NEW YORK, June 20, 2005 (PRIMEZONE) -- Innovate Oncology Inc. (OTCBB:IOVO), a company founded by Bioaccelerate Holdings Inc. (OTCBB:BACLE), announced today the appointment of Paul A. Hopper as Chairman of the Board of Directors.
Innovate Oncology is a U.S.-listed biotechnology company that currently has a portfolio of clinical and pre-clinical products with a goal to improve disease outcomes for patients with cancer. 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 U.S. clinical trials in late 2005 or early 2006.
Mr. Hopper was formerly the Chief Executive Officer of Australian Cancer Technology Limited, now known as Avantogen Limited, Innovate's joint venture partner in North America for the development of RP-101.
Prof. Rudolf Fahrig, the discoverer of Innovate's lead technology, RP101, said from Germany today, "I am delighted to have Paul again closely involved in the clinical development of our highly promising pancreatic drug."
During his 25-year career, Mr. Hopper has gained a strong working knowledge of Board governance and hands-on experience managing diverse stakeholders' interests at the Board level in both for-profit and not-for-profit enterprises. Mr. Hopper's experience includes serving as Managing Director of Alpha Healthcare Limited, a diversified Australian Stock Exchange-listed hospital, pathology, radiology and general practice provider, which he co-founded in 1988 and ran until 1999. He was the Australian representative of the Los Angeles-based merchant bank, Cappello Group, Inc., from 2002 to 2004, and has continued as an advisor since relocating to San Diego in 2005. Mr. Hopper has served as a Director of numerous public and private enterprises, including the Australian Private Hospitals Association.
Mr. Hopper, 48, was educated at The King's School and also holds a Bachelor's degree in Political Science from The University of South Wales and has attended the Harvard Business School advanced management program.
"We are pleased that Paul has joined Innovate Oncology during this exciting time for the company," stated Dr Frank Armstrong, CEO of Bioaccelerate. "His experience and expertise as the original licensee of RP101 will be critical to the advancement of Innovate's 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. For more information visit www.innovateoncology.com
About Bioaccelerate Holdings Inc.
Bioaccelerate Holdings Inc. (OTCBB:BACLE) 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 "BACL.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.