RANCHO SANTA MARGARITA, Calif., May 1, 2003 (PRIMEZONE) -- BioCurex Inc. (OTCBB:BOCX) announces that its Board of Directors has appointed Dr. Ricardo Moro-Vidal as Chief Executive Officer of the company. Dr. Moro-Vidal is a founder of BioCurex Inc. and has so far served as its President, a title he will continue to hold.
Dr. Moro stated: "In the past few months, and with the help of a Board and a staff that I can only describe as engaged in a mission, we have managed to reverse the market psychology around our stock which was affecting our progress. We have changed our strategies and our priorities and we are starting to see the fruits of that effort: The share price increased from 4 cents in December up to its current 25- to 30-cent range. In the same period, our market capitalization went from $650,000 to over $5 million. Since January, our stock has traded over 30 million shares, which is more than twice the total volume traded in 2001 and 2002 combined. In dollars, our shares traded the same amount in the last 4 months than in the past two years. We have attracted more investors and most importantly, in what is arguably the worst market in 30 years, the Company managed to attract funding, pay debt and keep the lab producing results, without having to resort to toxic instruments such as debentures or equity lines. Our original investors have provided us very important support and we are grateful to them for their long-term interest in our company. At present, we are examining larger and significant financing proposals from a comfortable position."
Dr. Moro continued: "This is only the beginning. We are now in the position whereby we have reestablished our abilities to function effectively and we are aggressively pursuing our goals. Next, we will address, with the same vigor, the licensing and commercialization of our products and technologies. The FDA has cleared our first kit and the U.S. Patent Office has granted a patent covering it (and other technologies). This should facilitate the licensing of the product, which is a strategy that is more effective than manufacturing and setting up a large distribution network. We already have several major companies interested in our kits and we will pursue licensing agreements with them with the same enthusiasm as we have shown in the past few months. I anticipate that we will succeed once again, because we have an excellent team, a great technology and the financial means to do it. Our intellectual property is superb and once the diagnostics side of our company has gained momentum, we intend to initiate therapeutic investigations using our patented RECAF technology.
"I wish to thank the Board for this appointment and I vow to keep fighting for what we set out to do: help cancer patients while defending the interest of all our shareholders who are making this dream possible."
About BioCurex:
BioCurex, Inc. is a biotechnology company that is developing products based on patented/proprietary technology in the areas of cancer diagnosis, tumor imaging and therapeutics. 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. The Histo-RECAF(tm) kits provide proof of concept for the RECAF technology. Detailed information about BioCurex may be obtained from its website.
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.