SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
___________________
Date of Report (Date of earliest event reported) March 28, 2000
BIOCONTROL TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 0-10822 25-1229323
(State of other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
300 Indian Springs Road, Indiana, Pennsylvania 15701
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 349-1811
_________________________________________________________________
(Former name or former address,
if changes since last report.)
Item 1. Change in Control of Registrant.
Not applicable.
Item 2. Acquisition or Disposition of Assets.
Not applicable.
Item 3. Bankruptcy or Receivership.
Not applicable.
Item 4. Changes in Registrant's Certifying Accountant
Not applicable.
Item 5. Other Events.
Biocontrol Technology, Inc. subsidiary Diasensor.com
has purchased an equity interest in Diabecore Medical
Inc., a Toronto-based company working to develop a new
insulin for the treatment of diabetes. With this
initial investment, Diasensor.com will own 12% of
Diabecore, advancing to a 35% ownership at completion
of funding in approximately 16 months. Diabecore
Founder and President William Lougheed, P.Eng., has
invented this insulin, which, in in-vivo studies, has
demonstrated effectiveness in controlling hyperglycemia
without risk of severe hypoglycemia. In laboratory
tests, this new insulin, when administered in large
doses, extends the duration of insulin action for
improved control of glucose levels, rather than
producing hypoglycemia. This new insulin has shown to
be three to four times less hypoglycemic compared to
any presently available insulin.
Item 6. Resignation of Registrant's Directors.
Not Applicable
Item 7. Financial Statement, Pro Forma Financial Information and Exhibits.
(a) Financial Statements and Businesses Acquired - Not Applicable.
(b) Pro Forma Financial Information - Not Applicable.
(c) Exhibits - Press Release.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act
of 1934, the Registrant has duly caused this Report to be signed
on its behalf by the undersigned hereunto duly authorized.
BIOCONTROL TECHNOLOGY, INC.
by /s/ Fred E. Cooper
Fred E. Cooper, CEO
DATED: March 28, 2000
BICO
BIOCONTROL TECHNOLOGY, INC
2275 Swallow Hill Road, Building 2500
Pittsburgh, PA 15220
Press Release
Investors Media
Diane McQuaide Susan Taylor
1.412.429.0673 phone 1.412.429.0673 phone
1.412.279.9690 fax 1.412.279.5041 fax
BIOCONTROL SUBSIDIARY DIASENSOR.COM INVESTS IN DIABECORE MEDICAL FOR
NEW INSULIN DEVELOPMENT
Pittsburgh, PA (March 28, 2000) - Biocontrol Technology, Inc.
(OTCBB:BICO) subsidiary Diasensor.com has purchased an equity
interest in Diabecore Medical Inc., a Toronto-based company
working to develop a new insulin for the treatment of diabetes.
With this initial investment, Diasensor.com will own 12% of
Diabecore, advancing to a 35% ownership at completion of funding
in approximately 16 months.
Diabetes affects 200 million people worldwide and is
characterized by the inability to properly metabolize glucose,
resulting in elevated blood glucose concentrations or
hyperglycemia. Currently, there is no available insulin able to
normalize hyperglycemia without the accompanying risk of frequent
and/or severe episodes of low blood glucose or hypoglycemia in
most individuals with diabetes.
Diabecore Founder and President William Lougheed, P.Eng.,
has invented this insulin, which, in in-vivo studies, has
demonstrated effectiveness in controlling hyperglycemia without
risk of severe hypoglycemia. In laboratory tests, this new
insulin, when administered in large doses, extends the duration
of insulin action for improved control of glucose levels, rather
than producing hypoglycemia. This new insulin has shown to be
three to four times less hypoglycemic compared to any presently
available insulin.
The development of Diabecore's insulin involved several
years of scientific effort by Lougheed and Kusiel Perlman, M.D.,
with the support of the Research Institute of The Hospital for
Sick Children in Toronto and The Loyal True Blue and Orange
Research Institute in Richmond Hill, Ontario.
-more-
BIOCONTROL SUBSIDIARY DIASENSOR.COM INVESTS IN DIABECORE MEDICAL
FOR NEW INSULIN DEVELOPMENT
PAGE 2
This insulin is patented in the United States and Europe.
Diabecore's immediate plans will focus on acute and chronic
toxicology in animals, and manufacturing, including proof of
product stability, batch product quality assurance, and
production scale-up. Diabecore anticipates that clinical trials
will begin within 24 months.
Lougheed, a biomedical engineer, has served as a consultant
to the Research Institute of The Hospital for Sick Children and
research director of The Loyal True Blue and Orange Research
Institute. He has studied the physiology of insulin action for
20 years and has developed drug delivery systems and medical
devices, which have successfully entered the marketplace. As
president of Diabecore, he manages the overall direction,
clinical design and development of the new insulin.
Dr. Perlman is a staff endocrinologist at The Hospital for
Sick Children and an associate professor at the University of
Toronto. He pioneered the first studies involving computer
programmed intravenous insulin infusions in diabetic adolescents
and has performed numerous clinical trials involving novel
insulin and insulin therapies. He serves as vice president of
Diabecore.
Biocontrol Technology has its corporate offices in
Pittsburgh, PA and is involved in the development and manufacture
of biomedical devices and environmental products. The company's
subsidiaries include Diasensor.com, IDT, Inc. and Petrol Rem,
Inc. Diasensor.com markets and owns the technology for the
Diasensor Noninvasive Glucose Monitor and is establishing a
telemedicine program using the Diasensor 2000, which will link in-
home patients to diabetes clinics via the Internet.
Diasensor.com is located in Pittsburgh, PA.
WEB SITE: www.bico.com
INVESTOR RELATIONS NEWSLINE NUMBER: 1-800-357-6204
This press release contains statements of a forward-looking
nature. Shareholders and potential investors are cautioned
that such statements are predictions and actual events or results
may vary significantly.
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