Miraculins Signs Letter of Intent With New Leaf Health to Distribute the Scout DS® Diabetes Screen in UK Workplace Wellness Market
July 30, 2015 (Source: Marketwired) — 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, today announces the execution of a non-binding Letter of Intent (the “LOI”) with New Leaf Health Ltd. (“New Leaf”), one of the largest, most experienced workplace wellness providers in the United Kingdom (UK), for the exclusive distribution of the Scout DS® diabetes screen into the UK workplace wellness segment. New Leaf has a large and growing roster of clients including multi-nationals such as British Airways, Airbus and Volvo and it delivers evidence-based and cost-effective wellness programming throughout the entirety of the UK.
Under the LOI, the parties have acknowledged the general terms that will form part of a formalized agreement, including the award of exclusive distribution rights to New Leaf within the UK workplace wellness segment for a designated period of time with options for renewal, and New Leaf’s commitment to a minimum purchase of Scout DS® devices within the first year of screening operations. According to the terms of the LOI, Miraculins is also to receive an ongoing payment for every Scout DS® test conducted in the UK and additional revenue through the provision of branded test consumables.
New Leaf is an industry leader specializing in the provision of effective employee wellness programs and health checks, helping businesses identify employee health risks and their associated costs, and then delivering customized interventions and solutions that support individual and organizational behavior change. Services include online behavior change programs, health risk assessments, health and wellness coaching, health checks (health screenings) and wellness days focused on improving the health and wellness of all employees for the long term.
“Miraculins is pleased that the Scout DS® diabetes screen will soon be available to employees in both the private and public sector across the UK through New Leaf Health,” said Christopher Moreau, President and CEO of Miraculins. “The workplace is an ideal environment for the large-scale screening of employees for risk of diabetes, and our expansion into the UK marks the first distribution agreement among many we look forward to establishing, for the introduction of the Scout DS® into workplaces in countries throughout the European Union and around the world.”
“We are very excited about the prospect of incorporating this ground-breaking diabetes screening technology into our workplace wellness programming,” said Phil Olding, Managing Director, New Leaf Health. “In working with thousands of employees throughout the UK within some of our largest companies, we know there is a critical gap in effectively screening for diabetes and we believe that the Scout DS® is the right tool at the right time to fill this and deliver measureable value to our clients.”
Any formalized agreement for exclusive distribution advanced between Miraculins and New Leaf would be subject to satisfactory due diligence, definitive documentation, and approval by both parties respectively.
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About Miraculins Inc.
Miraculins is a medical diagnostic company focused on acquiring, developing and commercializing non-invasive technologies for unmet clinical needs. The Company’s Scout DS® device has been regulatory cleared in certain markets both as a clinical tool to assist in the identification of both prediabetes and type 2 diabetes, and is the first non-invasive testing system designed to provide a highly sensitive and convenient method for measuring prediabetes/type 2 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. For more information visit www.miraculins.com.
About New Leaf Health Ltd.
New Leaf Health Ltd., a premier national provider of customized wellness programs and services, helping organizations to improve their performance by helping them to identify the costs associated with individual health risk. This is done by establishing the health status of the company, including the health risks and unhealthy behaviors of individual employees. This can be calculated using UK norms, or by a baseline assessment using the New Leaf Online Health Manager, or established utilizing in-house employee surveys. For more information visit www.newleafhealth.co.uk.
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, announcement of a Scout DS® Letter of Intent for the exclusive distribution of the Scout DS® device in the workplace wellness segment in the UK, 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® is a registered trademark 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>