06 202020

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<SEC-DOCUMENT>0001193125-06-202020.txt : 20061003
<SEC-HEADER>0001193125-06-202020.hdr.sgml : 20061003
<ACCEPTANCE-DATETIME>20061003171536
ACCESSION NUMBER: 0001193125-06-202020
CONFORMED SUBMISSION TYPE: 8-K
PUBLIC DOCUMENT COUNT: 5
CONFORMED PERIOD OF REPORT: 20060928
ITEM INFORMATION: Entry into a Material Definitive Agreement
ITEM INFORMATION: Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers
ITEM INFORMATION: Other Events
ITEM INFORMATION: Financial Statements and Exhibits
FILED AS OF DATE: 20061003
DATE AS OF CHANGE: 20061003
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Innovive Pharmaceuticals, Inc.
CENTRAL INDEX KEY: 0001337223
STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC
SUBSTANCES) [2836]
IRS NUMBER: 743123261
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 8-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-51534
FILM NUMBER: 061125687
BUSINESS ADDRESS:
STREET 1: 555 MADISON AVENUE, 25TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10022
BUSINESS PHONE: 212-716-1810
MAIL ADDRESS:
STREET 1: 555 MADISON AVENUE, 25TH FLOOR
CITY: NEW YORK
STATE: NY
ZIP: 10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
<HR SIZE="3" NOSHADE COLOR="#000000" ALIGN="left"> SECURITIES AND
EXCHANGE COMMISSION Washington, D.C. 20549 <HR WIDTH="17%" SIZE="1"
NOSHADE
COLOR="#000000"> FORM 8-K <HR WIDTH="17%" SIZE="1"
NOSHADE
COLOR="#000000"> CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported):
September 28, 2006 <HR WIDTH="17%"
SIZE="1" NOSHADE COLOR="#000000"> INNOVIVE PHARMACEUTICALS,
INC.
 (Exact name of registrant as specified in its
charter) <HR WIDTH="17%"
SIZE="1" NOSHADE COLOR="#000000"> 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center">Delaware</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" ALIGN="center">000-
51534</TD>
<TD VALIGN="top" ALIGN="center">74-
3123261</TD></TR>
<TR>
<TD VALIGN="top" ALIGN="center"> (State or other
jurisdiction of incorporation)</TD>
<TD VALIGN="top" ALIGN="center">(Commission File Number)</TD>
<TD VALIGN="top" ALIGN="center"> (IRS
Employer ID Number)</TD></TR>
</TABLE> 555 Madison Avenue, 25th Floor, New York, New York 10022 (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code
(212) 716-1810 <HR WIDTH="17%" SIZE="1" NOSHADE COLOR="#000000"> Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
 
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0"
WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">¨</TD>
<TD ALIGN="left" VALIGN="top">Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
</TD></TR></TABLE> 

WIDTH="100%">
<TR>
<TD ALIGN="left" VALIGN="top">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
</TD></TR></TABLE> 
WIDTH="100%">
<TR>
<TD ALIGN="left" VALIGN="top">Pre-
commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b)) </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Pre-
commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c)) </TD></TR></TABLE> <HR SIZE="3"
NOSHADE COLOR="#000000" ALIGN="left">

<HR SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">
Item 1.01. Entry into a Material Definitive Agreement.
 On October 2, 2006, Innovive Pharmaceuticals, Inc. appointed
J. Gregory Jester as our Chief Financial Officer, which appointment will be
effective on
October 16, 2006. We have entered into an employment agreement with
Mr. Jester, effective as of October 16, 2006. There is no relationship
between us and Mr. Jester other than the employment agreement. More
information on
Mr. Jester and the employment agreement is contained in Item 5.02 of this
report. Item 5.02. Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal Officers. 
On October 3, 2006, we issued a press release announcing that
we had appointed J. Gregory Jester as our Chief Financial Officer, effective
October 16, 2006. A copy of this press release is attached hereto as an
exhibit. There are no family relationships between
Mr. Jester, who is 39 years old, and any director or executive officer of the
Company. Prior to our appointment of Mr. Jester, he was employed by Barr
Pharmaceuticals, Inc. from November 1995 to May 2006, most recently as Vice
President and Corporate Controller where he was responsible for corporate and
operational accounting, financial reporting and analysis, budgeting and forecasting
as well as
all SEC filings. Except for the employment
agreement, there are no transactions between us and Mr. Jester. The material provisions of the employment agreement are as follows:
 
