Vancouver, British Columbia, Dec 02, 2021 (Newsfile Corp via COMTEX) -- Vancouver, British Columbia--(Newsfile Corp. - December 2, 2021) - Biocure Technology Corp. /zigman2/quotes/207262914/delayed CA:CURE -4.17% (otcqb:BICTF) ("Biocure" or the "Company") is pleased to provide the following operational and investment update to the market and its stakeholders.
The Company continues to build financial value within Cancer Treatment through two ways;
Development of it's own pipeline products with potential for the Company to secure a number of patents covering revolutionary Car-T bi-specific therapies in the near term.
Building value through partnering with strategic players and licencees (non-dilutive funding).
Company Focus and near-term Patent Potential - The Company is currently focused on two kinds of innovative CAR-T pipelines covering numerous types of cancer treatment.
Strategic Partnerships and Licensing (non-dilutive financing) - The Company has received strong interest from Technology-based Industry experts and Academic institutes regarding potential partnership to leverage and develop multiple new therapies.
Solid Pipeline of future trials
The Company is in discussions with a number of groups regarding planned trials in the medium term (12 months) including;
Strategic Partnerships and Investment
The Company has received strong interest out of Europe and Korea from a number of groups regarding potential strategic partnership and investment to leverage the enormous potential value of these therapies. The company is currently evaluating these proposals and will further update the market as these discussions progress.
Biocure has closed its non-brokered private placement through its Korean Subsidiary BiocurePharm, Korea ("BPK"), BPK has issued 7,692 shares at 13.897 CAD per share for gross proceeds of $106,896. Finder's fee shall be payable upon the closing. All dollar values are based on the published Exchange Rate of CAD0.001069/KRW1 on November 29, 2021, Bank of Canada. After the issuance of new BPK shares, CURE holds now 94.13% interest in BPK valuing BPK at approx. 53 million CAD.
The net proceeds from the non-brokered private placement are intended to be used for general working capital and development of CAR T in Korea.
Biocure is a leading biotech company developing its CAR-T cell therapy for leukemia, lung, breast and pancreatic cancer. Biocure, headquartered in Korea, has joint venture partners in Asia and Europe with planned clinical trials commencing in 2021. Biocure is in the process of pre-clinical trials of five major biosimilar products in South Korea, including Interferon Beta 1b, PEG- Filgrastim as well as Ranibizumab. Interferon Beta 1b is used for treating relapsing forms of multiple sclerosis ("MS") Filgrastim is used to treat neutropenia, a lack of certain white blood cells caused by bone marrow transplants, chemotherapy, and other conditions. Ranibizumab is used for treating mascular degeneration. It is also used to treat a type of eye problem known as macular edema, as well as certain eye problems caused by diabetes.
ON BEHALF OF THE BOARD OF DIRECTORS
/S/ "SANG MOK LEE"
CEO and Director
For further information, please contact:
Biocure Technology Inc. Telephone: 604-609-7146, or email@example.com
Certain statements in this news release, which are not historical in nature, constitute "forward looking statements" within the meaning of that phrase under applicable Canadian securities law. These statements include, but are not limited to, statements or information concerning the Company's proposed activities under the Agreement and the expectations of the Company regarding funding payments due pursuant to the Agreement. These statements reflect management's current assumptions and expectations and by their nature are subject to certain underlying assumptions, known and unknown risks and uncertainties and other factors which may cause actual results, performance or events to be materially different from those expressed or implied by such forward looking statements. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company. Readers are cautioned not to place undue reliance on forward looking statements. Neither the Canadian Securities Exchange (the "CSE") nor the Investment Industry Regulatory Organization of Canada) accepts responsibility for the adequacy or accuracy of this release.
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