Bioaccelerate Holdings Inc. and Symbollon Pharmaceuticals, Inc. Announce License and Co-Marketing Agreement for IoGen(TM)
April 13 2005 - 12:11PM
PR Newswire (US)
Bioaccelerate Holdings Inc. and Symbollon Pharmaceuticals, Inc.
Announce License and Co-Marketing Agreement for IoGen(TM) NEW YORK
and FRAMINGHAM, Mass., April 13 /PRNewswire-FirstCall/ --
Bioaccelerate Holdings Inc. (OTC:BACL) (BULLETIN BOARD: BACL) and
Symbollon Pharmaceuticals, Inc. (OTC:SYMBA) (BULLETIN BOARD: SYMBA)
announced today an exclusive worldwide license and co-marketing
agreement for IoGen(TM), an oral dosage form of Symbollon's
proprietary iodine technology for treatment of cyclic mastalgia.
Under terms of the agreement, Bioaccelerate will fund ongoing Phase
III development of IoGen through its wholly owned subsidiary,
Amilar Pharmaceuticals, a specialty pharmaceutical company with
development stage compounds in women's health. "This agreement
reflects our ongoing strategy of in-licensing high quality
compounds for advanced clinical development in order to enhance
shareholder value," stated Christopher O'Toole, Head of Specialty
Pharmaceuticals for Bioaccelerate. "We believe IoGen has
significant commercial potential in the treatment of cyclic
mastalgia and we are excited to be working with Symbollon to
advance this program through late-stage clinical development and
commercialization." Paul C. Desjourdy, President of Symbollon,
commented, "This partnership will allow Symbollon to develop this
promising product without additional investment. Bioaccelerate
brings the capital and pharmaceutical development expertise needed
to complete the remaining clinical development of this important
drug. We are delighted that Bioaccelerate has decided to become our
collaboration partner and we look forward to a mutually rewarding
working relationship with them. For the millions of women suffering
from cyclic mastalgia, IoGen represents the first safe and
effective treatment to this chronic condition." Under the terms of
the agreement, Bioaccelerate will be responsible for the
development and commercialization expenses of IoGen for the
treatment of cyclic mastalgia. Bioaccelerate has the primary
responsibility for the commercialization of IoGen, and Symbollon
will oversee the future clinical development efforts necessary to
seek marketing approval for IoGen. The parties will share in any
net profits upon commercialization. About IoGen IoGen is an oral
dosage form of Symbollon's technology, which generates molecular
iodine in situ in the stomach of the patient. IoGen is entering
Phase III clinical trials for the treatment of moderate to severe
cyclic breast pain and tenderness (mastalgia) associated with
fibrocystic breast disease (FBD). FBD is a benign breast condition
characterized by lumpiness, breast pain and tenderness. FBD affects
approximately 30 to 50% of the women of childbearing age, which
represents about 20 to 33 million women in the United States. It
has been estimated that moderate to severe mastalgia occurs in
approximately 11 to 20% of the women of childbearing age, or about
7 to 13 million women in the United States. Besides causing pain
and discomfort, this condition can mimic the appearance of breast
cancer on mammograms, leading to false positives. In addition,
fibrocystic changes can also hide true cancers, and women with
fibrocystic breast disease may also have a greater tendency toward
breast cancer. The cause of cyclic breast pain is unclear, though
higher than normal levels of the hormone levels may be involved.
Conventional treatment for cyclic mastalgia involves
anti-inflammatory medications and, sometimes, hormonal treatments.
About Bioaccelerate Inc. Bioaccelerate Holdings Inc. (BACL.OB) is a
pharmaceutical development organization ("PDO") that seeks to
acquire, develop and commercialize novel pharmaceutical compounds
in an efficient, cost-effective way. Bioaccelerate uses its broad
network of academic, industry and capital market relationships to
expedite drug development and raise capital to create and fund its
subsidiary companies, which are organized by vertical portfolios in
five therapeutic areas: oncology, specialty pharmaceuticals,
central nervous system disorders (CNS), cardiovascular disease and
anti-infectives. Bioaccelerate conducts its business directly and
through its subsidiaries. The company holds majority equity
interests in 10 biopharmaceutical companies, three of which are
public, and holds minority interests in four biopharmaceutical
companies, two of which are public. The company also holds a
minority equity interest in a public nanotechnology company.
