Bioaccelerate Inc. Announces Closing of Acquisition.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Bioaccelerate Holdings Inc. (formerly Mobile Design Concepts Inc.), a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. approved for trading on the OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB (trading symbol Trading symbol See: Ticker symbol "BACL BACL Breeding Acceptability Check List (Leonberger Club of America) BACL Background Request Control Logic BACL Building Automation Control Library "), announced that it has completed the acquisition of Bioaccelerate Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. . As part of the acquisition of Bioaccelerate, the company changed its name from Mobile Design Concepts to Bioaccelerate Holdings Inc., appointed a new board of directors and changed its offices to New York. A 3.5-to-1 reverse stock split is effective with the opening of trading on Sept. 24, 2004, which reduces the previously outstanding common shares from 4,812,800 to 1,375,085. The company issued 32,325,000 shares in the transaction to the Bioaccelerate shareholders and now has 33,700,085 shares of common stock outstanding. Bioaccelerate Inc. ("Bioaccelerate") is a company that acquires and develops pharmaceutical compounds which its management believes have potential for substantial medical and commercial value. Bioaccelerate currently has majority equity interests in 10 biotech companies, two of which are public. Bioaccelerate also holds minority equity or derivative interests in three Biotech companies, two of which are public. The companies which Bioaccelerate currently has equity interests in focus on five vertical therapeutic areas: cancer, cardiovascular, lifestyle, central nervous system and anti-infectives. Bioaccelerate's strategy utilizes a development network to accelerate the development of multiple early-stage compounds to Phase II/III clinical development. Management believes this creates a lower risk business model as Bioaccelerate's network enables a timely and cost-effective passage from the discovery process up to Phase II/III where substantial incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. value can be created. This release includes forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those set forth herein. |
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