RICHMOND, British Columbia and WALTHAM, Mass., Jan. 9, 2008 (PRIME NEWSWIRE) -- BioCurex (OTCBB:BOCX) and Inverness Medical Innovations (AMEX:IMA) have announced a licensing agreement for BioCurex's RECAF(tm) material and technology.
BioCurex is a biotechnology company with patented/proprietary technology identifying a cancer marker, RECAF. RECAF (the receptor for alpha-fetoprotein) is a wide-spectrum marker present in malignant cancer cells and absent in most normal cells, allowing it to play a major role in the development of new diagnostic tests for prostate, breast, colorectal, lung and other cancers. More than three years of testing by BioCurex has confirmed RECAF's high degree of clinical sensitivity and specificity in detecting various types of cancer, even when the disease is at its earliest stage.
Under terms of the license agreement, Inverness Medical Innovations will obtain semi-exclusive worldwide rights to commercialize products using this technology. BioCurex will be paid up-front fees, product and development milestones plus royalties on product sales.
"BioCurex's RECAF technology has the potential to revolutionize cancer detection by differentiating malignant cells from healthy ones. For this reason, we are delighted to be partnering with one of the world's leading developer/manufacturers of advanced diagnostic products. With major facilities in the U.S., Europe and Asia, Inverness Medical Innovations has an impressive reputation for aggressive and innovative consumer marketing. We are especially looking forward to be working with them on expanding and implementing our RECAF technology on future cancer tests," said Ricardo Moro, M.D., BioCurex's CEO.
"BioCurex's RECAF technology complements the recent acquisition of Matritech and the equity investment in Diamics and should enhance our product development efforts in these areas," said Ferran Prat, VP of Oncology for Inverness Medical Innovations. "As only the second diagnostic manufacturer with access to RECAF, this agreement represents an important competitive step for Inverness within the oncology diagnostics and monitoring markets."
According to the World Health Organization, more than 10 million people are diagnosed with cancer every year, and this number is expected to reach 15 million in a dozen years. The RECAF technology becomes hugely significant when considering that the chance of a cure increases substantially if the disease is detected early (i.e. the five-year survival rate for breast cancer ranges from 87% at Stage 1 to only 13% at Stage IV). Cancer screening and recurrent evaluations are anticipated diagnostic applications for the RECAF cancer marker.
About BioCurex
BioCurex, Inc. is a biotechnology company that is developing products based on patented/proprietary technology for cancer diagnosis and therapy. The core technology identifies a cancer marker known as RECAF, found only on malignant cells in a variety of cancers, but absent in normal and most benign cells. BioCurex is also working on further methods for cancer detection and cancer treatment. For additional information, please visit www.biocurex.com.
About Inverness
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding potential synergies and benefits of the proposed business combination and potential market growth. These statements reflect BioCurex's and Inverness' current views with respect to future events and are based on Inverness' management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market and economic conditions; competition; market acceptance of the RECAF marker; the development or discovery of competing markers or technologies for cancer diagnosis or monitoring; Inverness' ability to successfully develop and manufacture diagnostic testing products and to commercialize products utilizing RECAF; and the risks and uncertainties described in Inverness' annual report on Form 10-K, as amended, for the year ended December 31, 2006, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
The release of this information in any form that contravenes the Communication Act is prohibited and the companies will not be responsible for unsolicited massive distribution of this material by e-mail or facsimile by unauthorized parties.