WIDTH="100%">
<TR>
<TD WIDTH="4%"> </TD>
SIZE="2"></TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top">Mr. Jesters base salary is $190,000 per year, subject to
increases or decreases from time to time by our Board of Directors;
WIDTH="100%">
<TR>
<TD ALIGN="left" VALIGN="top">Mr. Jester
is entitled to performance-based bonuses of up to 50 % of his base salary;
WIDTH="100%">
<TR>
<TD ALIGN="left" VALIGN="top">Upon
commencement of employment, Mr. Jester will receive incentive stock options to
purchase 90,000 shares of our common stock at an exercise price of $3.96 per share,
subject
to vesting in three equal annual installments; </TD></TR></TABLE> 
<TR>
<TD ALIGN="left" VALIGN="top">Upon
termination of Mr. Jesters employment by us without Cause or
by Mr. Jester with Good Reason (both as defined in the agreement),
we will
pay Mr. Jester severance equal to his base salary for a period of six months
following termination, and pay for any continuation of any health insurance in
place for a period of up to six months from termination; and
</TD></TR></TABLE>
 
WIDTH="100%">
<TR>
<TD ALIGN="left" VALIGN="top">Mr. Jester
agreed to a one-year non-compete following termination of his employment for any
reason. </TD></TR></TABLE> 
2 
SIZE="2">The description of the employment agreement set forth above is qualified
in its entirety by reference to the agreement,
which is attached hereto as Exhibit 10.13 and is incorporated herein by reference.
 Item 8.01. Other Events. On September 29, 2006, we issued a press release announcing
that based on results of a Phase 1 clinical trial, we will discontinue development
of
INNO-105. A copy of this press release is attached hereto as an exhibit.
 Item 9.01. Financial Statements and Exhibits.
 
<TR>
SIZE="2">(c)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits
</TD></TR></TABLE> 
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" ALIGN="center">
<TR>
<TD></TD>
<TR>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000">Exhibit Number</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1px solid #000000"> Description of
Document</TD></TR>
<TR>
<TD VALIGN="top">10.13</TD>
<TD VALIGN="bottom">Employment Agreement
between Innovive Pharmaceuticals, Inc. and J. Gregory Jester, effective October 16,
2006.</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR>
<TD VALIGN="bottom">Press release dated
September 29, 2006.</TD></TR>
<TR>
<TR>
<TD VALIGN="bottom">Press release dated
October 3, 2006.</TD></TR>
</TABLE> SIGNATURES Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized. 
<TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">INNOVIVE
PHARMACEUTICALS, INC.</TD></TR>
<TR>
<TR>
<TD VALIGN="top">Date: October 3,
2006</TD>
<TD VALIGN="bottom"> /s/ Steven
Kelly</TD></TR>
<TR>
<TD VALIGN="bottom">Steven
Kelly</TD></TR>
<TR>
<TD VALIGN="bottom">President and Chief
Executive Officer</TD></TR>
</TABLE> </HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.13
<SEQUENCE>2
<FILENAME>dex1013.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Employment Agreement</TITLE>
</HEAD>
Exhibit 10.13 Employment Agreement This Employment Agreement (the Agreement) is made and
entered into effective as of October 16, 2006 (the Effective Date)
by and between Innovive Pharmaceuticals, Inc., a Delaware corporation (the
Company) and J. Gregory Jester (Employee), a citizen and
resident
of Connecticut. This Agreement is being executed contemporaneously with the
Nonsolicitation, Nondisclosure and Developments Agreement attached hereto as
Exhibit A (the NNDA). NOW, THEREFORE, for and in consideration of the premises and mutual
covenants contained herein, and for good and valuable consideration, the receipt
and
sufficiency of which are hereby acknowledged, and subject to the terms and
conditions hereinafter set forth, the parties hereto enter into this Agreement and
agree as follows. 1. DUTIES. Employee shall perform all assigned duties
competently, diligently and efficiently and shall follow the reasonable and lawful
instructions and directions of the Chief Executive Officer and the Board of
Directors of the Company. Employee shall serve as Chief Financial Officer of the
Company and will be a full-time employee of the Company and shall devote all of his
professional time to his duties for the Company. Employee further agrees that while
employed by the Company, Employee will not be employed or engaged by any third
party without first obtaining the prior written consent of the Company. 
2. COMPENSATION. The Company will pay Employee for services
rendered hereunder at the rate of $190,000 per year, less all applicable local,
state
and federal taxes and any other deductions required by law or properly authorized
by Employee, payable in accordance with the Companys usual payroll practices
(the Base Pay), which amount may be increased or decreased from time to
time by the Board of Directors of the Company. The Employee will be eligible to
receive performance-based bonuses up to 50% of his Base Pay in the discretion of
the Board of Directors. In addition, subject to the terms of a separate stock
option
agreement between Employee and the Company (which will include a vesting schedule),
Employee will receive an option (in the form of an incentive stock option if
permitted by law) to purchase 90,000 shares of the Companys common stock at
an
exercise price of $3.96 per share. 3. OTHER
BENEFITS. Employee may participate in any of the Companys benefit plans
or
programs available to similarly situated employees, provided, however, that
Employees participation is subject to the applicable terms, conditions and
eligibility requirements of any such plans and programs, as they may exist from
time to
time. 4. RESTRICTIVE COVENANTS.
 (a) Employee agrees that, while employed or
retained by the Company in any capacity and for a period of one (1) year
following the termination of Employees employment relationship with the
Company, by
either party for any reason whatsoever, Employee shall not, without the prior
written consent of the Board of Directors, directly or indirectly, alone or as a
partner, joint venturer, officer, director, employee, consultant, agent,
independent
contractor or stockholder of any company or business, engage in any business
activity that directly or indirectly competes with the Company, in any position
that is substantially similar to the position Employee held with the Company
(i.e., a
C-level position) or in any position in which Employees use or
disclosure of the Companys confidential information or trade secrets would
benefit Employee or a third party employing or engaging Employee. Employee agrees
that
the foregoing restriction applies throughout the United States, but applies only to
any products or services being developed, marketed, distributed, sold or otherwise
provided by the Company 

