Miraculins Announces Retail Pharmacy Pilot for Its Scout DS® Non-Invasive Diabetes Screening Technology
January 27, 2015 (Source: Marketwired) — First Scout DS® Diabetes Screening Kiosks to be Introduced in Ontario
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 that it will be commencing a pilot program with Lovell Drugs Ltd. (“Lovell”) and Pear Healthcare Solutions Inc. (“Pear”) that will see the placement of the first stand-alone, Scout DS® diabetes screening kiosks in Lovell’s retail pharmacy locations in Ontario beginning in February 2015. Lovell is the oldest and one of the largest, independent drug store chains in Ontario and has been family-owned and community-minded for more than 100 years, with a reputation for innovative programming and forward-thinking product/service delivery.
This proof of concept pilot is being conducted to demonstrate that a stand-alone Scout DS® diabetes screening kiosk set up inside a pharmacy location, has the ability to not only deliver a rapid, non-invasive and superior diabetes screening clinic, but can be additionally purposed to generate a meaningful financial return on investment (ROI) for the pharmacy that would not have otherwise, or readily been achievable.
With a proven ROI model that could be easily reproduced in any pharmacy setting – independent as well as national chains – Miraculins could then make the business case for pharmacies to lease Scout DS® screening kiosks on a regular basis throughout the calendar year, to both meet the diabetes screening needs of their customers and to generate new retail revenue. The Company believes that the model it is developing will have application for retail pharmacy and pharmacy/grocery operations in North America and for similar retail settings in Europe and other countries as well.
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 practice1, Miraculins believes the timing is right for the introduction of the Scout DS® non-invasive screening technology throughout the pharmacy sector. This could result in a dramatic increase in screenings, working towards harnessing greater diabetes education and awareness to delay or prevent the onset of type 2 diabetes in patients at risk, provide more effective management of disease conditions and complications, and reduce diabetes related costs to the Canadian healthcare economy.
Scout DS® Diabetes Screening Kiosk Pilot Program
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The screening kiosk will be managed by a qualified Scout DS® Test Operator, although a brief post-screening consultation with a Pharmacist will be offered to every customer who has an elevated score, which will be an integral touchpoint with the customer to reinforce the pharmacy’s role in ongoing care and service.
The kiosks will have the ability to screen 8-10 customers per hour and will be in operation during the highest store traffic periods. Participants will receive free screenings during the pilot in exchange for completing a short consumer health questionnaire (delivered by touch screen tablet in the time it takes to perform the Scout DS® screen – about 90 seconds), which will provide the company with valuable data towards building out its revenue model and facilitate the delivery of retail revenue to the pharmacy. In addition to their screening results, participants will also receive educational materials on diabetes and be given a recommendation to see their doctor for a follow-up consultation and confirmatory testing if their score is elevated.
The Lovell pilot represents the next stage of formalizing a robust retail model that can generate meaningful ROI for pharmacies using Scout DS® kiosks, both related to diabetes directly, as well as other healthcare products and services offered in-store. Specific ROI end-points are being established for the pilot and will be measured against the screening participants in Ontario, including the identification and tracking of:
- undiagnosed pre-diabetic patients who are subsequently diagnosed by their doctors and can be converted into long-term customers of the pharmacy for preventative consultations and care, which can include medication prescriptions and other healthcare related products as well (including enhanced grocery buys in pharmacy/grocery settings);
- undiagnosed type 2 diabetic patients who are subsequently diagnosed by their doctors and can be converted into long-term customers for the pharmacy. Independent research has shown that diabetes patients spend an average of $6,000 per year on costs for treating their disease and that upwards of $3,000 of this may be spent at the pharmacy2 (not including enhanced grocery buys in pharmacy/grocery settings);
- customers that may be determined to be eligible for government reimbursable services offered by the host pharmacy such as a medications review – if they are on more than 3 medications or confirmed to be diabetic – and smoking cessation programs;
- customers that fill their prescriptions at various pharmacies, who can be converted into single-store customers and consolidate their prescriptions there; and
- new customers who participate in the Scout DS® clinic as a result of direct referrals from family and friends previously screened, or through print or radio advertising, who can be converted into ongoing, loyal customers at the host location.
The Scout DS® is Health Canada cleared, has been CE-Marked for the EU (compliant with European Union legislation) and the Company is working with the FDA to establish a market pathway for the device in the United States.
(1) Canadian Pharmacists Association: Diabetes Strategy for Pharmacists (2013)
(2) Smart Retailing RX: The Full Value of a Diabetes Patient (February 6, 2012)
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>