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 "BACL.OB." For more information on
Bioaccelerate, visit the company's website at
http://www.bioaccelerate.com/. 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 Amilar Pharmaceuticals or
Bioaccelerate's compounds under development in particular; the
potential failure of Amilar Pharmaceuticals or Bioaccelerate's
compounds under development to prove safe and effective for
treatment of disease; uncertainties inherent in the early stage of
Amilar Pharmaceuticals or 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 Amilar Pharmaceuticals or Bioaccelerate's business,
structure or projections; the development of competing products;
uncertainties related to Amilar Pharmaceuticals or 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. Amilar Pharmaceuticals and
Bioaccelerate disclaim any obligation to update these
forward-looking statements. About Symbollon Symbollon
Pharmaceuticals, Inc. (OTC:SYMBA) is a specialty pharmaceutical
company focused on the development and commercialization of
proprietary drugs based on its molecular iodine technology.
Symbollon already has completed Phase I and II clinical trials
evaluating IoGen as a potential treatment for moderate to severe
cyclic pain and tenderness (clinical mastalgia) associated with
fibrocystic breast disease (FBD). FBD is a condition that affects
approximately 20 to 33 million women in the U.S., and there are
approximately 7 to 13 million women suffering from clinical cyclic
mastalgia. The Company believes IoGen also may be useful in
treating and/or preventing endometriosis, ovarian cysts, and
premenopausal breast cancer. For more information about Symbollon,
visit the company's website at http://www.symbollon.com/. Symbollon
Safe Harbor Statement This news release contains statements by the
Company that involve risks and uncertainties and may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements reflect
management's current views and are based on certain assumptions.
Actual results could differ materially from those currently
anticipated as a result of a number of factors, including, but not
limited to, the risks and uncertainties associated with whether (i)
future clinical trial results will support the use of IoGen for the
treatment of fibrocystic breast disease, (ii) the clinical data
acquired from Mimetix Inc. will be acceptable exposure data for
IoGen, (iii) Symbollon will be able to obtain the resources
necessary to complete the Phase III trials for IoGen and the other
clinical development activities related to IoGen and to continue
its operations, (iv) IoGen will successfully complete the
regulatory approval process, (v) competitive products will receive
regulatory approval, (vi) the Company's ability to enter into new
arrangements (including with respect to IoGen) with corporate
partners and (vii) such other factors as may be disclosed from
time- to-time in the Company's reports as filed with the Securities
and Exchange Commission. Given these uncertainties, current or
prospective investors are cautioned not to place undue reliance on
any such forward-looking statements. Contacts: Bioaccelerate
Holdings Inc Symbollon Pharmaceuticals, Inc. Christopher O'Toole
Paul C. Desjourdy Senior Vice President President 212-332-4387
508-620-7676, x202 Matthew Haines (Investors) Ed Lewis Vice
President CEOcast, Inc. Noonan Russo 212-732-4300, x225
212-845-4235 Emily Poe (Media) Vice President Noonan Russo
212-845-4266 DATASOURCE: Bioaccelerate Holdings Inc.; Symbollon
Pharmaceuticals, Inc. CONTACT: Christopher O'Toole, Senior Vice
President, Bioaccelerate Holdings Inc., +1-212-332-4387; Paul C.
Desjourdy, President, Symbollon Pharmaceuticals, Inc.,
+1-508-620-7676, ext. 202; Ed Lewis, CEOcast, Inc.,
+1-212-732-4300, ext. 225; Matthew Haines (Investors), Vice
President, +1-212-845-4235, or Emily Poe (Media), Vice President,
+1-212-845-4266, both of Noonan Russo Web site:
http://www.symbollon.com/ http://www.bioaccelerate.com/
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