NEW YORK, Jan. 5, 2005 (PRIMEZONE) -- Bioaccelerate Holdings Inc. (OTCBB:BACL) today announced that Dr. Frank Armstrong BSc (Hons) FRCPE, FFPM has agreed to join Bioaccelerate as its Chief Operating Officer.
Frank was most recently CEO of Provensis, a BTG Company, and CEO of Phoqus, a private Drug Delivery Company. Previously, Frank was Head of Worldwide Product Development for Bayer AG (NYSE:BAY), and Senior Vice President Medical Research and Communications Group, Zeneca Pharmaceuticals (now AstraZeneca, NYSE:AZN), based in Germany and the USA.
During his career Frank led the development and approval of NDA's or MAA's and supplementary submissions on a wide range of NCEs and marketed products across a broad range of therapeutic areas. He has had wide experience of all aspects of the drug evaluation, development and commercialization processes and of portfolio management.
Frank has also gained first hand experience as the CEO of 2 small companies, and so brings considerable background and expertise to Bioaccelerate.
Dr Armstrong commented, "I am pleased to be joining such a progressive company as Bioaccelerate, and look forward to contributing to their aggressive product acquisition and development strategy. I have been impressed with the range of products that they are already developing, and look forward to assisting the company with its further growth strategy and achieving their goals."
About Bioacclerate Holdings 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.
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.