WINNIPEG, MANITOBA -- (Marketwire) -- 01/10/13 -- Miraculins Inc. (TSX VENTURE: MOM), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, announced today that Alere has exercised its exclusive option and licensed the novel biomarker Endoglin from Miraculins, concluding a three-year Collaborative Research and Option Agreement program.
Alere originally secured an exclusive option to license the worldwide rights and commercialize any Miraculins' biomarkers being advanced under the Collaborative Research and Option Agreement executed on January 11, 2010. In accordance with the terms of that agreement, following the initial 18-month period, the exclusive option has been maintained at regular intervals as Alere advanced through the research and development program. In July 2012, as part of the final extension, Alere narrowed its focus to seven biomarkers from the original suite of 35 biomarkers.
As the license agreement will now cover only Endoglin, Miraculins has agreed to certain amendments to the original terms of the license agreement, including a reduced option exercise fee and a modification of milestones and payments. Upon commercialization of Endoglin products by Alere, Miraculins will receive ongoing royalties on sales subject to terms set out in the license agreement. Additionally, Miraculins has maintained its rights to pursue complementary commercial strategies for the Endoglin biomarker, utilizing certain Alere controlled intellectual property and reagents.
"We are extremely pleased both with the outcome of our collaborative research program with Alere, and their continued interest in pursuing a commercialization strategy for the biomarker Endoglin as an important contributor to a test that can to help identify at risk mothers for Preeclampsia early in their pregnancy," commented Christopher J. Moreau, President and CEO of Miraculins Inc. "With the execution of their option, Alere is now fully licensed to commercially develop, plan and launch an Endoglin test. Over the last three years, Alere and its development team have been exceptional partners to work with and I can say with great confidence that Endoglin is in very capable hands."
Currently, preeclampsia affects three million mothers worldwide every year and is associated with premature births, infant illness including cerebral palsy, blindness, epilepsy, deafness, lung conditions, seizure, coma and death. There is no effective detection method to determine the risk of developing 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 company focused on acquiring, developing and commercializing non-invasive tests 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® technology 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. Miraculins is also advancing a suite of biomarkers to aid in the early detection of the devastating disease of pregnancy known as preeclampsia. The Company's preeclampsia program is partnered with Alere Inc. (formerly known as Inverness Medical Innovations), one of the world's largest diagnostic companies. For more information visit www.miraculins.com.
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