SALT LAKE CITY, Feb. 18 /PRNewswire-FirstCall/ -- Softwall Equipment Corp. (BULLETIN BOARD: SWLE) has today announced that it has agreed to acquire Inncardio Inc., a Delaware corporation engaged in the business of acquiring developing and commercializing pharmaceutical products targeted at various Cardiovascular diseases. Under the terms of the agreement closing will take place on Tuesday 22nd February 2005.
Upon consummation of the transaction, there will be a change in control of Softwall and the Officers, Directors and shareholders of Inncardio Inc. shall assume control of Softwall Equipment Corp. Softwall Equipment Corp. shall then change its name to Inncardio Inc.
Inncardio Inc. is currently a wholly owned subsidiary of Bioaccelerate Holdings Inc. (BULLETIN BOARD: BACL) , a company that acquires and invests in the development of pharmaceutical compounds.
About Inncardio, Inc.
Inncardio Inc. is a biotechnology company engaged in the acquisition, development and commercialization of treatments and therapies targeted at various cardiovascular diseases. Inncardio currently has 6 products in its portfolio, 3 of them in clinical development and 3 in pre-clinical development which address significant commercial opportunities. The compounds under development have the potential of becoming blockbuster drugs in their respective markets if approved. The management of Inncardio are focused on the ongoing development of Inncardio’s products to build value prior to partnering and seek the In-licensing of additional identified cardiovascular products to further enhance commercial value. Many top cardiovascular players are vulnerable to key patent expiries over the next 6 years will need to fill pipelines from external sources and preference will be given to products with clinical validation.
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 for the benefit patients and its shareholders. 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’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 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/.
Safe Harbour 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 compounds under development in particular; the potential failure of compounds under development to prove safe and effective for treatment of disease; uncertainties inherent in the early stage of the Company’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 the company’s business, structure or projections; the development of competing products; uncertainties related to the company’s dependence on third parties and partners. The Company disclaims any obligation to update these forward-looking statements.
Softwall Equipment Corp. Inc.
CONTACT: Softwall Equipment Corp. Inc., +1-801-497-9075
Web site: http://www.bioaccelerate.com/
