Alere Executes License Agreement with Miraculins for Preeclampsia
Three-Year Collaborative Research Program on Preeclampsia Technology
Concludes with License of Promising Marker Endoglin
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(R) 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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cause actual results to differ materially from these expectations
include, among other things: Miraculins' early stage of development,
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and manage the risks associated with the foregoing. Additional
information about these factors and about the material factors or
assumptions underlying such forward-looking statements may be found
in the body of this news release. Miraculins cautions that the
foregoing list of important factors that may affect future results is
not exhaustive. When relying on Miraculins' forward-looking
statements to make decisions with respect to Miraculins investors and
others should carefully consider the foregoing factors and other
uncertainties and potential events.
These risks and uncertainties should be considered carefully and
prospective investors should not place undue reliance on the
forward-looking statements. Although the forward-looking statements
contained in this press release are based upon what management
believes to be reasonable assumptions, Miraculins cannot provide
assurance that actual results will be consistent with these
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update or revise any forward-looking statement.
PreVu(R) is a registered trademark of Miraculins Inc. All Rights
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.
Christopher J. Moreau
President and CEO
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