NEW YORK--(BUSINESS WIRE)--Nov. 6, 2002--
BioSource Therapeutics is a developer of nutritional supplements
that address chronic nutritional issues in patients resulting from
diseases such as HIV/AIDS, Cancer and Hepatitis
Innovative Technology Acquisition Corporation (OTCBB:ITAQ) has acquired 100 percent of BioSource Therapeutics, Inc. (BST), a life science biotechnology corporation dedicated to the research and development of innovative dietary supplements that address the effects of epidemic viral infections. BST is currently developing a product that addresses the needs of people with catabolic caexiea, commonly referred to as "wasting syndrome" related to diseases such as HIV/AIDS, Hepatitis and Cancer.
"The acquisition of BioSource Therapeutics is a positive step forward for the company," said Randy Lebow, President of Innovative Technology Acquisition Corporation. "The dietary supplement that BST is currently developing is intended to address the immunological considerations of progressive weight loss in chronic morbid disease management. The product is intended to be eligible for insurance reimbursement, and the Company will immediately seek approvals in key states, targeting Medicaid populations. The Company's strategic plan is on target, and we anticipate having product available and generating sales and revenues in the first quarter of 2003."
According to the AIDS Nutrition Services Alliance "Proper nutrition is a powerful tool for the successful management of HIV disease. Medical research confirms that weight loss - especially muscle tissue wasting - often leads to malnutrition and is a fatal manifestation of AIDS. Malnutrition has also been identified as a distinct cofactor contributing to HIV disease progression. In cases where new treatments prolong the lives of people living with HIV/AIDS, long-term survivors will benefit substantially from proper nutrition."
BioSource Therapeutics, Inc. is a research and development company that brings the latest cutting-edge biotechnologies together to create nutraceutical products that provide nutritional supplement solutions for people with debilitating, chronic diseases. BST is pioneering in the emerging scientific field of nutritional supplements to support traditional medical treatments and therapies.
Innovative Technology Acquisition Corporation identifies and acquires new nutraceutical products and companies with promising growth potential.
Statements made in this news release, other than statements of historical fact, are forward-looking statements and are subject to a number of uncertainties that could cause actual results to differ materially from the statements made, including risks associated with the success of product development programs, the regulatory approval process, competitive products, and future capital requirements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results such as, but not limited to: the ability of the Company to raise necessary capital; to attract and retain effective management; the lack of regulatory approvals or the failure of third-party contractors to perform their contractual obligations. Prospective investors are also referred to the other risks identified from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.