Miraculins Reports on Positive Results as the First Pharmacy Pilot for the Scout DS® Diabetes Screening Kiosk Nears Completion
March 5, 2015 (Source: Marketwired) — Combination of non-invasive diabetes screening and customized surveying reveals kiosk potential as new retail tool for capturing valuable consumer information
Miraculins Inc. (TSX VENTURE:MOM) (the “Company”), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, announces today that its Scout DS® Diabetes Screening Kiosk pilot being conducted in partnership with Lovell Drugs Ltd. and Pear Healthcare Solutions Inc., has to date identified 145 individuals, or 41% of those screened in just 16 days, to be at elevated risk for pre-diabetes or type 2 diabetes. All customers who were identified as being at risk by the Scout DS® were recommended to follow-up with their physician for confirmatory blood testing.
The Company also reports that pilot participants were pleased to complete a touch-screen survey while seated for their complimentary and non-invasive Scout DS® diabetes test, which resulted in the acquisition of valuable and traditionally difficult to procure consumer information. The survey was specifically tailored to help identify opportunities for the provision of enhanced healthcare and customer service, while isolating pathways for the pharmacy to potentially increase its revenues related to diabetes care and corresponding lifestyle change management. Both the screening and survey were preceded by participating individuals signing a consent form.
“Based upon the willingness of pharmacy pilot customers to complete a survey while being tested, we believe that our diabetes screening and consumer survey kiosk may also have the potential to be integrated into retail store operations with large customer bases in other major sectors, as well as into shopping malls, airports and a variety of public settings,” said Paul Moreau, Vice President Sales and Marketing for Miraculins. “Retailers, organizations and marquee brands in North America and abroad highly value actionable consumer information, which in practice is very hard to get. We believe they could use our kiosk to procure that data and deliver a brand message, while providing an important, complimentary healthcare screen to their customers for what is now being described as the fastest growing disease in history.”
As a result of these promising pilot results, the Company plans to continue to develop a business model for the pharmacy sector (adaptable for non-pharmacy applications as well) where retailers could lease the turn-key and fully-staffed Scout DS® diabetes screening and consumer survey kiosks on a weekly, monthly, or longer-term basis. As individuals with normal Scout DS® results are recommended to be re-tested annually, the kiosk has a recurring customer contact and outreach feature built-in. Additional pilots for the pharmacy sector are being planned.
Scout DS® Diabetes Screening Kiosk Pilot – Key Findings
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To date the pilot has screened and surveyed over 350 individuals at two pharmacy locations in southern Ontario, and it is anticipated that up to 500 individuals will visit the kiosk by the pilot’s conclusion in mid-March. A review of the data supports the value of the Scout DS® kiosk in providing both a public health service and a tool to help pharmacies achieve greater performance:
- Type 2 Diabetics – 10% (35 individuals) were identified by the Scout DS® as being at risk for type 2 diabetes. Individuals who went on to be diagnosed by their doctor could represent a potential ongoing revenue stream to the pharmacy of up to $3,000 annually for medication prescriptions and other diabetes related products such as needles, test strips, sterile dressings, foot creams, bandages etc.(1) In addition, diabetics often have co-morbidities that drive additional spending for conditions that may include high blood pressure, fluid and electrolyte disorders, chronic pulmonary disease, anemia and kidney failure, potentially adding to pharmacy revenue streams.(1)
- Pre-Diabetics – 31% (110 individuals) were identified by the Scout DS® as being at risk for pre-diabetes. Individuals who went on to be diagnosed by their doctor could represent an annual revenue stream to the pharmacy for medication prescriptions and other pre-diabetes related products designed to stop or slow down progression of the disease.(1) 15%-30% of pre-diabetics will develop type 2 diabetes within five years,(2) and will be in need of ongoing treatment products and services provided by the pharmacy.(1)
- Medication Reviews – 13% (29 individuals from a smaller sampling of 224), indicated they were taking three or more prescription medications, without having had a formal medication review with a Pharmacist within the last year. In most Canadian provinces, these patients can receive a free medication review annually, which the pharmacy is reimbursed for by the provincial government. In Ontario, the reimbursement amount is $60 per patient (more if they are diabetic), which could represent another potential annual revenue stream to the pharmacy if these customers were confirmed for medication reviews.
- New Prescriptions – 41% (144 individuals) indicated they had never had a prescription filled at the pharmacy, underscoring the opportunity for acquiring new prescription business from customers presenting in-store.
- Prescription Consolidation – 19% (67 individuals) indicated they had their ongoing prescriptions filled at more than one store, underscoring the opportunity to generate increased revenue by migrating customer prescriptions over from other pharmacies.
- Dietary and Fitness Counselling – 56% (197 individuals) indicated they were interested in receiving dietary or fitness counselling in the future, while 69% (244 individuals) indicated they did not have a gym or fitness club membership. These individuals would be candidates for complementary service offerings.
Additional survey findings that underscore the opportunity for the pharmacy to enhance customer healthcare and service, build store traffic, increase its retail revenue, and further strengthen customer loyalty include:
- 18% indicated they were smokers* and would be candidates for government reimbursable smoking cessation programs provided in pharmacy, which the Ontario Government pays up to $125 per qualifying patient;
- 52% indicated they were overweight* and would be candidates for supplements, vitamins, and other related products;
- 16% came into the pharmacy specifically for a Scout DS® screen, which can result in pharmacy revenue through convenience purchases while that customer is in-store;
- 97% said they would recommend a Scout DS® screening to family or friends, underscoring significant word-of-mouth potential to increase store traffic;
- 99% planned to see their doctor and make changes to their diet/lifestyles if their Scout DS® scores were elevated, suggesting that Scout DS® can be a tipping point for personal action.
There are over 9,000 pharmacies in Canada comprised of national chains and independent brands. Combined with the Canadian Pharmacists Association’s own advocacy for pharmacists to take on an increased role in diabetes screening as part of their daily practice,3 Miraculins believes that its Scout DS® diabetes screening and consumer survey kiosks could help pharmacies play a greater role in diabetes risk assessment, education and awareness, while identifying actionable pathways to increase related in-store revenues and providing enhanced service to customers.
|(1) Smart Retailing RX: The Full Value of a Diabetes Patient (February 6, 2012); (2) Centers for Disease Control and Prevention: National Diabetes Statistics Report (2014); (3) Canadian Pharmacists Association: Diabetes Strategy for Pharmacists (2013) *Designates risk factor for diabetes|
About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies 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 Scout DS® diabetes screening device is the first non-invasive diabetes testing system designed to provide a highly sensitive and convenient method for measuring diabetes related biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress. Unlike current testing methods, a Scout DS® test requires no blood draw, no fasting, and no waiting for a lab result. The product has been used and validated in thousands of patients around the world. The Company’s PreVu® POC Test 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. 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 relate to, among other things, our objectives, goals, targets, strategies, intentions, plans, beliefs, estimates and outlook, including, without limitation, our anticipated future operating results, the establishment of proof of concept for the Scout DS® stand-alone diabetes screening kiosk and revenue model in 2015 through pilots in pharmacies and pharmacy/grocery settings, our anticipated revenue generation including from sales and ongoing rental and leasing revenue, 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 statements except as may be required by law.
Scout DS® and PreVu® are registered trademarks of Miraculins Inc. All Rights Reserved. 2015.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>