NEW YORK, March 29, 2006 (PRIMEZONE) -- Bioaccelerate Holdings, Inc, (OTCBB:BACL), which has previously announced it is changing its name to Gardant Pharmaceuticals, Inc., today announced that in connection with the Company's recently announced change in strategy, including the plan to spin off a number of the Company's subsidiaries to the Company's shareholders, management roles in the Company's subsidiaries have been realigned. It is anticipated that Dr. Nigel Rulewski will become CEO of Cynat Oncology, Inc., Christopher O'Toole will become CEO of Amilar Pharmaceuticals, Inc., Mark Davison will become CEO of Genaderm Inc., and Bruce Murdoch will become CEO of Anvira, Inc. Bioaccelerate's new strategy means that the company will no longer require a significant management infrastructure but will instead be able to focus resources on its principal operating companies where greater value will be realized. The Company announced that in view of this change in direction, Dr. Frank Armstrong's relationship with the Company and its subsidiaries has been terminated by mutual agreement in order to allow Dr. Armstrong to pursue other opportunities.
Some additional information about the new CEOs follows:
-- Dr Nigel Rulewski, CEO, Cynat Oncology, Inc.
Dr. Rulewski has extensive experience in the field of
drug development and was previously Chief Medical Officer
of Astra Inc. (now AstraZeneca PLC). While at Astra,
Dr. Rulewski was responsible for the successful development
and approval of multiple NDAs and Abbreviated New Drug
Applications (ANDAs).
-- Christopher O'Toole, CEO, Amilar Pharmaceuticals, Inc.
Mr. O'Toole has 25 years' experience in healthcare sales
and marketing with Schering-Plough Corp., Fisons and
Smithkline Beecham (now Glaxosmithkline plc). He previously
was President of MAC (a division of Quintiles Translational
Corp.), a scientific and marketing consultancy that worked
with leading multinational and early stage companies.
-- Mark Davison, CEO, Genaderm, Inc.
Mr. Davison has over 16 years' experience in the
pharmaceutical industry. He worked for SmithKline Beecham
and held senior business development roles at Quintiles
and Inveresk Research Group Inc. He has consulted for
biotech, pharma, CROs and government and has extensive
start-up experience.
-- Bruce Murdoch, CEO, Anvira, Inc.
Mr. Murdoch has over 30 years' experience within the
pharmaceutical sector and has held numerous senior positions.
He was formerly employed in senior capacities, including
General Management, with Schering-Plough, Pharmacia Corp.,
Astra AB (now AstraZeneca) and Rhone-Poulenc.
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.