NEW YORK, March 23, 2006 (PRIMEZONE) -- Bioaccelerate Holdings, Inc (OTCBB:BACL) today announced that it is has received majority shareholder approval to change its name to Gardant Pharmaceuticals, Inc. The Company also announced that it has adopted a new business strategy intended to increase overall shareholder value. The Company plans to spin-off a number of its operating subsidiaries to the Company's shareholders in order to enhance the independent identities of, and investor interest in, those subsidiaries and give the Company more clarity in its ongoing business activities. Following the separation of these subsidiaries, Gardent Pharmaceuticals also is expected to benefit from its increased focus on the development of the remaining pharmaceutical compounds of Gardent and its remaining subsidiaries.
"The Company believes that it has considerable unlocked value in its subsidiaries," a Company spokesperson commented. "We believe that our current 'Incubator Model' for acquisition and development of a broad range of compounds is not fully appreciated in the market and that our shareholders would be better served with holdings in separate, focused therapeutic companies. Consequently, over the coming months we intend to dividend to our shareholders, on a pro rata basis, our holdings in two oncology-focused companies, a dermatology company, a speciality pharma company, and an anti-viral company."
About Bioaccelerate Holdings Inc.
Bioaccelerate Holdings, Inc. (OTCBB:BACL) is a pharmaceutical development organization ("PDO") that seeks to acquire, develop and commercialize novel pharmaceutical compounds in an efficient, cost-effective way. Bioaccelerate seeks to use its academic, industry and capital market relationships to expedite drug development and raise capital to create and fund its subsidiary companies.
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 (OTCBB:BACL).
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 and in Bioaccelerate's compounds under development in particular; the potential failure of Bioaccelerate's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of 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 Bioaccelerate's business, structure or projections; the development of competing products; uncertainties related to Bioaccelerate's dependence on third parties and partners; and those risks described in the filings with the SEC, all of which are under Bioaccelerate's prior name Mobile Design Concepts, Inc. Bioaccelerate disclaims any obligation to update these forward-looking statements.