Bioaccelerate Holdings Inc. Announces Equity Investment in Supratek Pharma Inc.

Bioaccelerate Holdings Inc. Announces Equity Investment in
Supratek Pharma Inc. 


NEW YORK, March 24  /PRNewswire-FirstCall/ -- Bioaccelerate Holdings Inc.
(OTC:BACL) (BULLETIN BOARD: BACL)  announced today the closing of a US$5.0
million equity investment in the common stock of Supratek Pharma Inc., a
privately held company based in Montreal, Quebec. Supratek is focused on the
development and commercialization of chemotherapeutic and cytostatic agents
against metastatic and drug-resistant cancers. The funds will be used to
further develop Supratek's lead investigational drug candidate, SP1049C, an
anthracycline indicated for the treatment of solid tumors, malignant lymphomas,
leukemias, soft tissue sarcoma, GI, and refractory breast cancer.

"Supratek is developing a portfolio of compounds that have significant
potential in the treatment of a wide range of cancers," stated Frank Armstrong,
M.D., Chief Operating Officer of Bioaccelerate.  "The collaboration with
Supratek represents a further execution of our business strategy and we look
forward to working closely with Supratek to bring SP1049C through clinical
development and commercialization."

"These funds will serve to advance the clinical development of SP1049C, which
has demonstrated tolerability and efficacy in a Phase II study of patients with
stage IV, non-resectable adenocarcinoma of the esophagus," said Oleg Romar,
Chief Executive Officer of Supratek.  "We welcome Bioaccelerate as a strategic
investor with impressive senior management expertise in the pharmaceutical
sector."

In addition to this investment, Bioaccelerate and Supratek are jointly co-
developing four novel oncology agents that are expected to enter clinical
development within the next 12 months.

About Supratek

Supratek is a clinical-stage anticancer drug development company and a leader
in the field of polymer-based therapeutics.  Supratek is at the forefront of
the next generation of pharmaceutics known as nanomedicines. Supratek is
focused on developing novel drugs that improve the survival and quality of life
of cancer patients who have reached metastatic stages. Additional information
on Supratek is available at http://www.supratek.com/.

About Bioaccelerate Holdings Inc.

Bioaccelerate Holdings Inc. (BACL.OB) is a pharmaceutical development
organization ("PDO"). It 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/.

   Contact Information
   Bioaccelerate Holdings Inc.
   Christopher O'Toole
   Senior Vice-President
   212-897-6849

   Supratek Pharma Inc.
   Oleg Romar
   Chief Executive Officer
   514-849-6094, ext. 102
   

DATASOURCE: Bioaccelerate Holdings Inc. and Supratek Pharma Inc.



CONTACT:  Christopher O'Toole, Senior Vice-President of Bioaccelerate

Holdings Inc., [phone]; or Oleg Romar, Chief Executive Officer of

Supratek Pharma Inc., [phone], ext. 102,  



Web site:  http://www.bioaccelerate.com/

http://www.supratek.com/ 

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