In January, the Company completed the terms for the LOI with Pipex
Pharmaceuticals Inc, and the remaining US$12,500 of the Pipex advance was
received. On July 27 the Company announced that the exclusivity period for the
previously announced proposed business combination with Pipex had expired. As
Pipex did not request an extension, nor addressed the financial concerns, BCY
informed Pipex that it would review other options.
