Winnipeg medical device company, Miraculins Inc., has acquired a diabetes screening technology that measures changes in the composition of a person’s skin that indicates pre-diabetes and type 2 diabetes.
The non-invasive technology called Scout DS has received regulatory approval by Health Canada to be sold in Canada and is also cleared by the European Union and Mexico.
Miraculins’ CEO Christopher Moreau, said the acquisition of the Scout technology creates a number synergies for his company. That’s because Miraculins also makes and distributes a non-invasive screening kit that measures level of skin cholesterol called Pre-Vu.
It is the world’s first and only skin cholesterol test to assist with coronary artery disease risk assessment and detection. Pre-Vu is currently being tested at a number of London Drugs locations in Western Canada as well as PharmaChoice pharmacies in Eastern Canada,
The acquisition of Scout will be paid for through the release of shares in Miraculins to VeraLight staged to coincide with milestone events in the distribution and revenue generated from Scout, as well as an upfront payment of $150,000 in cash.
If all of the sales milestones are reached, VeraLight could ultimately owns as much as 19.9 per cent of Miraculins.