RICHMOND, British Columbia, May 31, 2012 (GLOBE NEWSWIRE) -- BioCurex Inc. (OTCBB:BOCX) announced today that the Company today received a commitment from Paulson Investment Company Inc. to make an investment in a long-term convertible note. The proceeds from which will be specifically used to prepay the principal, interest and penalties on the Company's short-term debt obligation due on June 15th, 2012.
In January 2010, Paulson Investment Company, Inc. served as the lead underwriter of the Company's public offering.
"As we work toward commercializing our RECAF technology and expanding our OncoPet platform to include test kits for cats, it is important we have the funding to continue to execute on our business plan and satisfy our financial obligations," stated Dr. Ricardo Moro, CEO of BioCurex. "Paulson has been of great support to BioCurex and we truly appreciate their level of confidence in our Company."
Chester (Chet) Paulson, Founder and Chairman of Paulson Investment, stated, "We believe in the Company's technology and we are pleased to be able to continue to support BioCurex. Paulson will continue to support innovative companies like BioCurex."
About BioCurex, Inc.
BioCurex, Inc. is a biotechnology company that is developing products based on patented and proprietary technology in the area of cancer diagnostics. The technology identifies a universal cancer marker known as RECAF.
RECAF is a molecule that is present on cancer cells but not detected in significant levels on healthy cells or benign tumor cells. It is the receptor for alpha-fetoprotein and is classified as an oncofetal antigen due to its presence on both fetal and malignant tissues. This characteristic makes RECAF a more accurate indicator of cancer than most current tumor markers.
BioCurex is commercializing its technology through licensing arrangements with companies that develop and market diagnostic tests for the large automated clinical laboratory setting, through development and marketing of non-automated clinical laboratory tests, through development of rapid, point-of-care test formats, and through marketing of its OncoPet RECAF test for cancer in companion animals.
BioCurex has signed licensing agreements for its cancer detection blood tests with Abbott Laboratories (NYSE:ABT) and with Inverness Medical Innovations. For further information on these agreements visit: http://sec.gov/Archives/edgar/data/1092562/000100487808000117/sb2amnd4s1april08.txt.
For more information about the Company, please visit www.BioCurex.com.
For more information about OncoPet Diagnostics Inc., please visit: www.OncoPetDiagnostics.com.
Forward-Looking Statements
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.