WINNIPEG, MANITOBA--(Marketwired - April 24, 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, today provides an update on current initiatives.
Master Investor Technology Showcase
The Company is pleased to announce that it will be a featured, new technology exhibitor at the upcoming Master Investor Conference to be held Saturday, April 26, 2014 in London, England. The conference will provide a unique profile for Miraculins' technologies within the UK investment community by showcasing and demonstrating the Scout DS® Non-Invasive Diabetes Screening Test and the PreVu® Non-Invasive Skin Cholesterol Test to conference attendees.
Master Investor is regarded as the leading investor show in the UK, uniting highly respected speakers and exhibiting companies from a broad range of sectors. This year's Master Investor is expected to draw an audience of well over 3,500 motivated investors, brokers and industry analysts who come to research, analyze and invest.
Scout DS® - USFDA Pre-Submission Process
On December 23, 2013, Miraculins announced it had filed pre-submission documentation with the USFDA (United States Food and Drug Administration) towards securing Scout DS® marketing clearance in the United States. Miraculins met with USFDA on March 19, 2014 to discuss the Company's Pre-Submission document. Scout DS® performance, reported in recently published clinical studies, was discussed at the meeting, as well as the proposed intended use of the device. USFDA provided helpful advice to Miraculins and requested additional information in order to issue guidance regarding appropriate regulatory pathways for the product. The additional information, in the form of a Pre-Submission Supplement, is expected to be sent to the USFDA by the end of April. Scout DS® has received regulatory clearance in Canada and throughout the European Union.
Scout DS® - Chinese Distribution Agreement Negotiations
On January 31, 2014, Miraculins announced that it had executed a term sheet ("Term Sheet") with Cachet Pharmaceutical Co., Ltd. ("Cachet") to appoint Cachet as the exclusive Chinese distributor for the Scout DS® Non-Invasive Diabetes Screening Test. The Term Sheet established the principal terms and conditions of the proposed distribution agreement (the "Agreement") and provided Cachet with an exclusive period of ninety days within which to finalize definitive documentation. The parties continue to advance discussions and make progress towards finalizing the definitive documentation.
The completion of the definitive documentation and the execution of the Agreement remain subject to all necessary contractual, regulatory and corporate approvals of both Miraculins and Cachet and the completion of satisfactory due diligence. The Term Sheet provisions are not legally binding except for provisions regarding exclusivity, confidentiality and governing law. There is no assurance that the parties will enter into definitive documentation or execute the Agreement contemplated by the Term Sheet.
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.
Scout DS® and PreVu® are registered trademarks of Miraculins Inc. All Rights Reserved. 2014.