BioCure Announces a Contract with Osong Hi-Tech Medical Industry Promotion Foundation
Vancouver, British Columbia – February 20, 2018– Biocure Technology Inc. (formerly Gravis Energy Corp.) (CSE: CURE) (the “Company” or “Biocure”) announces that on February 19, 2018, has entered into a contract with Osong Hi-Tech Medical Industry Promotion Foundation (“Contractor”) for non-clinical biodistribution tests of anti-CD19 CAR-T cell therapy.
This is a prerequisite to apply for Investigational New Drug Application (IND) to the Korean Food & Drug Administration (KFDA), and non-clinical toxicity tests in nudemice will be performed by the Contractor. In addition, BiocurePharm has commissioned CdmoGen Co., Ltd. to produce Master Cell Bank (MCB) for the production of lentiviral vectors for clinical trials of anti-CD19 CAR-T cell therapy. The contract term will be from February 19 until July 31 and the total amount is the equivalent of $88,200 CDN dollars (exchange rate is 0.001176).
Dr. Sang Mok Lee, President & CEO of the Company stated, “We are so excited to start the pre-clinical trial for CAR-T Cell therapy through the discussion with KFDA for the first time in Korea. It is expected to be completed within three to four months from now and will proceed to clinical trial around August 2018 both in Korea and Germany subject to the availability of funds. It is believed that clinical trial could be advanced faster than other products due to the nature of Acute Leukemia which is a target disease of our CAR-T Cell Therapy. We are aiming to start commercial production in late 2019.”
Biocure is a South Korean based Bio Pharmaceutical company specializing in the development and potential commercialization of biosimilar pharmaceutical products. Biocure is in the process of pre-clinical trials of five major biosimilar products in South Korea, including Interferon Beta 1b, PEG-Filgrastim and Ranibizumab as well as CAR-T Cell Therapy. 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 macular 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. Biocure is also developing a foot and mouth disease vaccine, a hair growth production product and a breast cancer detection kit.
ON BEHALF OF THE BOARD OF DIRECTORS
/s/ “Sang Mok Lee”
CEO and Director
For further information, please contact:
Biocure Technology Inc. Telephone: 604-609-7149
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.