Supplier News Breaks
Miraculins acquires diabetes skin testing platform
July 3rd, 2013
WINNIPEG, Manitoba – Medical diagnostic test maker Miraculins Inc. is finalizing a deal to acquire VeraLight Inc., a provider of a non-invasive diabetes screening technology.
VeraLight's Scout DS system measures changes in the composition of a person's skin indicative of prediabetes and type 2 diabetes.
Miraculins said Tuesday that under the acquisition agreement, it gains all of the key assets related to VeraLight's Scout DS technology, which measures changes in the composition of a person's skin indicative of prediabetes and type 2 diabetes.
Scout DS will join Miraculins' non-invasive PreVu Skin Cholesterol Point-of-Care Test, which the company calls the first-and-only skin cholesterol test for coronary artery disease risk assessment and detection.
The PreVu skin cholesterol test is offered at all London Drugs stores in western Canada and is being piloted in eastern Canada by community pharmacy members of PharmaChoice, one of nation's largest pharmacy networks.
"With diabetes being the fastest-growing disease in history, as well as a major risk factor for coronary artery disease, the Scout DS along with the PreVu POC Test will represent the unparalleled assembly of new, non-invasive tools to assist with the assessment of millions of individuals at risk worldwide," stated Christopher Moreau, president and chief executive officer of Miraculins Inc.
"This acquisition will provide Miraculins and our distribution network, including the retail pharmacy segment, with another significant competitive edge while allowing us to move Miraculins closer to its corporate mission of becoming a global leader in the provision of diagnostic tests and risk assessment technologies, including non-invasive screening platforms," Moreau added.
Providing results in 80 seconds, Scout DS tests individuals for diabetes without a blood draw or the need to fast. The test is indicated for the non-invasive screening of adults at risk for prediabetes and/or type 2 diabetes.
Plans call for Scout DS to be sold individually and on a bundled basis with the PreVu POC Test, according to Miraculins.
"We are very pleased at the imminent closing of this transaction and the opportunity that it will represent for the Scout DS to realize its full market potential through Miraculins, a company with a strong diagnostic device pedigree and a clear understanding of the Scout DS opportunity," commented Lisa Suennen, chairman of VeraLight and a partner at health care investor Psilos Group, who is slated to join the Miraculins board. "We are excited to soon be working together with Miraculins to help patients by fostering early identification and treatment of diabetes."
Miraculins said Scout DS has been cleared by Health Canada for commercial distribution, has been granted a CE Mark in the European Union and has been approved for sale in Mexico.
Commercial piloting of the technology has already occurred in Canada, and multiple preliminary distribution channels have been established or advanced, including in nations that may recognize Health Canada and CE regulatory clearances, such as Saudi Arabia, Qatar, the United Arab Emirates, India, Jordan, Brazil, Turkey and Kuwait, according to Miraculins.
The company added that it will be reviewing its Food and Drug Administration strategy regarding the Scout DS toward seeking U.S. marketing clearance as soon as possible. In the interim, U.S. distribution of Scout DS remains limited to investigational use.
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