NEW YORK, June 14, 2005 (PRIMEZONE) -- Innovate Oncology Inc. (OTCBB:IOVO), a company founded by Bioaccelerate Holdings Inc. (OTCBB:BACLE), announced today the appointment of Mr. Sujay Kango as Chief Executive Officer.
Innovate Oncology is a US-listed biotechnology company that currently has a range of clinical and pre-clinical products in its portfolio - each addressing a potential $1 billion market opportunity - that it expects to bring to full commercialization in the next 36 months. Innovate owns the North American rights, with Avantogen Limited, to RP-101, a promising pancreatic cancer compound aimed at combating chemoresistance. RP101 is in a multi center Phase II trial in Germany and is expected to enter US clinical trials in late 2005 or early 2006.
Mr. Kango has 14 years of successful pharmaceutical experience including marketing, management, and sales. Prior to joining Innovate, Mr. Kango was at Tibotec Therapeutics, a division of Ortho Biotech where most recently he was the Director of Oncology Marketing. His responsibilities included developing the vision, strategies, and business plan for the oncology franchise to optimize current usage and drive product growth through life cycle management. From 2000 through 2003, Mr. Kango was Director of Strategic Marketing & Global Commercial Leader at Johnson & Johnson Pharmaceutical Services (JJPS) a division of Johnson & Johnson. At JJPS, his responsibilities included leading the PROCRIT(R)/EPREX(R) Oncology Global Commercial Team. From 1990 through 2000, Mr. Kango held a number of positions at Schering-Plough Corporation including global marketing, brand management, and sales. During his tenure at Schering-Plough, Mr. Kango managed the immunology franchise products, including launch of anti-TNF-a (REMICADE), was involved with oncology new product development worldwide, and was a member of oncology therapeutic teams.
Mr. Kango serves as a board member of the CancerCare of NJ (a non-profit organization that provides education, support, and financial aid to cancer patients).
"We are delighted that Sujay has joined Innovate Oncology during this exciting time for the company," said Dr Frank Armstrong, CEO of Bioaccelerate. "His tremendous oncology expertise and experience in senior management positions in the pharmaceutical industry will be critical to the further advancement and commercialization of the Company's broad product pipeline, which includes both clinical and pre-clinical stage compounds."
ABOUT INNOVATE ONCOLOGY
Innovate Oncology Inc., a company founded by Bioaccelerate Holdings Inc., is developing a range of pharmaceuticals that are focused on areas of need within oncology. The global cancer market was valued at $38.5 bn in 2003 and is forecast to grow to $53.1 bn by 2009. Innovate's lead product, currently in Phase II, prevents the development of resistance to commonly used chemotherapeutic agents. In addition, Phase II studies are due to start shortly on another unique molecule which has just completed Phase I and demonstrated activity in several different tumor types. Two of Innovate's other lead compounds are novel formulations of already approved molecules such as an oral paclitaxel and polymer-formulated topotecan. Apart from these projects, Innovate also has other preclinical projects with significant potential, including new methods of inhibiting the RAS signaling pathway and the Her2/neu oncogene. Other preclinical projects include an antiangiogenic monoclonal antibody, and a project to find a small molecule mimic of a novel prostate tumor suppressor protein.
ABOUT BIOACCLERATE HOLDINGS INC.
Bioaccelerate Holdings Inc. (BACLE.OB) is a pharmaceutical development organization ("PDO") that seeks to acquire, develop and commercialize novel pharmaceutical compounds in an efficient, cost-effective way. Bioaccelerate uses its broad network of academic, industry and capital market relationships to expedite drug development and raise capital to create and fund its subsidiary companies, which are organized by vertical portfolios in five therapeutic areas: oncology, specialty pharmaceuticals, central nervous system disorders (CNS), cardiovascular disease and anti-infectives.
Bioaccelerate conducts its business directly and through its subsidiaries. The company holds majority equity interests in 10 biopharmaceutical companies, three of which are public, and holds minority interests in four biopharmaceutical companies, two of which are public. The company also holds a minority equity interest in a public nanotechnology company. Bioaccelerate's strategy relies on its development network for research, clinical development and project management to guide early-stage compounds from the discovery process through to Phase II/III development where incremental value can be created. Bioaccelerate Holdings is listed on the Over-The-Counter Bulletin Board under the symbol "BACLE.OB." For more information on Bioaccelerate, visit the Company's website at http://www.bioaccelerate.com.
INNOVATE ONCOLOGY AND BIOACCELERATE SAFE HARBOR STATEMENT
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because these statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Specifically, factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to: risks associated with pre-clinical and clinical developments in the biopharmaceutical industry in general or Innovate Oncology or Bioaccelerate's compounds under development in particular; the potential failure of Innovate Oncology or Bioaccelerate's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Innovate Oncology or Bioaccelerate's compounds under development; failure to successfully implement or complete clinical trials; failure to receive marketing clearance from regulatory agencies for our compounds under development; acquisitions, divestitures, mergers, licenses or strategic initiatives that change Innovate Oncology or Bioaccelerate's business, structure or projections; the development of competing products; uncertainties related to Innovate Oncology or Bioaccelerate's dependence on third parties and partners; and those risks described in the filings with the SEC. Innovate Oncology and Bioaccelerate disclaim any obligation to update these forward-looking statements.