The SEC gave specific reasons why they announced a temporary suspension of trading of BioCurex on April 9, 2004. Their reasons were because of questions regarding the accuracy of assertions by BioCurex and others, in press releases and e-mails to investors concerning, among other things, (1) a study confirming the effectiveness of its primary products and (2) approval of its main product by the FDA. Any other reasons given by anyone for the temporary suspension are just speculation.
Look closely at the above. The SEC was undeniably questioning the accuracy of assertions that BioCurex had made in press releases.
Let’s look at BioCurex’s April 5, 2004 press release that obviously was involved with the SEC temporary suspension. A specific quote from Dr. Moro contains the following sentence. “This is why RECAF is such a valuable technology.” If that were known to be factually accurate, why did Abbott in March 2005 only pay BioCurex 200K for a semi-exclusive serum RECAF license where the first milestone is only a “Feasibility Study”? Here is another quote from that same press release. “Even if we could only detect one type of cancer, we would have a significant discovery, but the studies demonstrate that we obtain continued excellent results in many differing types of cancers and at very high detection values.” That quote is misleading. Serum RECAF cannot distinguish what specific type of cancer is present. There was also no independent, third party corroboration of the results of the studies that BioCurex was referring to.
The article by Elizabeth Gray titled “SEC and FDA Team up to Monitor Disclosures” indicates that the purpose of the SEC/FDA initiative is to prevent life science companies from misrepresenting the risks associated with their product development or status of products before the FDA and to prevent executives from engaging in insider trading with the knowledge that the status of their product development differed from that disclosed to the public.
Hasn’t it been mentioned before on this board that BioCurex insiders sold stock into the stock price rise which followed the April 5, 2004 press release? kag
