RICHMOND, British Columbia, March 20, 2008 (PRIME NEWSWIRE) -- BioCurex Inc. (OTCBB:BOCX) is pleased to announce that it has reached an agreement in principle to amend its licensing agreement, dated April 2005, with its first Licensee as follows:
The proposed amendment relieves The Licensee of future due diligence obligations to commercialize or perform further Research and Development on the RECAF technology as well as its obligation to pay the annual minimum royalty. BioCurex will continue development of a chemiluminescence based serum RECAF test in its own facilities and The Licensee may resume research and development work and commercialize products incorporating the RECAF technology as per the original agreement. In consideration for the modification, BioCurex gained a higher royalty on any RECAF products that may be sold by The Licensee. BioCurex also obtained the right to terminate the license at any time if The Licensee, following notice from BioCurex, does not agree within ninety days to new due diligence obligations for the commercialization of any products using the RECAF technology.
Manual chemiluminescence and other colorimetric based RECAF tests are excluded from the semi-exclusive restrictions of the original agreement by a previous amendment. Thus, BioCurex may commercialize and license radioactive as well as non-radioactive manual tests to as many licensees as it deems appropriate.
The remainder of the original licensing agreement is ratified and affirmed and remains in full force and effect.
Dr. Moro, BioCurex CEO stated: "I believe that these amendments are fair and beneficial to both parties and better represent the interests and the relationship between our companies. We realize the significant market presence of this industry giant and therefore, in the past two years, we have worked very hard towards the conversion of the RECAF radio-immunoassay into a chemiluminescent format which is the industry standard for automated tests.
"Initially, we encountered unexpected difficulties in our lab due to the unusual chemistry of RECAF, but we have solved them one by one. At this point, the tests work to our satisfaction and we are working closely with our second Licensee to expedite the transfer of our technology to their facilities.
"We are also finalizing a commercial version of our manual test (Serum-RECAF-M(tm)) which we plan to market for research purposes so that additional supportive data can be accumulated by independent research and clinical labs."
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.
To read more about the Company, please visit the News section in our web site (http://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.