Healthcare Industry News: Inverness Medical Innovations
News Release - January 7, 2010
Miraculins Announces Partnership With Inverness Medical Innovations to Develop a Diagnostic Test for PreeclampsiaAgreement Includes Fee From Inverness to Acquire Exclusive Option to License Worldwide Rights
WINNIPEG, MANITOBA - (HSMN NewsFeed) - Miraculins Inc. (TSX-V:MOM ), a medical diagnostic company focused on developing and commercializing diagnostic tests for unmet clinical needs is pleased to announce that it has entered into a partnership with Inverness Medical Innovations, Inc. (NYSE:IMA ), a global leader in the convergence of medical diagnostic testing and health management, to advance and commercialize Miraculins' preeclampsia technology.
Miraculins' preeclampsia technology is based on a suite of 35 novel biomarkers involved in the development of the placenta and the biology implicated in the development of preeclampsia, a debilitating and potentially fatal complication of pregnancy. The goal of the partnership is to commercialize Miraculins' biomarkers for worldwide distribution. Through a Collaborative Research and Option Agreement, Inverness, through its Biosite division, will develop tests for Miraculins' biomarkers and will evaluate their performance in large cohorts of patient blood samples. The biomarkers will also be assessed for their utility in detecting intrauterine growth restriction and other diseases of pregnancy.
In addition to its research and development commitment, Inverness will pay a non refundable fee to Miraculins for the exclusive option to license and commercialize any biomarkers of interest from the program. Miraculins retains certain commercial rights to pursue complementary commercial strategies for the markers and receives from Inverness a secure supply of reagents and certain rights to intellectual property related to the biomarker endoglin.
Inverness can exercise its option to license at any time during the term of the Collaborative Research and Option Agreement. Upon exercise of the option, Miraculins will receive additional fees, developmental and commercial milestone payments, and royalties on sales.
Currently, preeclampsia affects three million mothers worldwide every year and is associated with premature births and infant illness including cerebral palsy, blindness, epilepsy, deafness and lung conditions. There is no effective detection method for the risk of preeclampsia and the cause is unknown. It is estimated that preeclampsia costs the global health care system US$3 billion per year.
"Inverness is the ideal partner for the development and commercialization of a much needed test for preeclampsia", said Christopher J. Moreau, President and CEO of Miraculins. "In addition to Inverness' established expertise in women's healthcare, pregnancy and fertility monitoring, we view Inverness' unique antibody development capabilities, acquired through its 2007 purchase of Biosite Incorporated, as paramount to the value of this collaborative research program. We are pleased to have the development costs and responsibilities for this program supported by Inverness and we believe this deal demonstrates the significant value of both our business model and our preeclampsia technology."
About Miraculins Inc.
Miraculins is a medical diagnostic development company focused on non-invasive tests for unmet clinical needs. Miraculins is bridging the gap between commercially available diagnostic tests and research conducted at leading research institutions around the world.
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 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.
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