NEW YORK, April 1 /PRNewswire-FirstCall/ -- Inncardio, Inc. (BULLETIN BOARD: INDO) , a company founded by Bioaccelerate Holdings Inc. (BULLETIN BOARD: BACL) , announced today a definitive agreement to acquire Cengent Therapeutics Inc., a privately held, structure-guided drug discovery company based in San Diego, CA. Inncardio, Inc. is a biotechnology company focused on the development of treatments and therapies targeted at cardiovascular-related diseases.
"We are pleased to have signed this agreement as we believe the combination of the products we are developing and the technological expertise and lead compounds identified by Cengent will extend and enhance our current product development efforts," stated Bernard Ross, Chief Executive Officer of Inncardio. "The acquisition represents a further execution of Bioaccelerate's strategy to invest in the rapid development and value enhancement of promising drug candidates, such as those being developed by Cengent."
"The acquisition by Inncardio provides us with significant additional resources and access to the public capital markets as we continue to drive our product candidates forward," said Gordon Foulkes, Ph.D., President of Cengent. "We believe this is the best opportunity for Cengent, our shareholders and employees. Inncardio provides the ability to preserve and grow Cengent's lead diabetes compounds into the clinic and maximize their value. Cengent provides capabilities in drug discovery, medicinal chemistry, preclinical development, and bringing novel drugs into the clinic, complementing Inncardio's expanded pipeline of products."
About Cengent Therapeutics, Inc.
Cengent Therapeutics is a structure-based drug discovery company with a primary focus on compounds targeting signal transduction for the treatment of obesity/diabetes. Cengent's recent development efforts have resulted in the discovery of orally active PTP-1B inhibitors for treatment of type II diabetes and obesity.
About Inncardio, Inc.
Inncardio, Inc., a company founded by Bioaccelerate Holdings Inc. (BULLETIN BOARD: BACL) , is a biotechnology company engaged in the acquisition, development and commercialization of treatments and therapies targeted at various metabolic diseases. The Company's management team is focused on both the ongoing development of Inncardio's products to build value prior to partnering and the in-licensing of additional cardiovascular products to further enhance the Company's commercial value. The Company currently has six compounds in its portfolio. The three lead programs are novel formulations of approved drugs where, re-formulation is predicted to either improve efficacy or minimize side effects. The three other products are novel compounds and are in pre-clinical development. Inncardio's lead development product is being investigated for use as a post-stroke therapy that has a novel delivery profile and is targeted to reduce the incidence and severity of ischemic deficits in patients with subarachnoid hemorrhage from rupture intracranial berry aneurysm.
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 Inncardio or Bioaccelerate's compounds under development in particular; the potential failure of Inncardio or Bioaccelerate's compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of Inncardio 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 Inncardio or Bioaccelerate's business, structure or projections; the development of competing products; uncertainties related to Inncardio 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. and Inncardio's prior name Softwall Equipment Corp. Inncardio and Bioaccelerate disclaim any obligation to update these forward-looking statements.
Senior Vice President
Bioaccelerate Holdings Inc.
Gordon Foulkes, Ph.D.
Cengent Therapeutics, Inc.
Inncardio, Inc.; Bioaccelerate Holdings Inc.; Cengent Therapeutics,