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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/