WINNIPEG, MANITOBA -- (Marketwired) -- 07/02/13 -- 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, is pleased to announce that it has executed a final purchase agreement with VeraLight, Inc. ("VeraLight") on June 28, 2013, to acquire all of the relevant assets, including intellectual property, licenses and regulatory approvals, inventories, data and marketing materials, relating to VeraLight's SCOUT DS® technology, a ground-breaking diabetes screening technology that non-invasively measures changes in the composition of a person's skin indicative of pre-diabetes and type 2 diabetes.
The SCOUT DS® will join Miraculins' other non-invasive screening technology - the PreVu® Skin Cholesterol Point-of-Care (POC) Test, which is the world's first and only skin cholesterol test to assist with coronary artery disease risk assessment and detection. The SCOUT DS®, which in 80 seconds rapidly tests individuals without blood draw or the need to fast and produces immediate results, will be sold individually, as well as on a bundled basis with the PreVu® POC Test, as determined by market applications. The SCOUT DS® is indicated for use for the non-invasive screening of individuals 18 years or older that are at risk for pre-diabetes and/or type 2 diabetes.
"With diabetes being the fastest growing disease in history, as well as a major risk factor for coronary artery disease, the SCOUT DS® along with the PreVu® POC Test will represent the unparalleled assembly of new, non-invasive tools to assist with the assessment of millions of individuals at risk worldwide," said Christopher J. Moreau, President and Chief Executive Officer of Miraculins Inc. "This acquisition will provide Miraculins and our distribution network - including the retail pharmacy segment - with another significant competitive edge, while allowing us to move Miraculins closer to its corporate mission of becoming a global leader in the provision of diagnostic tests and risk assessment technologies, including non-invasive screening platforms."
"We are very pleased at the imminent closing of this transaction and the opportunity that it will represent for the SCOUT DS® to realize its full market potential through Miraculins, a company with a strong diagnostic device pedigree and a clear understanding of the SCOUT DS® opportunity," said Lisa Suennen, Chair of VeraLight, Inc. and a partner at notable healthcare investor Psilos Group. "We are excited to soon be working together with Miraculins to help patients by fostering early identification and treatment of diabetes." Ms. Suennen will be joining the Miraculins' Board of Directors on the closing of the transaction.
The SCOUT DS® has already received clearance from Health Canada for commercial distribution, has been granted a CE Mark in the European Union, and is also cleared for sale in Mexico. Commercial piloting of the technology has already taken place in Canada, and multiple preliminary distribution channels have also been established or advanced - which Miraculins is reviewing related to renewal and confirmation - including in countries that may recognize Health Canada and CE regulatory clearances such as Saudi Arabia, Qatar, the United Arab Emirates, India, Jordan, Brazil, Turkey and Kuwait.
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