RE:RE:RE:RE:RE:1 hour ago Miraculins Inc. recently completed an important, exclusive distribution deal in China for its non-invasive diabetes-screening test called Scout DS. The deal could mean as much as $90 million in orders over the first five years of the agreement.
Miraculins CEO Chris Moreau said the company has some hard work ahead of it before those orders are placed. It has to obtain approval from the Chinese regulatory agency, a process that is likely to take more than a year.
Last month it finalized the agreement, and last week it received the first payment from the deal which, according to the terms and conditions, was likely about $500,000.
"The Chinese love to sign things, but it has to have teeth to it," Moreau said. "We signed the deal that called for them to make the first up-front payment in 30 days. The fact that they did it... I want the market to know they are serious, we are serious, this is real."
The Scout is available in Canada, and Miraculins is in the process of getting FDA approval in the U.S. With a comprehensive commercial arrangement in place for the Chinese market, Moreau said there are doors starting to ease open a little when it comes to securing the financing needed to get the puck in the net.
Among other things, Miraculins has been asked to accompany Premier Greg Selinger on an upcoming trade mission to China.