Prevu Incorporated (PRVU)

[moocow111]

Miraculins signs LOI with PreMD to license PreVu skin cholesterol test Comtex News Network    "Datamonitor "
May 12, 2010 (Datamonitor via COMTEX) -- Miraculins , a medical diagnostic company, has signed a letter of intent with PreMD to license the exclusive worldwide rights to the PreVu skin cholesterol test, a simple non-invasive diagnostic test for the quantification of skin tissue cholesterol.

The letter of intent (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 coronary artery disease, or 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, the company said.

Christophe 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. As the first FDA cleared product in our pipeline, this test would represent another step towards Miraculins's goal of becoming a world class diagnostic company."



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