Dow Jones 10225.57 -46.70 6:15 am PST, May 01, 2004  NASDAQ 1920.15 -38.63 For info, visit access.smallcapnetwork.com S & P 500 1107.30 -6.59 To be removed, please click here Russell 2000 559.80 -7.45 VOLUME 04: ISSUE 33  Feature: BioCurex Update Never in over 20 years of market watching have I ever seen anything like the recent activity in the shares of biotech BioCurex. (BOCX.PK). SmallCap Digest wants to bring you the latest we have on the company, a recap and our understanding as to the future timeline of events. From relative obscurity last fall when we Alerted the readership to nifty biotech BioCurex at 20 cents, the shares embarked on a roller coaster ride in early April, posting massive volumes to eventually hit a high of $3.90. The Securities and Exchange Commission (SEC) subsequently halted BioCurex shares on April 8th for a period of two weeks for clarification of some of the company's claims. We will deal with those issues below. Where can I trade BOCX? As readers and shareholders have no doubt noticed, the shares of BioCurex were moved in mid-April, by the NASD, from the bulletin board market and are now trading in the nether market known as the Pink Sheets. This development is the result of a standing NASD rule that relegates any stock from either the NASDAQ or the Bulletin Board to the pink sheets in the event the stock is halted for trading for four or more days. Those shareholders and interested others who wish to access accurate quotes on the company, BioCurex has arranged with www.pinksheets.com to display the company's Level II real-time quotes during this period and have made them available for free to the general Access them here: http://www.pinksheets.com/quote/quote.jsp?symbol=BOCX  There is conflicting information as to whether Pink Sheet stocks can be traded online, depending on which brokerage firm you use. Investors may have to place their orders with a human.  Best to give your dealer of choice a call and get the proper format. Second, BioCurex is working with all haste to return the company to trading on the OTC Bulletin Board. Commensurate with that event is the filing of BioCurex's 10k (audited financials), which the company hopes to accomplish as soon as possible, likely in the next week or so. The company has already filed an 8k (unaudited financials) in the interim. That document is available here--under the corporate title Whispering Oaks International: http://www.sec.gov/Archives/edgar/data/1092562/000100487804000061/0001004878-04-000061.txt  Re-listing on the OTCBB will hopefully follow quickly once the appropriate forms are filed with the NASD. FDA 'Approval' One of the questions the SEC put to BioCurex was its use of the term ' approved' when linked to its proprietary cancer detection tissue biopsy test Histo-Recaf?. The company responded in an April 10th news release: The Food and Drug Administration (FDA) has classified BioCurex's Histo-RECAF? as a Class I device under Regulation Number 864.1850, Code HZJ owned by BioCurex (FDA number 9046509). Thus, the product is available as a "Staining test for AFP receptors (a.k.a. RECAF) in tissues" for sale to pathology laboratories across the USA.  The pertinent documents from the FDA can be found by doing a search for BioCurex at http://google.fda.gov. I'm happy to argue semantics, but it seems clear from these statements that the company's diagnostic tissue biopsy test Histo-Recaf? is'  available for sale' according to the FDA, which, granted, is likely more appropriate than ' approved'. The bottom line is that BioCurex can sell the Histo-Recaf? test to pathology labs, nationwide. The company is fully cooperating in any other matters regarding the SEC's inquiries, including some "spamming' that took place regarding BioCurex --which the company had absolutely no part in or any knowledge of-- prior to the SEC halt. Sensitivity We see no reason to deviate from the initial reasons we first brought BioCurex to the SmallCap readership. The company stands by its stated test results up to and including its April 5th Press release, which announced exciting initial results regarding its blood test--Serum-Recaf?--for the detection of lung cancer: "BioCurex Inc. announces results for lung cancer detection using its proprietary Serum-RECAF(TM) blood test. The results confirm 90% sensitivity with 95% specificity*. The findings further substantiate the use of RECAF(TM) as a universal cancer marker with a potential market size of $2 billion per year for all cancers." Sensitivity is the percentage of times a test detects cancer. Specificity is the percentage of times no false positives/negatives are recorded. BioCurex has posted data and an explanation of its lung cancer detection results (in PDF format) on its website under 'news' for all to read. http://www.biocurex.com/index3.html  Let's talk about sensitivity. To date, BioCurex's studies--albeit on small numbers of patients-- have determined that for all the cancers tested with Histo?-and Serum-Recaf?, sensitivity (detection) is north of 90 percent. In many cases, such as Breast cancer, the sensitivity is 100 percent. From our October SmallCap Trading Alert: In a study that included 147 normal samples and 91 cancer samples, Histo-RECAF ? delivered a 95 percent detection rate for various forms of cancer, including cervix, lung, head and neck, among others. BioCurex's test sensitivity is 100 percent for breast cancer. Current marker tests detect only 35-50 percent of breast cancer cases. BioCurex's new diagnostic tests appear to be vastly superior to older competitive offerings. This seems mainly due to their extremely high sensitivity and specificity rates as well as not being single cancer specific as, for example, is the decades-old test for the PSA marker for prostate cancer and the CEA marker for colon-rectal cancer. Both tests are much less sensitive (between 15-30 percent) than BOCX's proprietary tests, which detect the RECAF? cancer marker in many different types of cancer. While the tests to date have