BioCurex Incorporates Chinese Subsidiary

10-Nov-2008 - China

BioCurex Inc. as incorporated a fully-owned subsidiary, BioCurex China, in Shanghai. This followed a lengthy legal process - required of all foreign companies - that took several months to complete. The subsidiary will initially operate as a clinical laboratory for RECAF testing and will serve both local hospitals and physicians.

According to the company, this expansion is completely separate from the licensing agreements Biocurex has with Abbott Laboratories and Inverness Medical Innovations. There is no direct or indirect collaboration with these licensees on this Chinese venture, which relates solely to BioCurex's determination to accelerate the commercialization of its technologies.

In a second stage, marketing in China will be extended to other large cities such as Beijing, Tianjin and Hong Kong. In addition, BioCurex China will seek distribution of the finished kits to other clinical laboratories throughout the rest of the country.

The technical and regulatory aspects of BioCurex China will be managed by a former BioCurex scientist, who moved back to Shanghai after helping to develop the RECAF technology. Legal and accounting issues will be handled by independent firms reporting directly to BioCurex Inc.

Dr. Ricardo Moro, BioCurex' CEO, comments: 'The recent change in the world's economy poses a challenge to high technology companies in the process of commercializing their technologies. Our response to that challenge is to focus all of our resources in generating revenue as soon as possible, from signing a third semi-exclusive licensing agreement to commercializing manual tests. It is difficult to tell where the first revenues will come from; our licensees or direct sales, but working on all fronts in parallel maximizes our opportunities and expedites the process. To the best of our knowledge, no other technology can match this product. The profit margin should be considerable.'

https://www.bionity.com/en/news/89348/biocurex-incorporates-chinese-subsidiary.html