The BioBalance Corporation Files IND for PROBACTRIX(TM) as a Prescription Drug for Pouchitis NEW YORK, Jan. 3 /PRNewswire-FirstCall/ -- The BioBalance Corporation, a wholly-owned subsidiary of New York Health Care, Inc. (OTC:BBAL.PK) announced that it has submitted an Investigational New Drug (IND) application with the U.S. Food and Drug Administration (FDA) to seek approval to conduct clinical trials of its proprietary biotherapeutic agent, PROBACTRIX, in patients suffering from pouchitis. Pouchitis is an inflammation of the ileal reservoir which can occur after bowel reconstructive surgery for ulcerative colitis. Gastrointestinal (GI) symptoms include incontinence, bleeding, fever and urgency. There are no currently approved treatments for pouchitis. "The filing of an IND for our lead product candidate represents a major milestone for the company," said Dennis O'Donnell, BioBalance's president & CEO. "We believe that our strategy of pursuing regulatory approval to market PROBACTRIX as a prescription drug will generate the greatest return to our shareholders." PROBACTRIX is a patented, single strain of non-pathogenic E.coli that was originally isolated from the intestinal microflora of a healthy volunteer. It is formulated in a pleasant tasting liquid suspension. The mechanism of action is believed to work by inhibiting the growth of pathogenic bacteria in the digestive tract and preventing their re-colonization. The active ingredient in PROBACTRIX has a long history of use for a variety of gastrointestinal conditions, which has been well documented in foreign published studies. Dr. Robert A. Hoerr, BioBalance's Director of Medical and Regulatory Affairs, commented, "We believe that PROBACTRIX will prove beneficial in pouchitis patients as well as a number of other GI indications which we plan to pursue in the future". The BioBalance Corporation The BioBalance Corporation is a specialty pharmaceutical company focused on the development of novel treatments for various gastrointestinal (GI) disorders that are poorly addressed by current therapies via accelerated regulatory pathways. These disorders include Irritable Bowel Syndrome (IBS), inflammatory bowel disease and diarrhea caused by antibiotics, chemotherapy or AIDS. BioBalance operates as a wholly owned subsidiary of New York Health Care, a home healthcare company with which it merged on January 2, 2003 in a Stock Exchange Agreement. The combined entity trades under the symbol BBAL.PK. Additional information is located on the company website at http://www.biobalancecorp.com/. SAFE HARBOR STATEMENT In addition to historical information, certain of the statements in the preceding paragraphs, particularly those anticipating future events, financial performance, business prospects and growth and operating strategies constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope or similar expressions. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, satisfaction of approvals and conditions applicable to the transaction described above, the company's ability to implement its strategies and achieve its objectives and the risks and uncertainties described in reports filed by the company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation, cautionary statements made in New York Health Care's 2003 Annual Report on Form 10-K, its latest quarterly report on Form 10-Q and current reports on Form 8-K. CONTACT: Dennis O'Donnell Stanley Wunderlich President & CEO Consulting For Strategic Growth Tel: (212) 679-7778 Tel: (800) 625-2236 Fax: (212) 679-7774 Fax: (212) 337-8089 Email: DATASOURCE: The BioBalance Corporation CONTACT: Dennis O'Donnell, President & CEO, +1-212-679-7778, fax: +1-212-679-7774, or ; or Stanley Wunderlich, Consulting For Strategic Growth, +800-625-2236, fax: +1-212-337-8089, or Web site: http://www.biobalancecorp.com/

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