Here are the details of the Abbott deal. They are found in the same November 9, 2005 SEC SB-2/A filing. The first milestone coming up will be item number 1 below. From what Dr. Moro has been saying, the first milestone must be very close. My guess is that it could involve perhaps millions of dollars to BioCurex, and this is one of the reasons why Dr. Moro told Erthang that the stock price would be above his purchase price shortly. When this milestone is reached, it no doubt will be a joint BioCurex/Abbott press release. Abbott's shareholders (and Wall Street) will read it, and given the fact that this is a highly sensitive early detection test for cancer, it will likely almost instantly go on Wall Street's radar. Given BioCurex's small float, the stock price should jump dramatically. Do not panic at anything in the details of the Abbott deal which I have pasted below. Especially the mention of a PMA. Do you notice that it says "or appropriate equivalent submission" which could be a 510k? Keep your wits about you and make some money. It will be the newcomers who will drive the stock price up by trying to buy stock that will be in relatively short supply because of the small float. kag
In March 2005 Biocurex signed a licensing agreement with Abbott Laboratories. Under terms of the licensing agreement, Abbott obtains worldwide, semi-exclusive rights to commercialize products using Biocurex's RECAF technology. Abbott's goal is to further develop this technology, incorporating it into future tests on their ARCHITECT system, for use in cancer diagnosis and monitoring.
As consideration for the license, Abbott paid Biocurex an initial licensing fee of $200,000.
Abbott will make additional payments to Biocurex:
1. Following Abbott's notification to Biocurex of Abbott's successful completion of its feasibility review.
2. Following Abbott's submission to the FDA of a Pre-Market Approval ("PMA") application (or appropriate equivalent submission) for the commercial sale of any products incorporating the licensed technology in the United States; and
3. Upon the FDA's approval of Abbott's PMA application (or appropriate equivalent submission) for the commercial sale of product or (ii) Abbott's first commercial sale of product, whichever occurs first.
4. Commencing with the year ending December 31, 2007 and continuing each subsequent calendar year, Abbott will pay annual minimum royalties to Biocurex.
5. Abbott will also pay Biocurex a royalty for each product sold by Abbott and 20% of any upfront sublicense fees received by Abbott for the sublicense.
6. Abbott may terminate the license upon 90 days written notice to Biocurex.
