PreMD said that the Prevu(i) Skin Cholesterol Test non-invasively and painlessly measures skin tissue cholesterol, or skin cholesterol. As a new risk factor for heart disease, skin cholesterol provides valuable additional information to traditional CAD risk assessment
At closing, Miraculins is expected to pay purchase price of CND250,000 to PreMD in cash and issue to PreMD 1,822,158 common shares from treasury.
After closing, Miraculins will pay to PreMD a 10% ongoing royalty on its gross revenue associated with Prevu(i), with Miraculins retaining the right to buy-out the royalty at anytime for a one-time payment of CND1,000,000.
Prevu(i) has received regulatory clearance in important jurisdictions such as Europe and Canada as a general part of coronary artery disease (CAD) risk assessment. In the US, the test has received clearance as an adjunct to current risk assessment procedures for patients already considered at risk for CAD.
Christopher Moreau, president and CEO of Miraculins, said: “PreMD’s financial difficulties have prevented commercialization of this product and our company is uniquely positioned to successfully move PREVU(i) into the marketplace.
“Current global economic conditions have pushed us to identify opportunities with both near term and high growth potential. We are confident in our ability to unlock the value of this product, launch it in key markets, and bring revenues to the company quickly and efficiently.
“Prevu(i) provides valuable information, non-invasively and at a low cost, which addresses one of the biggest challenges in healthcare today. Miraculins looks forward to making this test widely available to patients and caregivers.”
