RICHMOND, British Columbia, Jan. 10, 2008 (PRIME NEWSWIRE) -- The licensing agreement for BioCurex's (OTCBB:BOCX) RECAF material and technology, just signed with Inverness Medical Innovations Inc., moves BioCurex closer to the commercialization of its cancer detection products. This is an important step forward in the company's development, and follows a similar agreement with Abbott Laboratories.
Under terms of this agreement, Inverness Medical Innovations will have semi-exclusive global rights to commercialize products using the BioCurex-discovered RECAF blood tests for cancer detection. BioCurex will be paid up-front fees, product and development milestones plus royalties on product sales. As with the Abbott agreement, Inverness will handle FDA approvals, manufacturing, marketing and distributing for clinical laboratory testing.
BioCurex's Founder and CEO, Ricardo Moro, M.D., commented: "Inverness is one of the world's leading developer/manufacturers of advanced diagnostic products, with major facilities in the U.S., Europe and Asia. It is growing quickly, both internally and with six acquisitions completed in the past year. Its annual sales have now reached $1.1 billion in pro forma revenues.
"Inverness is a major player in the diagnostic industry, and one of the fastest-growing companies it its field. For BioCurex, this represents the best of both worlds: Inverness is a young powerhouse, highly entrepreneurial and very aggressive with its marketing. It is also large enough to be a giant in diagnostics, which is our core interest and thus makes an ideal fit.
"This second licensing agreement should also create a more competitive environment among present and future licensees. The first company to offer RECAF blood tests will enjoy a significant marketing and sales advantage -- which will be highly beneficial for all concerned."
The patented RECAF technology -- discovered and developed by BioCurex -- offers the potential for fast, accurate detection that could significantly prolong the lives of millions of people world-wide. RECAF would also seem to be fully universal, or "wide-spectrum", which means that it works with all cancers: prostate, breast, lung, colorectal, etc. BioCurex's patents now cover over 40 claims in 22 countries, and many more are currently in preparation for filing.
Now the pace is quickening, and BioCurex and Abbott Laboratories -- also a semi-exclusive licensee of RECAF technology -- have jointly presented highly successful studies at a recent International Cancer Conference in Prague.
BioCurex is also moving closer to the commercialization of its technology, independently of Abbott and Inverness. This includes development of "rapid testing" for early on-the-spot preliminary diagnosis in a doctor's office. BioCurex presented test results for this development at the Prague Conference. The device used in this research was similar to the common pregnancy test kit, and is a major potential breakthrough in simplifying cancer detection.
About BioCurex:
BioCurex Inc. is a biotechnology company that is developing products based on patented/proprietary technology for cancer diagnosis and therapy. The core technology identifies a cancer marker known as RECAF, found only on malignant cells in a variety of cancers, but absent in normal and most benign cells. BioCurex is also working on further methods for cancer detection and cancer treatment.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination and potential market growth. These statements reflect BioCurex' and Inverness' current views with respect to future events and are based on Inverness' management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; competition; market acceptance of the RECAF marker; the development or discovery of competing markers or technologies for cancer diagnosis or monitoring; Inverness' ability to successfully develop and manufacture diagnostic testing products and to commercialize products utilizing RECAF; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
The release of this information in any form that contravenes the Communication Act is prohibited and the companies will not be responsible for unsolicited massive distribution of this material by e-mail or facsimile by unauthorized parties.