SIZE="2">in the pharmaceutical field. Employees ownership of not more than
one percent (1%) of the shares of stock of
any corporation having a class of equity securities actively traded on a national
securities exchange or on the Nasdaq Stock Market shall not be deemed, in and of
itself, to violate the prohibitions of this paragraph. (b) Employee acknowledges that the nature of the Companys
business and the services he renders to the Company are such that it would be
unfair to
permit him to perform services for or otherwise engage in any competing business
during the period specified in Section 4(a) regardless of the location in the
United States. Employee acknowledges and agrees that the time and territory of the
restrictive covenants contained in this Section are necessary for the protection of
the Companys legitimate business interests and do not unfairly restrict
Employees ability to hold gainful employment. 5. RIGHT TO INJUNCTION. Employee agrees that any breach of
this Agreement by him will cause irreparable damage to the Company. In the event of
such breach or threatened breach, the Company shall have, in addition to any and
all remedies at law, the right to an injunction, specific performance and other
equitable relief to prevent Employees violation or threatened violation of
his
obligations hereunder. 6. CONSIDERATION TO
EMPLOYEE. In consideration of Employees execution of this Agreement, the
Company
agrees to employ Employee, subject to Section 7 below. In addition, upon
Employees termination by the Company without Cause (as defined
below) or termination of employment by Employee for Good Reason (as
defined below),
subject to the conditions of this Agreement, the Company will: (a) pay to Employee an amount equal to 6 months Base Pay, which
shall be
payable on the Companys regular payroll schedule; and (b) continue to pay for Employees health insurance (or
reimburse
Employee the premiums payable by Employee for the continuation of health insurance
benefits, at the level provided to Employee immediately before such termination of
employment) until the earlier of 6 months from such termination or until Employee
obtains comparable coverage from a third party. Any payments
required to be made by the Company pursuant to this Section 6 shall be reduced
by any
applicable withholdings for taxes and other withholdings authorized by Employee or
required by law. In addition, the Companys obligation to provide the
foregoing benefit is conditioned upon Employee executing and delivering (and not
revoking)
a separation agreement satisfactory in form and content to the Company, including
but not limited to Employees agreement not to disparage the Company,
Employees agreement to release all claims or potential claims against the
Company and
a reaffirmation of the restrictive covenants set forth in this Agreement and the
NNDA. For the purposes of this
Agreement,
Cause is defined as the Companys determination that
(i) Employee has materially breached this Agreement or the NNDA;
(ii) Employees has neglected his duties and responsibilities to the
Company; (iii) Employee
has failed to follow reasonable directions of the Chief Executive Officer or Board
of Directors, which failure continues for more than five (5) days after
written notice to Employee; (iv) Employee has engaged in willful or reckless
misconduct that is injurious to Company; (v) Employee has committed a a
criminal act by Employee that results in an active sentence of at least ten
(10) days imprisonment or conviction of a felony; (vi) Employee has
engaged in any
dishonest, fraudulent or illegal action with respect to the Company (including but
not limited to embezzlement, theft or misappropriation) or (vi) Employee has
engaged in any act or omission that is grossly negligent; (vii) Employee has
engaged in any act or omission that intentionally violates the 