been limited to smaller samples, the revenue potential for these diagnostic tests appear enormous. Remember, diagnostic tests do not require the same drawn-out regulatory process as is necessary with drug therapies. We have noted before that should the company license its tests, BioCurex will then be in a position to move into the next phase of its development--therapeutic products and pursuits. It may be early days for BioCurex, but indications are that the company's current products and ongoing R&D could well revolutionize the way cancer is detected and treated. We'd like to reiterate the points we made in our initial piece in October 2003 on BioCurex: The salient points investors need to know about BioCurex are: Focused on the healthcare solutions/diagnostics space--a $10 billion market expected to grow by double digits annually over the next half decade; Cutting edge patented/proprietary technology for cancer diagnosis, tumor imaging and treatment; Identifies the presence of cancer through detection of a biomarker known as RECAF?. Research indicates BioCurex's products may detect cancer much earlier than existing technologies;  A sensitivity (detection) rate of 90-100 percent of cancers through either blood, tissue biopsies or other specimens tested; High sensitivity for breast and lung cancer--the most common cancer varieties; No competitor approaches the detection rate of BioCurex's diagnostic products; BioCurex holds the patent for the RECAF? biomarker*; Early cancer diagnosis cuts healthcare costs significantly--an extremely important benefit as those costs continue to rise. *RECAF? is a cancer marker found on malignant cells from a variety of cancer types but is absent in most normal or benign cells. We have no evidence that any of these claims by the company have changed. As well, even through this challenging period for the company, discussions with potential licensees continue. As BioCurex stated on April 2nd, it intends to finalize at least one major licensing deal and several smaller ones during calendar 2004. The company will continue to test its products and technologies to enhance their initial validation. Results from Japan and France are expected soon. Let me put it into simple terms: what if you could have a blood test annually at the doctor to prove or disprove the presence of cancer? Think of the lives that would be saved. What would that be worth to you? Everything.  For investors, what would it be worth to the marketplace? I would submit that should these proprietary tests from BioCurex become commonplace --regardless of even any future corporate developments--the potential could well be staggering.  Hopefully, in the not too distant future, the regulatory challenges will be behind the company and it can again focus completely on its important work. And shareholders can get back to the business of following, unfettered, this exciting, early-stage biotech.    We Value Your Feedback Got comments, questions or suggestions? Send 'em on over: Editor@smallcapnetwork.com If you wish to send a written request or inquiry, please send it to our physical address: TGR Group, LLC 3525 Del Mar Heights Rd #334 San Diego, CA 92130 Unsubscribe Here D I S C L A I M E R : The SmallCap Digest is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. SmallCap Digest is not a registered investment advisor or broker-dealer. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from third party consultants and/or companies which it features for the publication and circulation of the SmallCap Digest or representation on SmallCapNetwork.net.  Likewise, this newsletter is owned by TGR, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication. Click Here to view our compensation on every company we have ever covered, or visit the following web address:  http://access.smallcapnetwork.com/compensation_disclosure.html for our full compensation disclosure and http://access.smallcapnetwork.com/short_term_alerts.html for Trading Alerts compensation and disclosure. TGR Group LLC has been paid a fee of $25,000 and one million newly issued restricted shares by Biocurex for coverage of the company. All statements and expressions are the sole  opinions of the editors and are subject to change without notice. A profile, description, or other mention of a company in the newsletter is neither an offer nor solicitation to buy or sell any securities  mentioned. While we believe all sources of information to be factual and reliable, in no way do we represent or guarantee the accuracy thereof, nor the statements made herein. The editor, members of the editor's family, and/or entities with  which the editor is affiliated, are forbidden by company policy to own, buy, sell or otherwise trade stock for their own benefit in the companies who appear in the publication unless specifically disclosed in the newsletter. The profiles, critiques, and other editorial content of the SmallCap Digest and SmallCapNetwork.net may contain forward-looking statements relating to the expected capabilities of the companies mentioned herein. THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED. INVESTING IN  SECURITIES IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. THE INFORMATION FOUND IN THIS PROFILE IS PROTECTED BY THE COPYRIGHT LAWS OF THE UNITED STATES AND MAY NOT BE COPIED, OR REPRODUCED IN ANY WAY WITHOUT THE EXPRESSED, WRITTEN  CONSENT OF THE EDITORS OF SMALLCAPNETWORK.NET. We encourage our readers to invest carefully and read the investor information available at the web sites of  the Securities and Exchange Commission ("SEC") at http://www.sec.gov and/or the National Association of Securities Dealers ("NASD") at http://www.nasd.com. We also strongly recommend that you read the SEC advisory to investors concerning Internet Stock Fraud, which can be found at  http://www.sec.gov/consumer/cyberfr.htm . Readers can review all public filings by companies at the SEC's EDGAR page. The NASD has published information on how to invest carefully at its web site.