Miraculins Signs LoI With PreMD
Developed as a cost effective method of assisting with the risk assessment of coronary artery disease (CAD), the product has received FDA clearance and has been successfully test marketed in the US and Canada.
The LoI sets out the key financial terms of the proposed license including an upfront fee, ongoing royalties and a future buyout provision.
As per the terms of the LoI, Miraculins has an exclusive period to conclude its due diligence process and to finalize definitive documentation. The execution of definitive documentation and the completion of the transaction is subject to all necessary contractual, regulatory and corporate approvals of each of Miraculins and PreMD and the completion of satisfactory due diligence by Miraculins.
The test has been cleared in important jurisdictions such as Europe and Canada as a general part of CAD risk assessment. In the US, the test has received clearance as an adjunct to current risk assessment procedures for patients considered at risk for CAD.
Christopher Moreau, president and CEO of Miraculins, said: “The PreVu Skin Cholesterol test represents a tremendous business opportunity for Miraculins and we plan to aggressively target the growing worldwide coronary artery disease risk assessment market.”
Brent Norton, president of PreMD, said: “We are excited about the possibility of seeing the PreVu test given new life through partnership with Miraculins. Miraculins has a unique opportunity to quickly unlock the technology's value and bring this product to the broader marketplace where it can help patients.”
Will Miraculins succeed in coronary artery disease risk assessment market?
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