FOR IMMEDIATE RELEASE

 

PALADIN ANNOUNCES SUBMISSION TO HEALTH CANADA FOR NON-PRESCRIPTION STATUS FOR PLAN B^TM

 

Montreal, Quebec, March 8, 2002 - Paladin Labs Inc. of Montreal (TSE: PLB) announced today that, on behalf of Women's Capital Corporation, it has submitted an application to Health Canada to change Plan B^TM , its emergency contraceptive pill, from prescription-only to non-prescription status.

Plan B^TM is the first progestin-only pill indicated to prevent pregnancy after a contraceptive failure or unprotected sex. It is highly effective and produces significantly less nausea and vomiting than other emergency contraceptive regimens. Health Canada approved Plan B^TM as a prescription product in February 2000.

"Plan B^TM is a safe and effective medication that has the potential of reducing the incidence of unintended pregnancy," said Mark Beaudet, Vice President of Paladin Labs. "This submission could potentially improve access to Plan B^TM by enabling Canadian women to obtain the product directly from their pharmacist, without a physician's prescription."

In November 2001, the National Drug Scheduling Advisory Committee of the National Association of Pharmacy Regulatory Authorities recommended that Plan B^TM would meet the requirements for Schedule II status. Drugs that are placed on Schedule II are advised to be only available from the pharmacist and retained within an area of the pharmacy where there is no public access and no opportunity for patient self-selection. Canadian pharmacists in British Columbia and Quebec can already dispense Plan B^TM without a physician's prescription through collaborative practice agreements between pharmacists and physicians.

Paladin obtained the exclusive Canadian distribution rights to Plan B^TM from Women's Capital Corporation in December 1999. This submission is a result of a collaboration between Paladin Labs, Women's Capital Corporation, the Canadian Pharmacists Association and the Society of Obstetricians and Gynecologists of Canada.

"This is a real breakthrough for Canadian women," said Janet Cooper, senior director-professional affairs of the Canadian Pharmacists Association and co-chair of the National Advisory Committee on Emergency Contraception. "Allowing women more timely access to emergency contraception is vital since they only have 72 hours to act after unprotected sex."

About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Quebec, is a rapidly growing pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's most profitable publicly-traded pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin and Plan B^TM, please visit the Paladin Web Site at www.paladinlabs.com/e/products/products.htm.

This news release may contain forward-looking statements or predictions. These statements represent our judgement as of this date and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. Potential risks and uncertainties include, without limitation, those associated with product development, clinical trials, future revenues and profitability, and obtaining marketing approval.

For further information please contact:

Paladin Labs Inc.
Samira Sakhia, Chief Financial Officer
Tel: 514-340-5067
E-mail: info@paladin-labs.com
Web Site: www.paladin-labs.com

The Equicom Group Inc.
Joanna Longo, Investor Relations
Tel: 416-815-0700 ext.233
E-mail: jlongo@equicomgroup.com
Web Site: www.equicomgroup.com