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Miraculins Purchases VeraLight’s Noninvasive Diabetes Screening Technology

By LabMedica International staff writers
Posted on 09 Jul 2013
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Miraculins Inc. (Winnipeg, Canada) has completed the final purchase agreement with VeraLight, Inc. (Albuquerque, NM, USA) on June 28, 2013, to acquire all of the relevant assets, including intellectual property, licenses, and regulatory approvals, inventories, data, and marketing materials, relating to VeraLight’s SCOUT DS technology. The diabetes screening technology noninvasively measures changes in the composition of a person's skin indicative of diabetes.

All of the relevant assets, including intellectual property, licenses, and regulatory approvals, inventories, data, and marketing materials, relating to VeraLight’s SCOUT DS technology, will be acquired by Miraculins in exchange for a combination of cash and Miraculins’ common shares.

The SCOUT DS test utilizes visible light to noninvasively measure changes in a person's skin indicative of prediabetes and type 2 diabetes. The patient places his/her forearm on the portable, tabletop instrument that measures advanced glycation end products in the skin. The SCOUT DS finds more prediabetics faster, easier, and more cost-effectively than alternative world-standard tests such as fasting plasma glucose, oral glucose tolerance, hemoglobin a1c, and finger stick blood glucose.

SCOUT DS tests individuals in 80 seconds without blood draw or the need to fast, and produces immediate results. It is indicated for use for the noninvasive screening of individuals 18 years or older that are at risk for diabetes. SCOUT DS will be sold individually or together with Miraculin's PreVu skin cholesterol Point-of-Care (POC) test, which assists with coronary artery disease risk assessment and detection.

“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, noninvasive tools to assist with the assessment of millions of individuals at risk worldwide,” said Christopher J. Moreau, president and CEO 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 noninvasive screening platforms.”

The SCOUT DS has already received clearance from Health Canada for commercial distribution, has been granted a CE Mark in the European Union, and it is cleared for sale in Mexico. Commercial piloting of the technology has already taken place in Canada, and multiple preliminary distribution channels have also been established or advanced including in countries that may recognize Health Canada and CE regulatory clearances such as Saudi Arabia, Qatar, the United Arab Emirates, India, Jordan, Brazil, Turkey and Kuwait.

Miraculins will seek US marketing clearance for SCOUT DS as soon as possible. In the interim, distribution in the United States of the SCOUT DS system remains limited to investigational use only.

Miraculins is an emerging biotechnology company, which develops and commercializes diagnostic tests.

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VeraLight, Inc.

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