Miraculins Inc., a Winnipeg medical diagnostic company has made a deal with a Chinese company for the exclusive rights sell its non-invasive diabetes screening test in China.
The deal with Cachet Pharmaceutical Co. Ltd., whose shares are publicly traded, calls for a first order of $15 million worth of Scout DS devices.
It also calls for minimum orders of $75 million of the devices over the course of the five-year term. The deal has 90 days to close.
"This would be a truly transformative agreement for Miraculins as a company and for Scout DS as a ground-breaking healthcare technology," stated Christopher Moreau, Miraculins’ president and CEO.
The Scout DS is the world’s first non-invasive test designed to measure diabetes-related biomarkers in the skin. It does not require a blood draw or fasting and generates a result in as little as 80 seconds. The Scout DS uses visible light to measure the optical signature of fluorescent biomarkers in the skin, the accumulation of which are accelerated by abnormal blood sugar levels and oxidative stress.
Part of the arrangement is that Miraculins would be responsible for securing clearance for the product from the China Food and Drug Administration.
Scout DS has already received regulatory clearance in Canada and throughout the European Union, Miraculins recently filed pre-submission documentation with the United States Food and Drug Administration.