SOURCE: BioBalance Corporation

September 14, 2006 18:22 ET

BioBalance Announces the Resignation of Its CEO and the Assumption of Additional Duties by Richard Serbin

Company Conducting Search for New CEO

NEW YORK, NY -- (MARKET WIRE) -- September 14, 2006 -- BioBalance Corp. (BioBalance), a wholly owned subsidiary of New York Health Care, Inc. (OTCBB: BBAL), filed a Form 8-K on September 12, 2006, to announce the resignation of its CEO, Dennis O'Donnell, on September 6, 2006.

The Company is now actively searching for a new CEO. In the interim, BioBalance is pleased to announce that Richard Serbin, currently the Executive Director of Corporate Development, has agreed to accept additional responsibilities which include oversight of the Company's clinical matters and patent/intellectual property matters, as well as assisting the company in its search for a new CEO.

Mr. Serbin has a wealth of experience with some of the most prestigious companies in the pharmaceutical industry, including roles as Chief FDA Counsel at Revlon; Vice President of Corporate Development at Ortho Pharmaceuticals, a Johnson & Johnson subsidiary, and practicing Patent and FDA law at both Johnson & Johnson and Schering-Plough.

Mr. Serbin also brings additional entrepreneurial skills to BioBalance, as he has founded or co-founded several companies. These include major medical communications companies, Radius Scientific, TM Marketing and Advanced Therapeutics Communications, which were sold to Pearson PLC and Churchill Communications Inc. He also co-founded a contract clinical research company, Bio Imaging Technology, as well as other pharma/nutraceutical companies.

With his extensive background, Mr. Serbin brings to the Company a wealth of knowledge and extensive information about the pharmaceutical industry and the investment community.

About BioBalance Corporation

BioBalance is a biopharmaceutical company focused on the development of innovative treatments for various GI disorders that are poorly addressed by current therapies via accelerated regulatory pathways. These disorders include pouchitis, Irritable Bowel Syndrome (IBS), Crohn's disease, ulcerative colitis, C. difficile infections, celiac disease and antibiotic-associated diarrhea. BioBalance's lead product, Probactrix®, recently received FDA approval to begin phase II clinical trials for pouchitis. Additional information on BioBalance is located on the BioBalance website at www.biobalance.com.

SAFE HARBOR STATEMENT: In addition to historical information, certain of the statements in the preceding paragraphs, particularly those anticipating future events, financial performance, business prospects and growth and operating strategies constitute forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as anticipate, believe, estimate, expect, intend, predict, hope or similar expressions. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements, including, without limitation, satisfaction of regulatory and other approvals and conditions necessary to market Probactrix®, the Company's ability to implement its strategies and achieve its objectives and the risks and uncertainties described in reports filed by the Company with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, including without limitation, the risk factors set forth and cautionary statements made in the Company's 2005 Annual Report on Form 10-K, its latest quarterly report on Form 10-Q and current reports on Form 8-K.

Consulting For Strategic Growth I, Ltd. ("CFSG1") provides BioBalance Corporation with consulting, business advisory, investor relations, public relations and corporate development services, for which CFSG1 receives a fixed monthly fee for the duration of the agreement. Independent of CFSG1's receipt of cash compensation from BioBalance, CFSG1 may choose to purchase the common stock of New York Health Care, Inc. and thereafter sell those shares at any time it deems appropriate to do so. For further information, please visit www.cfsg1.com.

Contact Information

  • Contact:
    Simon Fischer
    Director of Corp. Development
    BioBalance Corp.
    Tel: (212) 679-7778
    Fax: (212) 679-7774
    Email Contact