Miraculins Reports Second Quarter Financial Results for Fiscal 2013
Miraculins Reports Second Quarter Financial Results for Fiscal 2013
WINNIPEG, MANITOBA -- (Marketwired) -- 07/30/13 -- 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 May 31, 2013.
The Company did not earn any revenue from PreVu during the second quarter of fiscal 2013 (2012 - nil), compared to $31,520 in the previous quarter when Miraculins earned its first commercial revenue from the PreVu technology. Additionally, there were no license fee revenues for the three months ended May 31, 2013 (2012 - nil), compared to $24,990 for the previous quarter and recognized no collaborative research and option fee income compared to $11,655 for the previous quarter and $38,640 for the same quarter in the previous year.
Net loss for the quarter was $747,380 or $0.01 per share, compared to net loss of $713,000 or $0.01 per share in the same quarter a year ago and a net loss of $660,532 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 May 31, 2013, the Company had cash totaling $634,442 compared to $911,808 as of November 30, 2012. Cash flows used in operating activities for the six months ended May 31, 2013 were $1,132,788, compared to cash flows used in operating activities of $1,039,420 for the six months ended May 31, 2012.
The Company is currently involved in piloting the PreVu Non-Invasive Skin Cholesterol Point of Care (POC) Test in various market segments though third party distribution partners. Miraculins' business model is to establish distribution partners that will be responsible for selling and servicing these market segments. Buying cycles for end users can often be long and protracted. As a result, during this market introduction period, the Company anticipates that there may be periods of limited revenue which have been accounted for with the Company's planned financing activities.
About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring, developing and commercializi ng 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 lead marker in the Company's preeclampsia program is partnered with Alere Inc., one of the world's largest diagnostic companies. For more information visit www.miraculins.com.
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.
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 sufficiency of the Company's financial resources. 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 Reserved. 2013. Contacts: Miraculins Inc. Christopher J. Moreau President & CEO 204-477-7599 204-453-1596 (FAX) email@example.com www.miraculins.com