WINNIPEG, MANITOBA -- (Marketwired) -- 04/26/13 -- 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 reported its results from operations for the quarter ended February 28, 2013.
With the commercial rollout of the Company's PreVu Non-Invasive Skin Cholesterol Test technology during the first quarter of fiscal 2013, Miraculins earned its first commercial revenue from the PreVu technology totaling $31,520. Additionally, the Company earned license fee revenues for the three months ended February 28, 2013 of $24,990 (2012 - nil) and recognized collaborative research and option fee income of $11,655 (2012 - $31,575).
Net loss for the quarter was $660,532 or $0.01 per share, compared to net loss of $548,258 or $0.01 per share in the same quarter a year ago and a net loss of $797,329 or $0.01 for the previous quarter. The net loss primarily relates to costs associated with the advancement of the Company's PreVu technology.
At February 28, 2013, the Company had cash totalling $368,996 compared to $911,808 as of November 30, 2012. Cash flows used in operating activities for the three months ended February 28, 2013 were $494,879, compared to cash flows used in operating activities of $311,458 for the three months ended February 29, 2012. On April 8, 2013, the Company announced the closing of a private placement offering with aggregate gross proceeds to the Company of $1,050,950 with the net proceeds being used for general corporate purposes including sales and marketing costs related to the Company's PreVu program.
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 lead marker in the Company's preeclampsia program is partnered with Alere Inc., one of the world's largest diagnostic companies.
The Company recently announced that it has signed a non-binding term sheet with VeraLight, Inc. to acquire all assets related to the SCOUT DS® technology, a groundbreaking diabetes screening technology that non-invasively measures changes in a person's skin indicative of prediabetes and type 2 diabetes, enabling cost-effective, easily accessible screening of those at risk.
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