RICHMOND, British Columbia, July 22, 2004 (PRIMEZONE) -- BioCurex, Inc. (Pink Sheets:BOCX) provides a Company update on its effort to reestablish trading on the NASD OTC:BB:
Three months ago BioCurex underwent an investigation by the SEC. Following a sudden increase in the price of our stock, the Commission decided it was in the best interests of our investors to halt trading of BOCX shares for 10 days based on "questions regarding the accuracy of assertions by BioCurex and others, in press releases and e-mails to investors concerning, among other things, (1) a study confirming the effectiveness of its primary product and (2) approval of its main product by the Food and Drug Administration". The company immediately clarified any semantics in reference to the FDA classification of its Histo-RECAF technology and stood firmly by its reported results. Further, in an unprecedented move, a complete and detailed description of the raw scientific data including the statistical analysis of our lung cancer study was posted on the company web site for everyone to view.
Those same results, along with other studies, were subsequently presented in two congresses that gather international specialists in the field of cancer markers. The presentations elicited a significant amount of interest by very knowledgeable persons as outlined in a previous news release. It should be emphasized that we would not have gone to those congresses if we did not have complete confidence in our results, nor would those results have passed the scrutiny of the international scientific community in the field, if the results had not been well substantiated and valid -- which they were.
We have fully cooperated with the SEC, while standing by our claims, which are valid.
The trading suspension caused the company's shares to be removed from the OTCBB. Since April 23rd 2004, our shares have traded in the "Pink Sheets", an unorganized market where actual Bid and Offer at any given time are not always available to all of our investors.
These events compounded with a delay in our financial reporting. Our Auditors insisted on a restatement of previous years' financial reports, although they had previously audited them to their satisfaction. That resulted in a considerable delay in filing our most recent 10K and 10Q, without which, we could not qualify for reinstatement in the NASD OTC:BB.
In the face of all these adversities, we feel that the company and its stock have performed well and Management wants to thank its staff and the professionals that helped us through these turbulent waters. We thank our shareholders for their faith in our ability to surmount this very difficult situation and for their faith in our technologies.
Our goal is to re-establish trading on the OTC:BB and we are now happy to announce that the company is again current in its audited statements and that a brokerage firm has already filed a Form 211c with the NASD, a necessary step to bring us back to the OTCBB. We anticipate the process to be completed in the upcoming weeks.
The outlook for BioCurex Inc. is exciting. As we move our business plan forward, we believe we will gain significant exposure for our technologies and awareness of our company in the industry. We look forward to a successful year.
To read more about the Company, please visit the News section in our web site (www.biocurex.com).
About BioCurex:
BioCurex, Inc. is a biotechnology company that is developing products based on patented/proprietary technology in the areas of cancer diagnosis. The technology identifies a cancer marker known as RECAFtm, which is found on malignant cells from a variety of cancer types but is absent in most normal or benign cells. To find out more about BioCurex (Pink Sheets:BOCX), visit our website at www.biocurex.com.
Note:
The Company has not authorized the release of this information in any form that contravenes the Communication Act and will not be responsible for unsolicited massive distribution of this material by e-mail or facsimile by unauthorized parties. Statements in this press release, which are not historical facts, are "forward-looking statements" within the meaning given to that term in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.