusive option to all of Miraculins' preeclampsia biomarkers which are being advanced under its research commitment, and the option can be exercised at any time during the term of the agreement. Upon exercise of the option, Miraculins will receive additional fees, developmental and commercial milestone payments and royalties on sales.

"We are very pleased with the significant progress made on our preeclampsia program through our partnership with Alere," said Christopher J. Moreau, president and CEO of Miraculins Inc. "The diligent and efficient progress made since formalizing our partnership validates our decision to entrust our technology to our capable partners at Alere and we look forward to ongoing developments as the program continues to advance."

Currently, preeclampsia affects three million mothers worldwide every year and is a leading cause of maternal death, premature births and infant illness including cerebral palsy, blindness, epilepsy, deafness and lung conditions. There is no effective detection method for the risk of preeclampsia and the cause is unknown. It is estimated that preeclampsia costs the global health care system US$3 billion per year.

About Miraculins Inc.

Miraculins is a medical diagnostic development company focused on non-invasive tests for unmet clinical needs. Miraculins is bridging the gap between commercially available risk assessment and diagnostic tests and research conducted at leading research institutions around the world. The Company's recently acquired the PREVU* Skin Cholesterol Test, a non-invasive, inexpensive and painless tool for cardiovascular risk assessment that generates results in minutes. PREVU* has been previously cleared for sale by the FDA, Health Canada and CE-marked for sale in Europe. PREVU* has been successfully test marketed on a limited basis in North America. Additionally, the Company's preeclampsia program, a suite of biomarkers to aid in the early detection of the devastating disease of pregnancy, 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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