RICHMOND, British Columbia, July 2, 2007 (PRIME NEWSWIRE) -- BioCurex, Inc. (OTCBB:BOCX) announced today that, upon request from Abbott Labs, the Company has signed a document transferring Abbott's RECAF licensing agreement to General Electric (GE).
On January 18, 2007 Abbott Laboratories announced that it intended to transfer its core diagnostics and point of care business to GE on or around April 2, 2007.
For full Abbott Laboratories press release click here: http://www.abbott.com/global/url/pressRelease/en_US/60.5:5/Press_Release_0420.htm
As of the transfer date, Abbott Laboratories intends to assign to GE the BioCurex semi-exclusive license agreement. At that time, GE will accept and assume all rights and obligations under the license agreement.
In the last two years Abbott Diagnostics and BioCurex have collaborated intensively and as a result the RECAF serum test is closer to commercialization. During this R and D period it was demonstrated that RECAF can detect 90% of stage I and II breast cancers and 75% of stages I and II of prostate cancers. The coordinated work between the companies has resulted in significant advances towards the ability of automated lab machines to detect cancer using the RECAF technology in combination with proprietary technology. It is expected that this work will continue on schedule.
"We are extremely pleased with this licensing agreement transfer to General Electric. The GE Healthcare Division is dedicated to providing healthcare providers with state-of-the-art products designed to better diagnose and treat cancer," stated Ricardo Moro, President and CEO. "We anticipate that our new relationship with GE Healthcare will accelerate the progress that we've made with Abbott Diagnostics toward the commercialization of RECAF."
Click this link to read more about GE's Oncology division: http://www.gehealthcare.com/usen/oncology/index.html
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.