Miraculins Reports First Quarter Financial Results for Fiscal 2013
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
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
his 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 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(R) 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.
For more information visit www.miraculins.com.
Caution Regarding Forward-Looking Information
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 include statements
regarding the execution of definitive documentation and completion of
the transaction. 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.
These statements reflect management's current beliefs and are based
on information currently available to management. Certain material
factors or assumptions are applied in making forward-looking
statements, and actual results may differ materially from those
expressed or implied in such statements. Important factors that could
cause actual results to differ materially from these expectations
include, among other things: Miraculins' early stage of development,
lack of product revenues and history of operating losses,
uncertainties related to clinical trials and product development,
rapid technological change, uncertainties related to forecasts,
competition, potential product liability, additional financing
requirements and access to capital, unproven markets, supply of raw
materials, income tax matters, management of growth, partnerships for
development and commercialization of technology, effects of insurers'
willingness to pay for products, system failures, dependence on key
personnel, foreign currency risk, risks related to regulatory matters
and risks related to intellectual property and other risks detailed
from time to time in Miraculins' filings with Canadian securities
regulatory authorities, as well as Miraculins' ability to anticipate
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
forward-looking statements. Miraculins undertakes no obligation to
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 & CEO
Press spacebar to pause and continue. Press esc to stop.