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Miraculins Secures $986K Loan

NEW YORK (GenomeWeb News) – Miraculins yesterday said that it has received a C$1 million (US$986,000) non-convertible secured loan from Gretchen Ross.

The loan will be used for general operating costs, as well as ongoing product development, inventory, and sales and marketing costs, the Winnipeg, Manitoba-based biomarker and diagnostics firm said.

The promissory note for the loan was issued at a discount for a purchase price of C$950,000. The loan matures on April 12, 2014, and bears interest of 12 percent annually, payable on a quarterly basis. Ross received 1,428,571 shares of Miraculins' common stock in consideration of the loan. The shares are subject to resale restrictions for four months after the closing date.

"This financial transaction provides Miraculins the funding necessary to help ensure the successful commercialization of our PreVu Non-Invasive Skin Cholesterol Test technology," Christopher Moreau, president and CEO of the company, said in a statement.

The test is for aiding in the evaluation of a person's risk for coronary artery disease.

The company last month said that it was progressing on plans to commercialize the test, including steps to attain ISO 13485 certification for manufacture of the test, the appointment of an agent in Europe for marketing of the test there, plans to submit to Canadian regulators, and clarification from the US Food and Drug Administration on "PreVu's current Indication for Use, under which the POC technology can be sold into the US market," Miraculins said at the time.