NEW YORK, Oct. 18, 2004 (PRIMEZONE) -- Innovate Oncology Inc. (OTCBB:IOVO), a Nevada corporation, today announced that it has closed the acquisition of Innovate Oncology Inc., a Delaware corporation and changed its name from Hampton Berkshire Insurance & Financial Inc to Innovate Oncology Inc.
Under the terms of the acquisition, the Company has effected a change of management, change of corporate offices, a 3.8 to 1 reverse stock split and an issuance of 15,900,000 shares to the shareholder of Innovate Oncology Inc. leaving a total of 17,353,242 shares issued and outstanding.
Innovate Oncology is a company that acquires and develops pharmaceutical compounds focused on the treatment of cancer, which its management believes has potential for substantial medical and commercial value. Innovate has a current portfolio of eight compounds targeted against various cancer and cancer related diseases. The compounds are in various stages of development. Innovate's strategy involves licensing the compounds at a relatively early stage of development, and then developing them through to a level where medical and commercial value can be realized by partnering with large pharmaceutical companies.
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 www.bioaccelerate.com
Safe Harbor Statement
Certain statements in this press release that are not historical but are forward looking are subject to known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this press release. Such risks and uncertainties may include, but are not limited to, the Company's failure to complete the intended acquisition of Innovate Oncology, the Company's need to raise equity capital and its ability to obtain equity financing on acceptable terms, if at all, regulatory limitations on the pharmaceutical industry in general and Innovate in particular, working capital constraints, fluctuations in customer demand and commitments, fluctuation in quarterly results, introduction of new services, commercial acceptance and viability of new services, pricing and competition, reliance upon subcontractors, the timing of new technology and product introductions, and the risk of early obsolescence. Further, Innovate is a development stage company that operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond the Company's control, such as announcements and product development by competing product and competing service providers.