Innovate Oncology Inc. Announces an Exclusive Agreement With Prostagenics LLC to Develop Capridine-Beta for the Treatment of Prostate Cancer NEW YORK, April 8 /PRNewswire-FirstCall/ -- Innovate Oncology Inc. (OTC:IOVO) (BULLETIN BOARD: IOVO) , a company founded by Bioaccelerate Holdings Inc. (OTC:BACL) (BULLETIN BOARD: BACL) , announced today that it has entered into an exclusive agreement with Prostagenics LLC, acquiring the rights to develop and commercialize Capridine-Beta for the treatment of prostate cancer. Capridine-Beta is a novel nitroacridine derivative which has shown specific activity against prostate cancer. It works by stimulating expression of p16, the tumour-supressor gene and inhibits cyclic dependent kinases CDK-2, CDK-4 and CDK-6. Capridine-Beta also renders aggressive hormone-independent prostate cells hormone-sensitive. Therefore, Capridine-Beta may be effective in treating both hormone-sensitive and hormone-insensitive tumors in combination with anti-androgen therapy. In addition, there is proven preclinical activity against leukemia, lung, colon, melanoma, ovarian, renal and bladder cancer. Pre-clinical toxicology studies indicate that Capridine-Beta may be less myelosupressive than commonly used cytotoxic agents. Currently being prepared is an IND submission to conduct a Phase I clinical trial for prostate cancer, with the protocol prepared in collaboration with one of the leading cancer institutions in the US. The Phase I trial is intended to determine the maximum tolerated dose of Capridine-Beta given as a single agent in patients with advanced solid tumors. Secondary objectives of the trial will be to evaluate toxicities associated with the drug, obtain preliminary data on therapeutic efficacy, and investigate the pharmacokinetics of intravenous Capridine-Beta in patients with advanced solid tumors. Dr. Nigel Rulewski, Senior Vice President of Bioaccelerate Holdings Inc., and CEO of Innovate Oncology Inc., commented, "We are pleased to have obtained the rights to this promising product for prostate cancer. This product candidate fits in with Bioaccelerate's model of developing and commercializing products in five therapeutic areas. Typically, Bioaccelerate will acquire compounds or the rights to develop compounds and then assign them to its portfolio companies to create both value for its portfolio companies and in turn for Bioaccelerate as major shareholder. Innovate Oncology has a portfolio of ten products in development, 6 in clinical development and 4 in pre-clinical development, and we expect these compounds to gain significant value during their development over the next two years." ABOUT PROSTATE CANCER Prostate cancer is one of the commonest tumors in man. The prostate, a gland found only in males, is located under the bladder and in front of the rectum. Cancer is a disease in which cells grow out of control within the body, invading and destroying tissues and organs. The prostate gland surrounds the neck of the bladder and the urethra, which is the tube that drains the bladder. In an adult man, the prostate is about the size of a walnut. The prostate is one of three glands necessary for reproduction. The prostate produces a sticky, milky fluid of acids and enzymes. This fluid makes up about 15% of the total volume of the semen and helps to sustain the sperm cells that are created in the testicles. The prostate is surrounded by muscle, which contracts to ejaculate this fluid. Prostate cancer begins in the cells of the prostate gland and can spread to other parts of the body, including the bladder, colon, rectum, and bone. An estimated 189,000 men in the U.S. are diagnosed with prostate cancer each year. One man in six will be diagnosed with prostate cancer during his lifetime, but only one man in 30 will die of this disease. Prostate cancer is the second leading cause of cancer death in men in the U.S. (lung cancer is first). About 96% of all men diagnosed with prostate cancer survive at least five years, and 75% survive at least 10 years. In men whose cancer has not spread beyond the prostate, the five-year survival rate is nearly 100%. ABOUT INNOVATE ONCOLOGY Innovate Oncology is developing a range of pharmaceuticals that are focused on areas of need within oncology. The global cancer market was valued at $38.5bn in 2003 and is forecast to grow to $53.1bn by 2009. Innovate's lead product is currently in Phase II and prevents the development of resistance to commonly used chemotherapeutic agents. In addition, another unique molecule has just completed Phase I and demonstrated activity in several different tumor types. Phase II studies are due to start shortly. Two of Innovate's other clinical stage projects include improvements of already approved molecules (i.e., paclitaxel and topotecan). Apart from six clinical stage projects, Innovate also has preclinical projects with blockbuster potential. A new method of inhibiting the RAS oncogene has recently been acquired. The RAS oncogene is associated with over 30% of all malignancies and has enormous potential. Other preclinical projects include a monoclonal antibody, a peptide designed to protect the bone marrow from the toxic effect of chemotherapy and a project to find a small molecule activator of a prostate suppressor gene. ABOUT BIOACCELERATE HOLDINGS INC. Bioaccelerate Holdings Inc. is a pharmaceutical development organization 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 ten 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 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 quoted 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/. INNOVATE ONCOLOGY 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 Innovate Oncology's compounds under development in particular; the potential failure of Innovate Oncology's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Innovate Oncology'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 Innovate Oncology's dependence on third parties and partners. Innovate Oncology disclaims any obligation to update these forward-looking statements. Contact: London Office Charlotte Ramelli +44 207 451 2484 New York Office Liza Mullins (646) 723-8946 DATASOURCE: Innovate Oncology Inc.; Bioaccelerate Holdings Inc. CONTACT: London Office - Charlotte Ramelli, +44-207-451-2484, or New York Office - Liza Mullins, +1-646-723-8946 Web site: http://www.bioaccelerate.com/

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