SIZE="2">Companys policies or rules, including without limitation any act of
harassment or insider trading. For purposes of
this Agreement, Good Reason is defined as (i) a reduction of Base
Pay below that amount set forth in Section 2 hereof without Employees
consent or without a similar percentage decrease for all employees of a similar
level; or (ii) a material reduction in Employees duties without
Employees consent, provided that a change in Employees specific title
or duties will not constitute Good Reason so long as following any such change
Employees title and duties are commensurate with a position as a key employee
as such term is generally understood. Upon termination
of Employees employment with the Company, Employee shall be entitled to
receive payment for all accrued and unpaid Base Pay. Eligibility and timing of
payment of accrued vacation and unreimbursed expenses will be pursuant to the
Companys
then-prevailing policies. 7. EMPLOYMENT AT-WILL.
Employee understands and agrees that this Agreement does not create an obligation
of the Company to continue Employees employment for any defined period of
time, and that Employees employment relationship with the Company may be
terminated by the Company or by Employee at any time for any or no reason with or
without
cause. 8. WAIVERS. Any waiver by
either party of a breach of any provision of this Agreement shall not operate or be
construed as a
waiver of any subsequent breach of such provision or any other provision hereof.
 9. SEVERABILITY. The parties hereby agree
that
each provision herein shall be treated as a separate and independent clause, and
the unenforceability of any one clause shall in no way impair the enforceability of
any of the other clauses herein. Moreover, if one or more of the provisions
contained in this Agreement shall for any reason be held to be excessively broad as
to scope, activity or subject so as to be unenforceable at law, such provision or
provisions shall be construed by the appropriate judicial body by limiting and
reducing it or them, so as to be enforceable to the maximum extent compatible with
the applicable law as it shall then exist. 10.
SURVIVAL. Sections 4, 5, 6, 7, 8, 9, 10, 11 and 12 of this Agreement shall
survive the termination of this Agreement and Employees employment, by either
party for any reason whatsoever, and shall be binding upon Employees heirs,
executors, administrators and legal representatives. 11. ASSIGNABILITY; AMENDMENT; TERMINATION OF PRIOR AGREEMENT. The
term
Company shall include the company named on the first page of this
Agreement and any of its subsidiaries, subdivisions or affiliates. This Agreement
shall inure to the benefit of and be enforceable by the parties hereto and their
successors and permitted assigns. This Agreement may not be assigned by Employee
without the prior written consent of the Company. This Agreement may be amended
only in a writing signed by each of the parties hereto. 12. GOVERNING LAW; VENUE; COUNTERPARTS. This Agreement shall
be governed by and construed in accordance with the laws of the State of Delaware
without regard to the conflict of laws principles thereof. The parties agree that
the courts sitting in New Castle County, Delaware shall have sole and exclusive
jurisdiction over any disputes arising out of this Agreement. This Agreement may be
executed in counterparts. [The Next Page is the
Signature Page] 
IN WITNESS WHEREOF, the undersigned have executed this Employment
Agreement as a sealed instrument as of
the date first above written. <DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">EMPLOYEE:</TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TR>
<TD VALIGN="top"> Signature:</TD>
#000000">/s/ J. Gregory
Jester</TD>
<TD VALIGN="bottom" ALIGN="right">(SEAL)</TD></TR>
<TR>
<TD VALIGN="bottom">J. Gregory
Jester</TD>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">COMPANY:</TD>
<TR>
<TR>
<TD VALIGN="top" COLSPAN="3">Innovive
Pharmaceuticals, Inc.</TD>
<TR>
<TR>
<TD VALIGN="top">By:</TD>
#000000">/s/ Steven Kelly</TD>
<TR>
<TD VALIGN="bottom">Steven Kelly,
CEO</TD>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<DESCRIPTION>PRESS RELEASE DATED SEPTEMBER 29, 2006
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated September 29, 2006</TITLE>
</HEAD>

