Miraculins Inc.

Miraculins Inc.

October 15, 2008 09:04 ET

Miraculins Executes License Agreement With Mount Sinai Hospital for Portfolio of Diagnostic Biomarkers for Preeclampsia

WINNIPEG, MANITOBA--(Marketwire - Oct. 15, 2008) - Miraculins Inc. (TSX VENTURE:MOM), a medical diagnostic company focused on developing and commercializing diagnostic tests for unmet clinical needs is pleased to announce that it has executed a license agreement with Mount Sinai Hospital ("MSH") to acquire the rights to commercialize a portfolio of biomarkers for use in developing diagnostic assays for the early detection of preeclampsia, a disease of growing incidence and the leading cause of maternal and prenatal deaths worldwide. A reliable test for preeclampsia has the potential to be used as a general screen for all pregnant women, representing a market of 6.4 million women annually in the US alone.

Preeclampsia is a devastating disease of pregnancy that manifests abruptly and is characterized by high blood pressure and the presence of significant amounts of protein in the urine. In the most severe cases, it can progress into eclampsia which often results in seizure, stroke, coma and death. There is currently no reliable test that can accurately predict the onset of preeclampsia, leaving the disease to be diagnosed by its symptoms, which are non-specific to preeclampsia. The collection of markers licensed by Miraculins has shown evidence of its ability to diagnose the disease in its earliest stages.

Under the terms of the agreement, Miraculins will issue to MSH 310,000 common shares from treasury, subject to a standard four-month and one day resale restriction, as an upfront payment in consideration of the rights granted and MSH's investment in the technology to date. Miraculins will make additional commercial and developmental milestone payments as the technology is advanced to the marketplace, and commencing on the third anniversary of the signing of the agreement, an annual maintenance fee is payable. Beginning with first commercial sale, Miraculins will pay MSH an annual minimum and running royalty on sales.

Miraculins will be responsible for development and sales of the licensed product, however, the agreement provides for certain research activities to take place collaboratively. The parties have already begun executing the development plan with studies taking place involving a specific subset of markers in the portfolio. The Company expects to be able to provide an update on the results of these studies and its further development plan by the end of fiscal 2008.

The technology was discovered through pioneering research conducted by Dr. Isabella Caniggia and her collaborators at the Samuel Lunenfeld Research Institute of MSH, and at the Hospital for Sick Children. In a previous Miraculins press release, Dr. Caniggia commented, "Our goal is to develop a diagnostic test so that physicians don't have to rely on symptoms alone to determine if a patient has preeclampsia, and I am very excited to be working with the Miraculins team to achieve this goal and ensure better outcomes for mothers and babies."

"World-class technology partners are an essential pillar of our new business strategy", said Christopher J. Moreau, president and CEO of Miraculins. "We are very proud to have formalized our partnership with Mount Sinai Hospital and Dr. Isabella Caniggia and to work together to develop a diagnostic test to help address the leading cause of maternal deaths worldwide."

About Preeclampsia

Preeclampsia affects 3 million mothers worldwide every year and is associated with 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 the Samuel Lunenfeld Research Institute of Mount Sinai Hospital

The Samuel Lunenfeld Research Institute of Mount Sinai Hospital, a University of Toronto affiliated research centre established in 1985, is one of the world's leading centres in biomedical research. There are 34 principal investigators leading research in diabetes, cancer biology, epidemiology, stem cell research, women's and infants' health, neurobiology and systems biology. For more information on the Samuel Lunenfeld Research Institute, please visit www.lunenfeld.ca.

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 diagnostic tests and research conducted at leading research institutions around the world.

Through an internal biomarker discovery research program, Miraculins has advanced its prostate cancer diagnostic technology through to the development stage. The Company's lead product in development, P2V™, is a simple urine test to be used as a pre-biopsy screen to eliminate a number of men who would otherwise undergo unnecessary prostate biopsy surgery.

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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