INNOVIVE Pharmaceuticals Appoints Angelo De Caro To Its Board Of Directors And Audit Committee

NEW YORK, Feb. 15 /PRNewswire-FirstCall/ -- INNOVIVE Pharmaceuticals, Inc. today announced that Angelo De Caro has been appointed to serve on the Company's Board of Directors and Audit Committee. Mr. De Caro brings to the Company more than four decades of experience in finance and operations. He has served as Chairman and CEO of Patriot National Bancorp, Inc., since 2001 and as a Director of the company since 1999. Additionally, during more than 16 years with Goldman Sachs & Co., he oversaw various operations departments including finance and taxation, as well as audit and risk management functions. He served as General Partner and Senior Financial Officer at Goldman Sachs for more than 10 years and was a member of the Executive Committee of the company's Swiss Private Bank.

"We are fortunate to bring Angelo De Caro's depth of financial and operations expertise to Innovive's Board of Directors," said Steven Kelly, President and CEO of INNOVIVE Pharmaceuticals. "His perspectives and extensive network within the banking and finance communities will be extremely valuable as we advance our portfolio of novel oncology and hematology therapeutics."

In addition to his tenures with Patriot National Bancorp and Goldman Sachs, Mr. De Caro served as Vice President and Senior Financial Officer at Loeb Rhoades, Inc., an investment banking firm. He was educated at Long Island University and holds an M.S. in accounting and taxation, and a B.S. in accounting.

About INNOVIVE Pharmaceuticals

INNOVIVE Pharmaceuticals, Inc. acquires, develops and commercializes novel therapeutics addressing significant unmet medical needs in the fields of oncology and hematology. The company has four drug programs in clinical development: Tamibarotene, INNO-406, INNO-206, and INNO-305, for the treatment of acute promyelocytic leukemia, chronic myelogenous leukemia, small cell lung cancer, and acute myelogenous leukemia, respectively. For additional information, visit www.innovivepharma.com.

INNOVIVE Pharmaceuticals, Inc.

CONTACT: Steve Kelly, President and CEO of INNOVIVE Pharmaceuticals,+1-212-716-1820; or Rachel Lipsitz, Media & Investor Relations of PorterNovelli Life Sciences, +1-619-849-5378, for INNOVIVE Pharmaceuticals, Inc.

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