Exhibit
99.1
Press
Release
|
Source:
BBM Holdings
|
BBM
announces new strategic direction; Dr. S. Z. Hirschman will be joining to
lead
acquisition team; BBM acquires rights to new unique compounds; BBM plans
to
change name to Ohr Pharmaceuticals
New
York, NY, November 12, 2008--(BUSINESS
WIRE)--BBM Holdings (BBMO.OB) announced today that Dr. S.Z. Hirschman has
agreed
to act as a consultant, on a part-time basis, to help lead the company in
a
creative new direction. In addition the Company announced the acquisition
of a
new technology with several pre-clinical compounds.
BBM
is
pursuing a new acquisition strategy to create a large rollup of small
biotechnology companies. BBM currently is in discussions concerning
potential mergers with several undervalued biotechnology companies, in attempt
to increase their shareholders' value. As stand alone companies, small
biotechnology companies often are "one trick ponies" with only a single lead
product and are viewed as very risky investments. A rollup of biotech
companies will have a larger pipeline of drug candidates at all levels of
clinical development carrying considerably less risk. The rollup also will
create a large amount of shared costs savings in accounting and regulatory
compliance.
Dr.
Hirschman will use his over 40 years of experience in the medical and
biotechnology fields to lead acquisitions, make introductions, perform
scientific due diligence, and assist in trial designs. “This is a most opportune
time to pursue this new path charted by BBM. The current investment market
difficulties allow the selection of companies with the most promising
products for acquisition, development and out-licensing from the pool of
companies that constitute the still fledgling biotechnology industry. BBM
has
embarked on a most intriguing project,” commented Dr. Hirschman.
Dr.
Shalom Z. Hirschman has had a long career as an academic physician, research
scientist, educator, and, most recently, biotechnology entrepreneur and
consultant. Dr. Hirschman served as intern and resident in medicine at
The
Massachusetts General Hospital of the Harvard Medical School from 1961-1963.
He
then spent the years of 1963-1969 conducting research in molecular biology
at
the National Institutes of Health in Bethesda, Md. He joined the faculty
of The
Mount Sinai School of Medicine in 1968 where he was appointed as Director
of the
Division of Infectious Diseases and Professor of Medicine. For several
years Dr.
Hirschman also served as vice-chairman of the Department of Medicine. He
retired
from Mt. Sinai in 1997and since has served as consultant to educational
institutions, biotechnology companies and biotechnology investment funds.
Dr.
Hirschman will receive warrants to purchase common stock of the Company
and a
nominal salary until the Company’s business program is launched.
As
a
first step in its new strategy BBM has acquired from Dr.Hirschman several
pre-clinical compounds. Dr. Hirschman has discovered a new technology that
allows the creation of new immunomodulatory compounds with sundry therapeutic
potentials, especially for treating autoimmune diseases and lymphatic cancers.
The new technology affords the inexpensive design and production of series
of
potential drugs. As part of the acquisition terms, BBM will have a period
of 60
days to complete further due diligence and decide to conclude the acquisition.
Upon completion of the acquisition, BBM plans to change its name to Ohr
Pharmaceuticals Inc.
Andrew
Limpert, interim CEO of BBM indicated that "We are really excited to be pursuing
this new and exciting direction, and we are delighted and honored to have
someone of Dr. Hirschman’s caliber, experience and extensive industry contacts
lead the team. We are presented with an unusual opportunity to create
substantial shareholder value by taking advantage of the current deep
undervaluation of small biotech companies in order to create a single company
that will have the extensive pipeline and resources to attract meaningful
institutional investment interest.”
About
BBM
Holdings:
BBM
Holdings (OTCBB:BBMO.OB
-
News)
has
been exploring acquisition possibilities. It was formerly a telecommunications
engineering and service company.
This
press release contains statements that constitute "forward-looking statements"
as that term is defined in the Securities Reform Act of 1995 (the "Reform
Act").
Investors are cautioned that forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from the
statements. Factors that may cause or contribute to such differences include,
among other things, failure of our acquisition program, inability to obtain
additional financing required to achieve our business goals, our technology
becoming obsolete, changes in business conditions and the economy and other
risk
factors identified in the Company's Form 10-KSB and subsequent reports filed
with the Securities and Exchange Commission. The Company undertakes no
obligation to update these forward-looking statements for revisions or changes
after the date of this press release.
Contact:
For
BBM
Holdings
Andrew
Limpert
(801)
433-2000