NEW YORK, Aug. 22, 2005 (PRIMEZONE) -- Evolve Oncology, Inc. (Pink Sheets:EVON), a clinical stage drug development company founded by Bioaccelerate Holdings, Inc. (OTCBB:BACL), announced today the appointment of Paul A. Hopper as chief executive officer.
Mr. Hopper has nearly 25 years' experience in public company markets, primarily in the medical and biotechnology sectors, with a particular emphasis on rapid growth companies. Previously, he served as chief executive officer of Australian Cancer Technology Limited ("ACT"), now Avantogen Limited.
While CEO of ACT, Mr. Hopper was responsible for in-licensing two new cancer drugs in four Phase I and Phase II clinical trials in the U.S. and Germany. He also commenced a Phase IIb clinical trial of a prostate cancer vaccine in Melbourne, Australia; signed two materials transfer agreements with Memorial Sloan-Kettering Cancer Center and another with one of the largest U.S. biotech companies; acquired the Alabama-based vaccine adjuvant company Galenica Pharmaceuticals; and raised significant capital for ACU. During his tenure, ACU's valuation increased four fold in just 15 months and was rated the fourth-best performing biotech company in Australia in 2004.
"We are delighted that Paul has joined Evolve Oncology at this important time in the company's growth as it advances its deep and broad portfolio of mid- and late-stage investigational oncology products," stated Dr. Frank Armstrong, chief executive officer of Bioaccelerate. "Paul's breadth of experience at the board level and in senior management will serve the company well as it moves products toward commercialization. His detailed knowledge and experience in the U.S. biotech community and capital markets, plus his track record in securing promising technologies, will be invaluable to Evolve's development."
"Evolve Oncology is at an exciting stage in its corporate development with mid- and late-stage oncology products," commented Mr. Hopper. "Bioaccelerate's strategy for streamlining product development and commercialization is being applied to Evolve Oncology, as seen by the successful rapid advancement of its lead programs, and I look forward to continuing to move the company toward commercialization."
Mr. Hopper has previously served as managing director of Alpha Healthcare Limited, a $100 million diversified Australian Stock Exchange-listed hospital, pathology, radiology and general practice provider, which he co-founded in 1988 and lead 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 to the firm. Mr. Hopper is also a business development advisor to Advanced Biotherapy, involved in pioneering development work for antibodies to interferon gamma. He is the chairman of Innovate Oncology, Inc. and chairman of Bone Medical Limited.
Mr. Hopper has served as a Director of numerous enterprises, including the Australian Private Hospitals Association, Phoenix-based Medaire, Inc. and the Singapore-based Your Health Group.
About Evolve Oncology, Inc.
Evolve Oncology, Inc. acquires, develops and commercializes drugs to treat a variety of cancers, including pancreatic, renal and small-cell lung cancer. The company is acquiring a broad portfolio of mid- and late-stage oncology products as well as a diverse mix of pre-clinical stage compounds that target some of the most prevalent and treatment-resistant forms of cancer and therefore may have significant commercial value. Currently, Evolve Oncology's pipeline of drug candidates consists of seven products, including four in or entering Phase II clinical development and three pre-clinical product candidates. The portfolio includes drugs to treat pancreatic, renal and breast cancer, melanoma and leukemia, among others.
About Bioaccelerate Holdings, Inc.
Bioaccelerate Holdings, Inc. 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. 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 Web site at http://www.bioaccelerate.com.
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 Evolve Oncology or Bioaccelerate's compounds under development in particular; the potential failure of Evolve Oncology or Bioaccelerate's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Evolve 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 Evolve Oncology or Bioaccelerate's business, structure or projections; the development of competing products; uncertainties related to Evolve Oncology or Bioaccelerate's dependence on third parties and partners; and those risks described in the filings with the SEC. Evolve Oncology and Bioaccelerate disclaim any obligation to update these forward-looking statements.