Miraculins Finalizes Agreement Terms for Cachet Pharmaceutical to Distribute Scout DS® Diabetes Screening Test in China
Execution of Definitive Agreement Expected to Take Place within 30 Days
WINNIPEG, MANITOBA--(Marketwired - June 25, 2014) -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 announces that the Company
has finalized the major terms of a definitive agreement (the
"Agreement"), that would see the Scout DS® Diabetes
Screening Test distributed exclusively in China by Cachet
Pharmaceutical Co., Ltd. ("Cachet"). These terms are substantially
similar to those outlined in the Company's term sheet announcement made
January 31, 2014, and include the placement of an initial order
for Scout DS® devices valued at $15 Million USD on the signing of the Agreement,
to be activated upon Chinese Food and Drug Administration regulatory clearance.
"I am pleased to confirm that we have now finalized the major aspects of
the Agreement for the exclusive distribution of Scout DS® in
China by Cachet, and that the signatory parties have advised of their
intentions to proceed with the execution of the Agreement within the
next 30 days," said Christopher J. Moreau, President and CEO of
Coinciding with the anticipated timing of the signing of the Agreement, a
delegation from Cachet's senior management team in Beijing is scheduled
to arrive in Canada in mid-July and will be conducting next stage
distribution planning sessions with Miraculins.
The Chinese delegation will also be visiting the production facility in
the U.S. where the Scout DS® devices
will be manufactured, during their trip.
The key deal terms will be announced once the Agreement has been
executed. The execution of the Agreement remains subject to all final
corporate approvals of the parties. There is no assurance that the
parties will enter into the final Agreement.
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.
Regarding Forward-Looking Information
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
settlement of agreement terms, the execution of the final Agreement, the
placement of the initial order, and the impact of
the final Agreement on the Company. 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.
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.
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
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