NEW YORK and MONTREAL, Nov. 19, 2004 (PRIMEZONE) -- Bioaccelerate Inc. (OTCBB:BACL) and Supratek Pharma Inc. today announced the formation of a strategic alliance to develop and commercialise one of Supratek's novel anti-cancer formulations.
Supratek has granted Bioaccelerate an exclusive, world-wide license to SP1060C, an injectible Biotransport(tm) formulation of a camptothecin.
Camptothecins represent a new class of chemotherapy agents that are effective against a variety of tumours. Clinical data of the parent drug used in the SP1060C formulation shows that its performance is as significant as Taxol(r), in terms of the uniqueness of mechanism of action and novelty of approach. The ultimate therapeutic efficacy of camptothecins is hindered by the low stability of lactone, the active drug, in the body.
Supratek's Biotransport(tm) formulation of this drug was shown in pre-clinical trials to provide a significant increase in the bioavailability of lactone. Confirmation of this feature in clinical trials could make SP1060C a drug of choice in several indications.
About Bioacclerate Inc.
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.
About Supratek Pharma Inc.
Supratek is a leader in polymer-based therapeutics and a pioneer in the field of nanomedicines. It has a product pipeline focused on cancer. Supratek's platform technologies enable it to create novel products based upon new chemical entities and existing drugs. Supratek's proprietary Biotransport(tm) carriers and related technologies can alter the biopharmaceutical properties of a large variety of molecules and are designed to increase bioavailability of drugs without changing their molecular structure.
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.