NEW YORK, March 28, 2006 (PRIMEZONE) -- Bioaccelerate Holdings, Inc (OTCBB:BACL), which has previously announced that it is changing its name to Gardant Pharmaceuticals, Inc., today announced the sale of its wholly owned subsidiary, Cain Biotech, Limited, to Accura Pharma PLC, a United Kingdom-based company. Accura Pharma PLC is a privately held company that is in the process of listing for trading on a public exchange in the United Kingdom. In exchange for its interest in Cain Biotech, Limited, Bioaccelerate Holdings, Inc. received at closing 120 million shares of the common stock of Accura Pharma PLC. Those shares constitute approximately 60% of the outstanding common stock of Accura Pharma PLC.
The assets of Cain Biotech, Limited include the minority stock holdings of Bioaccelerate Holdings, Inc. in Enhance Biotech, Inc., Evolve Oncology, Inc. and Neuro Bioscience, Inc. Cain Biotech, Limited also owns interests in certain biopharmaceutical compounds under development.
Accura Pharma PLC is an emerging pharmaceutical company, formed in 2004, which operates through its wholly owned subsidiaries, Accura Therapeutics Ltd. and Anvet Pharma Ltd. Accura Pharma PLC is focusing on developing biopharmaceutical products for treatments of conditions in the following markets: cardiovascular, oncology, lifestyle pharmaceuticals, and animal health concerns.
A Bioaccelerate Holdings, Inc. spokesperson commented, "We believe that the sale of Cain in exchange for shares in Accura will create significant incremental value for our shareholders as Accura will have a more robust portfolio of products under development by a more accomplished management team than either company had prior to the transaction."
Bioaccelerate Holdings, Inc. recently announced 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 gives the Company more clarity in its ongoing business activities. That policy is intended to unlock value which the Company believes exist in its subsidiaries.
In line with that policy, the Company intends to distribute the shares of Accura Pharma PLC, which it receives in the sale of Cain Biotech, Limited to the shareholders of Bioaccelerate Holdings Inc. on a pro rata basis. The shareholders of record on April 21, 2006 will be entitled to receive this dividend, which will consist of approximately 1.7 shares of the common stock of Accura Pharma PLC for each share of common stock of Bioaccelerate Holdings Inc. held as of that date. Payment of the dividend will occur as promptly as reasonably practicable after regulatory requirements are met, including the availability of appropriate public information concerning Accura Pharma PLC. The dividend shares will be subject to resale restrictions under applicable law.
In addition, as previously announced, over the coming months, Bioaccelerate Holdings, Inc. intends to dividend to its shareholders, on a pro rata basis, its 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."
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 compounds under development in particular; the potential failure of compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of 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 the company's business, structure or projections; the development of competing products; uncertainties related to the company's dependence on third parties and partners; and those risks which, with respect to Bioaccelerate, are described in 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.