Miraculins Inc. (TSX VENTURE: MOM) ("Miraculins" or the "Company"), a medical diagnostic company focused on acquiring, developing and commercializing diagnostic tests and risk assessment technologies for unmet clinical needs, is pleased to provide the market with an overview of the Company's plans for its PreVu? Non-Invasive Skin Cholesterol Test technology for the 2013 year.
- Market development to be the primary focus of PreVu activity in 2013
- Business model to continue to establish and leverage relationships with leading distribution, developmental and strategic partners
- Second PreVu testing format expected to be advanced
- International market expansion to be explored
"While the previous year was one of market and product preparation, the coming year will be one of targeted market development," said Christopher J. Moreau, President and CEO of Miraculins Inc. "The progress made to date, including the initial market introduction of PreVu through a major Canadian retail pharmacy chain, has positioned us for an upcoming year of opportunity and anticipated growth for the PreVu technology and for our Company."
The following provides an update on plans, activities and goals for the PreVu technology.
PreVu Business Model
The PreVu business model is to sell products in key market segments through established distribution companies that will purchase PreVu products from the Company and then resell them through their networks of retailers, or market them directly to the end consumer.
The Company's PreVu revenues will be generated from the sale of test kit consumables and the custom designed hand-held readers that are utilized to read the PreVu Non-Invasive Skin Cholesterol Point of Care (POC) Test result and guide the test operator through the test process. PreVu POC Test reagent kits contain all of the components required to deliver 40 complete tests. The testing format requires basic operator training and therefore the test is not currently sold as an over-the-counter product.
Additional revenues may be derived from territorial licensing or marketing partnerships with corporate or brand partners who have an interest in promoting skin cholesterol as a new biomarker for risk of coronary artery disease ("CAD"), as a way of differentiating their health and wellness, pharmaceutical, or consumer/grocery products.
The Company has identified four principal market segments for PreVu, and has been actively working to explore and/or develop these markets, namely:
- Retail Pharmacy
- Primary Care Physicians
- Life Insurance
- Health and Wellness Service Providers
1. Retail Pharmacy Sector:
The retail pharmacy market is believed to represent a significant opportunity for PreVu based on access to millions of patients/consumers globally. Additionally, there is a growing role for neighbourhood pharmacists in delivering health and wellness products and health awareness programs to the public, providing a clear opportunity for the PreVu POC Test.
The Company plans to continue to focus on the introduction of the PreVu POC Test through Canadian retail pharmacy locations in conjunction with its distribution partner Pear Healthcare Solutions Inc. While there are similar retail pharmacy models worldwide, the Canadian marketplace is a very important market for the Company, given the Company is headquartered in Canada and considering the presence of over 6,000 retail chain pharmacy locations, along with a significant number of well-organized and professionally operated independent pharmacies. Canada also presents a cost-effective opportunity to refine the PreVu pharmacy model before exporting the concept to other international markets.
Successful market development in the retail pharmacy segment requires the participation of pharmacy partners, coordinated management of distribution logistics, sophisticated point of sale material and store level advertising, test operator training, physician education and public relations management. These major areas are being advanced as the PreVu roll-out continues in this market segment.
Efforts continue towards evolving a plan for a United States market introduction that would allow the test to be offered through pharmacies in accordance with the cleared indication for use. Miraculins plans to engage in exploratory meetings with select pharmacies in the U.S. to discuss the potential opportunity further.
Efforts have also begun to identify a pharmacy partner in the European Union, with a focus on English or French speaking markets due to the Company's current marketing materials and labeling being available in those languages.
Summary of Goals/Plans for 2013 - Retail Pharmacy:
- Manage a successful PreVu expansion in Western Canada, as recently announced, through London Drugs pharmacy locations (76 Stores)
- Manage a successful PreVu rollout in Eastern Canada, as recently announced, through select PharmaChoice locations
- Launch PreVu into the Quebec marketplace through retail chain/independent pharmacies
- Continue to work with distribution partner Pear Healthcare to develop, sustain and expand PreVu's distribution network throughout the retail pharmacy market in Canada
- Hold exploratory discussions with U.S. based pharmacies towards a PreVu U.S. launch strategy
- Seek to establish a PreVu pilot program with a European Union based pharmacy chain
2. Primary Care Physicians:
Miraculins is continuing to analyze the potential of the PreVu POC Test in the Primary Care Physician ("PCP") market segment. It is generally viewed by medical device distributors in the Canadian market that the wide spread sale of a point-of-care test into the physician market wi
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