BioCurex, Inc.(fka BOCX)

[bocxman]

The comment that ABT "didn't do much due diligence" on BOCX deserves a special place in the Internet's history of inane and ludicrious comments. The fact remains that BOCX's ability to procure a deal with ABT (not to mention on a diet of about $2 mil/year) puts us in a rarified air with only a small handful of companies including Vysis, Celera, Europroteome, etc.

Abbott, who GoldSeeker paints as a cancer marker licensing machine who "didn't do much due diligence" on BOCX, is in fact an extraordinarily selective and strategic licensee who has only inked one other cancer marker deal in the past 18 months!

Regarding UroVysion...DC-Steve and I went toe to toe many times on the Vysis-Abbott deal that GoldSeeker is bringing up in an attempt to minimize the BOCX-Abbott deal. The difference is, DC-Steve always did good homework, unlike GoldSeeker who does a google search or two and then shoots from the hip, filling in the gaps with his imagination.

Vysis's and BOCX's relationship with ABT cannot be compared. The fact is that Vysis was a company done "the right way" from the start -- they were an offpring of the giant Amoco (yes, that's right...the giant oil/gas firm also has a general technology holding co called ATC), which right away gave them access to capital and Wall St resources that BOCX can only dream of. They got many millions in funding originally from the prestigious NIST ATP program. I forgot which exchange, but they IPO'd a piece of the business for a cool $40 mil in cash on either the NASDAQ or NYSE, and were a rather high profile company with analyst coverage, a large R&D operation, media attention, etc.

Furthermore, Vysis had and still has a very comprehensive diagnostics pipeline based on their genomics platform which was one of the first in the business. Around the turn of the millenium, genomics became a very, very hot topic on Wall Street, and Vysis had "the goods" so to speak. Thus the $350+ mil pricetag on the company.

BOCX, as opposed to Vysis, is basically a biotech chop shop with one product and no money, resources, or access to Wall St. One of the sloppiest and cheapest corporate formations perhaps ever (LOL), a quirky chief scientist who barely speaks English, and...alas...Phil Gold. It's not hard to understand why BOCX didn't command any sizable upfront payment from ABT. BOCX was a street dog. If anything, ABT did *MORE EXTENSIVE DUE DILIGENCE THAN USUAL*, hence the fact that it took WELL OVER A YEAR from when BOCX started talking about being close to a large licensing deal with a "major" diagnostics company, to when the deal actually happened. I spent time on the phone with lab personnel during that time, and they were doing nothing but blind sample verification for hundreds of samples for potential licensees.