RICHMOND, British Columbia, April 19, 2012 (GLOBE NEWSWIRE) -- BioCurex Inc. (OTCBB:BOCX) is providing this update to shareholders in light of recent significant events at the company since our last update in January. Overall, the Company continues to make progress on several fronts.
OncoPet Diagnostics
BioCurex has recently announced two distribution agreements with Butler Schein Animal Health and Animal Health International, two of the largest animal health companies, for the commercial launch of its RECAF blood test for cancer in dogs. The Company is managing this launch through its wholly-owned subsidiary, OncoPet Diagnostics. The first phase of the sales and marketing effort with these distributors involved preparing marketing materials and training their sales forces on our product. These efforts are now complete and both distributors have provided the Company with preliminary sales targets for the first year of marketing.
Although anticipated to be relatively small, the Company expects to report its first significant product revenue in its 10-year history in the second quarter of this year. The Company has the resources to meet the distribution requirements to supply kits and the laboratory staffing to run the tests and report results back to the vets.
In order to expand the vet market and reach profitability potentially sooner, the Company plans to initiate development of its RECAF test for cats. Based on preliminary findings, the Company believes that the nearly identical cancer test for dogs can be applied to cats. There are approximately as many cats as dogs in the pet marketplace which opens the possibility that introducing the test for cancer in cats can increase sales using the same distributors.
"OncoPet Diagnostics is providing testing services in a similar manner to traditional clinical laboratories," stated Dr Ricardo Moro, BioCurex CEO. "One notable distinction is that we produce all the necessary reagents to extract the sample, which our distributors sell to veterinary clinics. The veterinarian then sends the blood sample to our facilities, where the testing service is performed. This ensures the highest quality control standards, is more profitable than selling test kits and requires no regulatory approvals."
OncoPet Diagnostics has developed a sophisticated software system to manage the ordering, testing and reporting process. This system can be efficiently replicated, which allows for future expansion with minimal expense, as well as facilitate remote monitoring and quality control.
The processing capacity of OncoPet's current testing facilities is estimated to be approximately 500-1,000 RECAF tests per day. In British Columbia alone, with a population just exceeding 4 million, over 120,000 routine blood tests are carried out on pets every year.
"The fact that we are commercializing the OncoPet RECAF test directly does not preclude us from licensing our technology or joint venturing with other veterinarian diagnostic companies," noted Dr. Moro. "Each particular opportunity will be evaluated on a one-on-one basis."
Additionally Dr. Moro noted, "It is important to keep in mind that the OncoPet RECAF test for companion animals is not a substitution for our RECAF tests designed to detect cancer in human patients, but rather an addition aimed to accelerate revenue generation while the human tests move through the pre-marketing phases before commercialization. This represents a major step in our diligent work on all fronts to make BioCurex, Inc. a commercially successful enterprise."
Pre-IDE Meeting with FDA
The pre-IDE process is designed to help companies obtain early, informal input on aspects of a future IDE application and offers assistance in establishing the parameters for official IDE applications when unique diagnostic tests involving innovative technologies are being pursued.
In October 2011, the Company submitted scientific information and a request for a meeting regarding an Investigational Device Exemption (IDE) to the Food and Drug Administration for the use of RECAF in conjunction with PSA to decrease the number of unnecessary prostate biopsies. In addition, the RECAF technology could be used for monitoring recurrence of breast cancers for which there are no effective markers. The predicates for a 510K application would be CEA and CA.15.3 which are routinely used. CEA and CA15.3 are elevated in only 40-50% and 50-70%, respectively, of patients with distant metastases (with 5% false positives). At the same false positive rate, RECAF detects breast cancer in approximately 93% of breast cancers.
Due to limited resources, the Company decided to focus primarily on the vet side of the business and only continue with a few key human applications of the RECAF test until additional resources are available.
Financing
We are pursuing all avenues of capital including debt, equity, or any combination that makes sense for the Company and its shareholders. Capital is necessary to assure the Company can continue to work to increase revenue, advance its technology platform, pursue strategic partnerships and ultimately increase shareholder value. We would like to thank our shareholders for their continued support of BioCurex and we reiterate our commitment to continue working hard toward bringing this exceptional technology to cancer patients.
Management is planning a conference call with shareholders in May to further address our progress and give shareholders a chance to ask questions. Details regarding the call will follow.
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.