SYDNEY, Australia & SAN DIEGO & NEW YORK--(BUSINESS WIRE)--May 30, 2006--Avantogen Limited (“Avantogen”) (ASX:ACU - News), Sydney, Australia and San Diego, CA, and Innovate Oncology, Inc (“Innovate”) (OTCBB:IOVO - News), New York, closed today on the Definitive Agreement combining their oncology businesses, that was executed and announced by the companies on February 1, 2006. Pursuant to that agreement, Avantogen transferred to Innovate the 50% of Resistys, Inc., not already owned by Innovate, and as a result, Innovate will control 100% of the North American marketing rights for product sales of RP101, a promising chemoresistance inhibitor. The transaction had previously been approved by a majority of both Innovate and Avantogen shareholders.
