WINNIPEG, MANITOBA--(Marketwire - June 8, 2011) - Miraculins Inc. (TSX VENTURE:MOM), a medical diagnostic company focused on developing and commercializing diagnostic tests and risk assessment tools for unmet clinical needs, is pleased to announce that it has signed a Letter of Intent with Gamma-Dynacare Medical Laboratories ("Gamma-Dynacare"), one of Canada's largest and most respected medical laboratories, to introduce a laboratory processed format of its PreVu* Non-Invasive Cholesterol Test technology - the PreVu Lab Processed Test (the "PreVu LP Test"). Miraculins' planned introduction of the PreVu LP Test in partnership with Gamma-Dynacare will make non-invasive cholesterol testing technology available to the public through clinical reference laboratory testing for the first time.
PreVu is a non-invasive risk assessment technology that evaluates the additional risk a person may have for coronary artery disease (CAD) by conveniently and painlessly testing their skin cholesterol level. High levels of skin cholesterol have been shown to be correlated to CAD as measured by stress test, angiography, coronary calcium, carotid intima-media thickness, inflammatory markers of vascular disease, previous heart attack incidents and Framingham risk score.
Under the terms of the agreement, Gamma-Dynacare will be responsible for all costs related to the final development stages of the PreVu LP Test as well as the development and implementation of an automated system to process the test at a centralized facility. Gamma-Dynacare will also provide logistical support for collection, transportation and results reporting utilizing Gamma's internal infrastructure, which handles tens of thousands of specimens daily, and delivers more than 40 million tests annually. As part of the agreement, Miraculins has awarded Gamma-Dynacare the exclusive rights to process all PreVu LP Tests sold in Canada.
"Based on our review of the independent publications, scientific literature and evidence supporting the PreVu Non-Invasive Cholesterol Test technology, we strongly believe these tests will be a compelling predictor of cardiovascular risk -- an area where more tools are needed to alert patients to their risk in order to save not only healthcare costs, but to save lives", commented Jeffrey Sumner, vice-president of clinical development and quality assurance for Gamma-Dynacare. "We pride ourselves on being at the forefront of researching, developing and validating new and innovative screening and diagnostic tests and making them available to the eight million patients, 12,000 healthcare professionals and more than 60 hospitals that we serve Canada-wide. We are pleased to be in partnership with Miraculins for the introduction and processing of the PreVu LP Test."
The PreVu LP Test non-invasively measures the amount of cholesterol that has been deposited in skin tissues by painlessly and rapidly collecting skin cells from the palm of the hand using a proprietary medical adhesive collection device, which would then be sealed and sent to a Gamma-Dynacare laboratory for processing. The sample collection process is easily self-performed, takes fifteen seconds to conduct and does not require fasting. The PreVu LP Test is Miraculins' second format of its innovative PreVu Non-Invasive Cholesterol Test technology and is being developed as part of a broader commercialization strategy.
The Company's first format of the technology is the PreVu Point of Care (POC) Test, which generates results in less than five minutes and has been designed for use in settings such as Doctor's offices and healthcare clinics. In clinical diagnostics, point of care tests performed rapidly by healthcare professionals or patients represent roughly a third of the global diagnostic market and play an essential role in health care delivery by making results available on an immediate basis allowing for direct treatment decisions, behavior modification or as a reflex for additional testing. The Miraculins PreVu POC Test addresses this clinical market segment and Miraculins recently announced its plans to commercialize this version of the test.
The majority of clinical tests however - including hundreds of common laboratory assays as well as important CAD risk assessment tests for HDL, LDL and Triglyceride levels - are processed in central reference laboratories.
"We are very pleased with the ideal fit of Gamma-Dynacare, as our PreVu LP Test partner", stated Christopher J. Moreau, president and chief executive officer for Miraculins Inc. "To engage in a collaborative introduction of our technology with a firm having over 50 years of experience in the medical laboratory industry and a global reputation as a leading provider of health and wellness services and solutions, is a very significant development for Miraculins. It also represents another major step forward in our mission to make this important CAD risk assessment technology more broadly available."
About Gamma-Dynacare Medical Laboratories
Gamma-Dynacare is one of Canada's largest and most respected providers of laboratory services and solutions, with 50 years of experience serving Canadians. Headquartered in Brampton, Ontario, Gamma- Dynacare operates four laboratories in Ontario (Brampton, London, Ottawa and Bowmanville), one in Montreal, one in Winnipeg and an extensive network of more than 150 specimen collection centres nationwide. Gamma-Dynacare's more than 2,000 skilled and dedicated employees perform millions of tests each year, playing a key role in the treatment of patients and the prevention and diagnosis of disease.
About Miraculins Inc.
Miraculins is a medical diagnostic development company focused on acquiring and advancing non-invasive tests for unmet clinical needs. The Company's PreVu test is a revolutionary new coronary artery disease (CAD) risk assessment technology that measures cholesterol levels in a patient's skin non-invasively, painlessly and without the need for fasting. PreVu has previously been successfully test marketed in North America on a limited basis. Miraculins additional programs include a research use only ELISA kit for the detection of PSP94, distributed by GenWay Biotech; and 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 being advanced in partnership with Alere, Inc. (NYSE:ALR) (formerly known as Inverness Medical Innovations), one of the world's largest diagnostic companies. For more information on Miraculins please visit www.miraculins.com. PreVu Non-Invasive Cholesterol Test technology is not currently licensed for sale in Canada.
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Certain statements contained in this press release constitute forward-looking information within the meaning of applicable Canadian provincial securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, and can, in some cases, be identified by the use of words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
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