MIRACULINS INC
TSX VENTURE : MOM

February 01, 2006 09:03 ET

Miraculins Inc. Appoints Dr. Jim Charlton as President

WINNIPEG, MANITOBA--(CCNMatthews - Feb. 1, 2006) - 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. Jim Charlton is returning to the role as President of the Company.

Dr. Vincent Lenaerts is voluntarily stepping down as President and CEO of Miraculins, in response to untenable logistical problems, and citing the best interests of the Company. A twenty year veteran of managing and commercializing life sciences ventures, Dr. Lenaerts will continue to provide guidance and leadership to the Company as a member of Miraculins' Board of Directors, and as a consultant to the Company.

Dr. Charlton previously held the President's role with Miraculins beginning in 2004, and during that period he was instrumental in the emergence of Miraculins as a top venture stage life-sciences company. The previous tenure of Dr. Charlton was highlighted by considerable growth through the Company's lead study to apply its proprietary BEST™ Platform to improve the diagnosis of prostate cancer, and the acquisition of the intellectual property assets of Europroteome AG, which saw Miraculins acquire a significant portfolio of patents and potential products. Since stepping down as President in July of 2005, Dr. Charlton has directed the research and development activities of the Company as Vice President, Research.

"Miraculins has made tremendous progress during the past year. We now have a series of promising markers, and a select number of algorithms that have demonstrated the ability, in the training set, to attain sensitivity and specificity results of greater than 90% respectively", stated Dr. Charlton. "The results of our prostate work will be commercialized, and the opportunity to lead these efforts is very exciting and compelling. We are grateful for Vincent's time and leadership, and I look forward to continuing to work with him to grow Miraculins into a world-class Company."

"I remain as enthusiastic about Miraculins as the day I joined the Company's Board of Directors, nearly a year ago," stated Dr. Lenaerts. "I am very pleased to welcome Jim back to the position of President."

Dr. Charlton's transition back into the President's role will be effective February 10, 2006. As part of his compensation package, the Miraculins' Board has granted Dr. Charlton 40,000 stock options, pursuant to the Company's stock option plan. The options have an exercise price of $1.40 and are set to expire five years from the date of grant. The options are subject to regulatory approval.

About Dr. Jim Charlton

Dr. Jim Charlton has a PhD in Chemistry from the University of Western Ontario. Dr. Charlton is the former Vice President, Research for Medicure Inc. As Vice President, Dr. Charlton directed the physiology group, and managed Medicure's intellectual property portfolio. He also supervised various pre-clinical studies and provided leadership in subsequent human studies. Formerly a Professor in the Department of Chemistry, University of Manitoba, Dr. Charlton's research focus was on asymmetric organic synthesis and medicinal/pharmaceutical chemistry. He has also held Visiting Scientist status at a number of institutions, including Bio-Mega/Boehringer Ingelheim Canada, in Montreal, where he contributed to the medicinal chemistry of antiviral compounds and worked with a group preparing drug candidates.

About Miraculins Inc.

Miraculins is a biotechnology company focused on commercializing products for the diagnosis and treatment of select cancers. The Company's 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 an improvement to diagnostic techniques were available.

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.

Contact Information