RICHMOND, British Columbia, Jan. 3, 2012 (GLOBE NEWSWIRE) -- BioCurex Inc. (OTCBB:BOCX) -- OncoPet Diagnostics Inc. – a fully owned subsidiary of BioCurex Inc. has developed a system to transport serum samples for its OncoPet™ RECAF™ test for canine cancer at room temperature. This has facilitated the commercialization of the test to the point that the two dominant distributors of veterinary products in the USA signed distribution agreements with OncoPet to carry and offer the test to their vast network of veterinary clinics. For reasons covered by the confidentiality terms in those agreements, OncoPet terminated the distribution rights of the smaller distributor at the time of engaging Butler-Shein.
It is important to stress the significance and commercial meaning of having a distributor this size carrying our product: In the first place, Butler-Shein counts with the respect and trust of thousands of veterinarians who buy the products they distribute. It is unlikely that the leading company in their market segment would jeopardize that trust by offering a product they do not believe can have a positive impact with their clientele.
Secondly, a new product must offer the potential to generate a significant amount of revenue to be of interest for a company that size: The process of launching a new product such as ours demands a significant effort in training a sales force 500 strong, assuming the cost of launching a new product and promoting it among their customers.
Thirdly, while nobody knows in advance the response our test will have among veterinarians, a simple mathematical exercise shows that if each one of those sales people sold just one test per day, OncoPet and BioCurex would become revenue positive. It is worth-noting that the next step is developing a feline version of the test, which given the domestic dog/cat ratio in the USA should roughly double projected sale figures.
The following excerpt from http://www.butlerschein.com illustrates the above points:
"Partnering with over 400 of the leading animal health manufacturers in the world, we are positioned to bring the broadest selection of veterinary products and strategic business solutions to over 26,000 veterinary professionals nationwide".
In addition to developing the test, which is fully based on our new RECAF binding peptide and the means of shipping samples at room temperature, we have developed the database and internet accessible software needed to handle orders, report results, etc. in a large scale.
We have sold an instrument needed to read the RECAF™ test to Vet-Red in Europe and another one to Success Vision, our distributor in Taiwan, who has already placed repeat orders for the test.
In summary, we believe that the OncoPet canine RECAF™ test is our ticket to generating positive revenue; we are already selling it abroad and taking orders from veterinarians who call us directly. In addition, we have signed a major distributor of veterinary products who we expect will generate significant sales.
We have received some inquiries from our shareholders related to our submission of a pre-IDE document to the FDA. So far we have not received any feedback from them with the exception of a letter stating that they received it and that they will contact us in due time.
Finally, we are pleased to announce that we have secured financing in the short term (against restricted stock,and we believe that we will be able to continue to raise required funds until we become self-sufficient from sales of our RECAF™ test for the veterinary market.