bottom:0px">
<IMG SRC="g33818img1.jpg" ALT="LOGO"> Contact:
 For INNOVIVE Pharmaceuticals: Jon Weisberg
 e-mail: jonweisberg@inkandair.com ph: 801-359-9977 fax: 801-359-9980 
Roman" SIZE="2">cell: 801-860-9977 INNOVIVE PHARMACEUTICALS DISCONTINUES DEVELOPMENT OF
 INNO-105 New York, N.Y. (September 29, 2006) INNOVIVE
Pharmaceuticals, Inc. today announced
that, based on results of a Phase 1 clinical trial, it will discontinue development
of INNO-105. After careful review of trial results, we
have
decided to concentrate our resources on the rest of our oncology pipeline and to
seek more promising compounds, said Steven Kelly, President and Chief
Executive Officer, INNOVIVE. Trial results showed that INNO-105 appears unlikely
to achieve desired plasma levels without demonstrating adverse side effects. The
compound is a naturally occurring peptide that inhibits cell growth and division by
interacting with OGFr, a unique receptor found on the nuclear membrane of a wide
range of malignant cells. About
INNOVIVE Pharmaceuticals Innovive Pharmaceuticals, Inc. is
a public biopharmaceutical company headquartered in New York, N.Y. The
companys
mission is to acquire, develop and commercialize novel therapeutics addressing
significant unmet medical needs in the fields of oncology and hematology. For
additional information visit www.innovivepharma.com. #### This press release contains forward-looking
statements that involve risks and uncertainties that could cause INNOVIVEs
actual results to differ materially from the anticipated results and expectations
expressed in these forward-looking statements. These statements are based on
current
expectations, forecasts and assumptions that are subject to risks and uncertainties
which could cause actual outcomes and results to differ materially from these
statements. Among other things, there can be no assurances that any of
INNOVIVEs
development efforts relating to its product candidates will be 

SIZE="2">successful. Other risks that may affect forward-looking information
contained in this press release include the risk
that the results of clinical trials may not support INNOVIVEs claims, the
possibility of being unable to obtain regulatory approval of INNOVIVEs
product candidates, INNOVIVEs reliance on third party researchers to develop
its
product candidates and its lack of experience in developing pharmaceutical
products. These and other risks are discussed in INNOVIVES Registration
Statement on Form 10 filed with the SEC. INNOVIVE assumes no obligation to update
these
forward-looking statements, except as required by law. 
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<DESCRIPTION>PRESS RELEASE DATED OCTOBER 3, 2006
<TEXT>
<HTML><HEAD>
<TITLE>Press Release dated October 3, 2006</TITLE>
</HEAD>

bottom:0px">
<IMG SRC="g33818img1.jpg" ALT="LOGO"> Contact:
 For INNOVIVE Pharmaceuticals: Jon Weisberg
 e-mail: jonweisberg@inkandair.com ph: 801-359-9977 fax: 801-359-9980 
Roman" SIZE="2">cell: 801-860-9977 J. GREGORY JESTER NAMED CFO OF INNOVIVE PHARMACEUTICALS
 New York, NY (October 3, 2006) 
Innovive Pharmaceuticals, Inc., a public biopharmaceutical company headquartered in
Manhattan, announced today that J. Gregory Jester has been named Vice President and
Chief Financial Officer, effective October 16, 2006. Mr. Jester most recently served as Vice President and Corporate
Controller of Barr
Pharmaceuticals, Inc., where he was responsible for corporate and operational
accounting, financial reporting and analysis, budgeting and forecasting as well as
all SEC filings, as Barr grew from $300 million to $1.3 billion in revenues.
Previously
he held a variety of financial positions with Meridian Sports, Inc., The CIT Group
and KPMG. Gregs leadership and financial
management
experience in the pharmaceutical industry will be important assets to Innovive as
we develop our pipeline and prepare for continued growth, said Steven Kelly,
President and CEO, Innovive Pharmaceuticals. Gregory Jester earned a BS in Business Administration from the University
of Richmond, Richmond, Va. He received his CPA in the State of Virginia.
 #### About
INNOVIVE
Pharmaceuticals Innovive Pharmaceuticals, Inc. is
a public biopharmaceutical company headquartered in New York, N.Y. The
companys mission is
to acquire, develop and commercialize novel therapeutics addressing significant
unmet medical needs in the fields of oncology and hematology. For additional
information visit www.innovivepharma.com. 

SIZE="2">This press release contains forward-looking statements that involve
risks and uncertainties that could cause
INNOVIVEs actual results to differ materially from the anticipated results
and expectations expressed in these forward-looking statements. These statements
are based on current expectations, forecasts and assumptions that are subject to
risks
and uncertainties, which could cause actual outcomes and results to differ
materially from these statements. Among other things, there can be no assurances
that any of INNOVIVEs development efforts relating to its product candidates
will be
successful. Other risks that may affect forward-looking information contained in
this press release include the risk that the results of clinical trials may not
support INNOVIVEs claims, the possibility of being unable to obtain
regulatory
approval of INNOVIVEs product candidates, INNOVIVEs reliance on third
party researchers to develop its product candidates and its lack of experience in
developing pharmaceutical products. INNOVIVE assumes no obligation to update these
forward-looking statements, except as required by law. 
</BODY></HTML>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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