PaladinPaladin Receives $1.0 Million Related to Amendment of Isotechnika Partnership
MONTREAL, CANADA, Feb 01, 2011 (MARKETWIRE via COMTEX News Network) --
PaladinLabs Inc. (TSX: PLB), a leading Canadian specialty pharmaceuticalcompany, announced today that it has agreed to amend its partnershipwith Isotechnika Pharma Inc. (TSX: ISA). In order to support atransaction between Isotechinika and ILJIN Life Science Co., Inc. forthe continued development of voclosporin for transplantation andautoimmune diseases, Paladin has licensed additional territories toIsotechnika Pharma Inc. In consideration for such amendment, Paladin hasreceived $1 million from Isotechnika. Further, Paladin has sold 12.5million shares of Isotechnika to ILJIN for $3.25 million. Paladinretains its rights to voclosporin for transplantation and autoimmunediseases for Canada, South Africa and Israel in addition to certainrights under the Lux and Atrium licenses and third party manufacturingagreements.
For more details on the transaction, please visit www.isotechnika.com.
"Paladinis pleased to support Isotechnika's transaction with Iljin through theamendment of various agreements with Isotechnika and through the sale toIljin of roughly half of its shares in Isotechnika. This transactionshould provide Isotechnika with sufficient funds to complete a pivotalclinical trial with voclosporin for transplantation. Our submission forvoclosporin for psoriasis remains under review by Health Canada," statedJonathan Ross Goodman, President & CEO Paladin Labs Inc.
About Paladin Labs Inc.
PaladinLabs Inc., headquartered in Montreal, Canada, is a specialtypharmaceutical company focused on acquiring or in-licensing innovativepharmaceutical products for the Canadian and world markets. With thisstrategy, a focused national sales team and proven marketing expertise,Paladin has evolved into one of Canada's leading specialtypharmaceutical companies. Paladin's shares trade on the Toronto StockExchange under the symbol PLB. For more information about Paladin,please visit the Company's web site at www.paladinlabs.com.
Thispress release may contain forward-looking statements and predictions.These forward-looking statements, by their nature, necessarily involverisks and uncertainties that could cause actual results to differmaterially from those contemplated by the forward-looking statements.The Company considers the assumptions on which these forward-lookingstatements are based to be reasonable at the time they were prepared,but cautions that these assumptions regarding the future events, many ofwhich are beyond the control of the Company and its subsidiaries, mayultimately prove to be incorrect. Factors and risks, which could causeactual results to differ materially from current expectations, arediscussed in the annual report as well as in the Company's AnnualInformation Form for the year ended December 31, 2009. The Companydisclaims any intention or obligation to update or revise anyforward-looking statements whether as a result of new information orfuture events and except as required by law. For additional informationon risks and uncertainties relating to these forward-looking statements,investors should consult the Company's ongoing quarterly fillings,annual report and Annual Information Form and other fillings found onSEDAR at www.sedar.com.
Contacts: Paladin Labs Inc. SamiraSakhia, Chief Financial Officer 514-669-5367 514-344-4675 (FAX)info@paladinlabs.com www.paladinlabs.com
SOURCE: Paladin Labs Inc.
mailto:info@paladinlabs.com https://www.paladinlabs.com