RICHMOND, British Columbia, Feb. 13, 2007 (PRIME NEWSWIRE) -- BioCurex Inc. (OTCBB:BOCX) announced today that it has started development of a "point-of-care" RECAF test which would be available for use at the doctor's office rather than in a laboratory setting.
During the past two quarters, the Company has been engaged in converting its original radioactive-labeled RECAF blood test for cancer detection into a non-radioactive, colorimetric assay. The information gathered in the format conversion strongly supports the feasibility of a "point-of-care" blood test for cancer detection. "Point-of-care testing" is defined as "Diagnostic testing performed at or near the site of patient care"(1). A commonly known "point-of-care" test is available at drug stores, for pregnancy determination, but more sophisticated systems, such as the one used for diabetic patients to monitor blood sugars, are also available. The system consists of a lancet to obtain a minute drop of blood, a strip where the blood reacts with the necessary chemicals and a small reader that provides a result in digital form (to view examples of glucose tests and meters go to http://en.wikipedia.org/wiki/Glucose_meter).
Our patent attorneys have recommended that we do not discuss the technical details of a "point-of-care" RECAF system until we file the corresponding patent(s).
The RECAF "point-of-care" system would be targeted at physicians who either suspect a malignancy at a patient's first visit or are monitoring a patient after cancer treatment. The doctor would carry out the test in their office in a matter of minutes while examining the patient. Given the necessarily lower accuracy of a "point-of-care" test, the device will not "cannibalize" sales of the more precise clinical laboratory tests, rather, it will orient the physician in the diagnostic procedure and according to the reading, prompt the request of a more accurate test from a laboratory, such as the Company's RECAF serum test. This is similar to the principle whereby a more sophisticated test is utilized to confirm the results of the point-of-care pregnancy tests available in drug stores.
There is no comparable cancer detection test in use. Thus, it is difficult to estimate its potential market size with accuracy. According to the American Medical Association, there were almost 900,000 physicians in the U.S.A. in 2004(2) and a report from the American Academy of Family Physicians called for a 39% increase in the number of practitioners by 2020 to meet demand(3). Between 1994 and 2004, the number of visits made to physicians grew from 681 million to 910 million per year (4). New patients accounted for 100 million visits(5). The number of visits to physician offices and hospital outpatient departments is estimated to be 4-7 per person per year in the 50 years and older age group -- where cancer is most prevalent(4). "Hypertension, malignant neoplasms, acute upper respiratory infection, and diabetes mellitus were the leading illness-related primary diagnoses"(5) (boldface added). 27-37 million visits corresponded to cases in which the physician's primary diagnosis was neoplasm (5), but this number correspond to known cancer cases; whereas the test should be applied to any patient with the suspicion of having a malignancy, and perhaps, for good measure and given the low cost of the assay, to any patient over 50 years of age.
Taking into consideration that there are 100 million visits from new patients each year, we estimate a potential market size for RECAF "point-of-care" tests of 50 million determinations per year in the U.S.A. alone. The European Union and Japan combined have twice the population of the U.S.A. and therefore it is safe to assume that they represent another 100 million tests. Given the low cost of the test and the possibility that it might be the only RECAF test affordable in many regions, it seems reasonable to allocate another 50 million tests to China, India and the rest of the world. Assuming a price of $5 per test, the estimated potential market would therefore be approximately $1 billion per year.
This type of test is not subject to any exclusive or semi-exclusive contractual limitations and therefore the new test would be available to many potential licensees.
The development of the point of care test using RECAF technology will take time given the need to perfect the technique and instrument design. There is no assurance the Company will be successful in developing this test, or that the market for this test is anywhere near the size estimated. The work done to date has augmented the probability of its completion and the Company is excited at the potential of yet another utilization of RECAF technology for assisting the healthcare of society. We anticipate providing further updates as we move forward with this test and other applications of RECAF technology.
About BioCurex:
BioCurex, Inc. is a biotechnology company that is developing products based on patented/proprietary technology in the areas of cancer diagnosis, imaging and therapy. The technology identifies a cancer marker known as RECAF(tm), which is found on malignant cells from a variety of cancer types but is absent in most normal or benign cells.
BioCurex has signed a licensing agreement with Abbott Laboratories for BioCurex's RECAF(tm) Cancer technology as outlined in a joint press release dated March 29, 2005. The release noted that the cancer marker RECAF(tm) has emerged as a potential biomarker that may be useful in the development of new cancer diagnostics tests. Preliminary studies from the investigators at BioCurex have reported a high level of clinical sensitivity and specificity for RECAF in many of the most common cancers, including prostate, breast, colorectal, lung and others.
To read more about the Company, please visit the News section in our web site (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.
SOURCES:
1) "Guidelines for point-of-care testing: improving patient outcomes". Kost, GJ. American Journal of Clinical Pathology 1995; 104 (Sup1):S111-S127
2) American Medical Association (http://www.amaassn.org/ama/pub/category/12930.html)
3) "Report Calls For 39% Increase in Family Physicians", (http://www.aafp.org/online/en/home/press/newskits/20060928/20060928.html) American Academy of Family Physicians
4) "Health, United States, 2005" (http://www.cdc.gov/nchs/data/hus/hus05.pdf). U.S. Department of Health and Human Services Centers for Disease Control and Prevention, National Center for Health Statistics,
5) "National ambulatory Medical Care Survey: 2004 Summary" (http://www.cdc.gov/nchs/data/ad/ad374.pdf). U.S. Department of Health and Human Services Centers for Disease Control and Prevention, National Center for Health Statistics.