EXHIBIT 99.1
ENHANCE BIOTECH ANNOUNCES CLOSING OF MERGER WITH ARDENT PHARMACEUTICALS
NEW YORK, NY-- (PR NEWSWIRE)--DECEMBER 20 2004--ENHANCE BIOTECH, INC. (OTC PK:
EBOI), a specialty pharmaceutical company developing a portfolio of products
focused on lifestyle drugs, and Ardent Pharmaceuticals Inc., a world leader in
discovering and developing delta receptor compounds, announced today that their
previously announced merger transaction has been consummated. As a consequence
of the transaction, Ardent is now a wholly-owned subsidiary of Enhance Biotech,
Inc. The new portfolio offers a broad pipeline of products under development,
ranging from pre-clinical New Chemical Entities (NCE) through to later stage
products addressing the potentially large lifestyle market areas of urology,
dermatology and Central Nervous System (CNS). The management and scientific team
includes leading specialist scientists in the delta receptor area and management
talent with an expertise in licensing products and driving them through the
regulatory process to market. Combined facilities include state-of-the-art
laboratory and development facilities for early stage chemistry and pharmacology
along with clinical expertise. Merger agreements provide that immediately upon
consummation of the merger transaction, on a fully-diluted basis, Enhance's
pre-existing stockholders own approximately fifty-five percent (55%) of Enhance
Biotech, Inc., and former Ardent shareholders own approximately approximately
forty-five percent (45%) of Enhance Biotech, Inc.
Effective immediately, Chris Every, Enhance Biotech's CEO, will continue as the
CEO, President and a member of the Board of Directors. Dr. Ken Chang, Chairman,
Chief Executive Officer and Founder of Ardent, has been appointed President of
Asia Pacific Operations and Chief Science Officer of Enhance. Phillip Wise,
Chief Financial Officer and VP Business Development of Ardent has been named the
Chief Financial Officer of Enhance. Sam McCormick, the Chief Science Officer of
Enhance has assumed the position of Vice President Science of Europe. The
Company's operational headquarters is based in the North Carolina Research
Triangle with corporate offices in New York and London.
Chris Every commented, "This merger opens an exciting future for our employees,
shareholders and future customers. The closing of this merger transaction was
the realization of the hard work and collaborative efforts of employees from
both organizations. The success of the negotiation process, which was
facilitated by independent biotech bankers BIO-IB, bodes well for effective
completion and cohesive merging of the operations of the two organizations in
the immediate future. Combined, our two companies have taken a significant step
toward fulfilling the vision of becoming a leader in lifestyle, specialty
pharmaceuticals offering a broad portfolio of products to the market in a
relatively short period of time."
About Enhance Biotech
Enhance Biotech, Inc. is a specialty pharmaceutical company focused on
developing a product portfolio in three key areas of the lifestyle drug market:
urology, dermatology and CNS. Key conditions addressed within the urology area
are Urinary Incontinence and Sexual Dysfunction, which include premature
ejaculation and male fertility, while skincare indications include Cellulite,
Itch, Anti-aging, Periodontal Disease and Dermatological Disorders such as
Atopic Dermatitis and Psoriasis. Within the CNS area, the Company is developing
compounds in moderate-to-severe Pain, Parkinson's disease and Depression. An
area for future licensing for which the Company has developed compounds is
Cardio-protection. The Company has developed substantial knowledge of the
chemistry and pharmacology of the delta receptor, including a library of
approximately 1,000 compounds that demonstrate specific delta receptor activity.
This creates a valuable product portfolio in the lifestyle market, a market that
is forecast to grow to US $32 billion by 2008. The pharmaceutical industry has
invested over $20 billion in R&D for lifestyle drugs over the last 10 years,
although relatively few new products have as yet reached the market. Enhance's
lead development products are intended to address unmet needs in these global
blockbuster markets. These products are generally in development stages ranging
from pre-clinical target compound selection through to late Phase II. Enhance
has 18 employees and an extensive research facility based in North Carolina's
Research Triangle Park along with experienced clinical development and
commercial management. For more information on the Company, please visit the
Company's website at www.enhancelifesciences.com.
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 preclinical and clinical
developments in the biopharmaceutical industry in general and in Enhance
Biotech's compounds under development in particular; the potential failure of
Enhance Biotech's compounds under development to prove safe and effective for
treatment of disease; uncertainties inherent in the early stage of Enhance
Biotech' 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 Enhance Biotech'
business, structure or projections; the development of competing products;
uncertainties related to Enhance Biotech' dependence on third parties and
partners; and those risks described in the filings with the SEC, all of which
are under the Company's prior name Becor Communications, Inc. Enhance Biotech
disclaims any obligation to update these forward-looking statements.
Investor Contact: European Contact:
Yvonne Zappulla John Gisborne
Managing Director Splash Communications
Wall Street Investor Relations (44) 1225 - 318000
212-681-4108 jgisborne@splashcommunications.com
Yvonne@WallStreetIR.com
END OF FILING