NEW YORK, Dec. 14, 2004 (PRIMEZONE) -- Bioaccelerate Holdings Inc. New York (OTCBB:BACL) and Faustus Forschungs Cie. Translational Cancer Research GmbH and Faustus Forschung Translational Drug Development AG, Vienna, Austria, have entered into an agreement regarding the co-development of eight new anti-cancer drug candidates, five of which are in the Clinical development Stage and three in the pre-clinical development stage.
Under the terms of the agreement Bioaccelerate will fund the further development of the portfolio through to commercialisation. The agreement will leverage both parties extensive experience in Oncology development with Faustus utilising their facilities for the development work.
About Faustus
Faustus is an independent portfolio-oriented pharmaceutical company with an office in Leipzig, Germany and an office in Vienna, that works in cooperation with the leading scientific institutions in the field of medical oncology. Faustus has been established as an industrial institution complementing the work of universities and institutes and moves academic discoveries of new, promising anticancer drug candidates through preclinical examination up to the clinical proof-of-concept.
About Bioaccelerate
Bioaccelerate Holdings Inc. ("Bioaccelerate") is a company that acquires and develops pharmaceutical compounds which its management believes have potential for substantial medical and commercial value. Bioaccelerate currently has majority equity interests in 10 biotech companies, two of which are public. Bioaccelerate also holds minority equity interests in three Biotech companies, two of which are public. The companies which Bioaccelerate currently has equity interests in focus on five vertical therapeutic areas: cancer, cardiovascular, lifestyle, central nervous system and anti-infectives. Bioaccelerate's strategy utilizes a development network to accelerate the development of multiple early-stage compounds to Phase II/III clinical development. Management believes this creates a lower-risk business model as Bioaccelerate's network enables a timely and cost-effective passage from the discovery process up to Phase II/III where substantial incremental value can be created. For more information on the company please see the company's website at http://www.bioaccelerate.com.
This release includes forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein.