FOR IMMEDIATE RELEASE

PALADIN’S CO-FOUNDERS NAMED QUEBEC ENTREPRENEURS OF THE YEAR IN THE HEALTH-CARE/LIFE SCIENCES FIELD

Montreal, Canada, October 20, 2003 Paladin Labs Inc. (TSX: PLB), a leading Canadian specialty pharmaceutical company, is pleased to announce that its founders, Jonathan Ross Goodman, President and CEO, and Mark Beaudet, Vice-President of Sales and Marketing, have been chosen as Quebec’s Entrepreneurs of the Year in the Health-Care/Life Sciences Field in the Ernst & Young 2003 Entrepreneur of the Year Awards Program.

Mr. Goodman and Mr. Beaudet were recognized for their entrepreneurial drive and leadership abilities in building Paladin Labs from its founding in 1996 into one of Canada’s leading specialty pharmaceutical companies with revenues of more than $23 million in 2002, the Company’s most recent full fiscal year.

“Mark and I accept this award on behalf of the entire Paladin team. We love the fact that we sell products that make a difference in the lives of Canadians and we look forward to continued success in the years ahead,” said Jonathan Ross Goodman, President and CEO.

The Entrepreneur of the Year Awards were brought to Canada from the United States in 1994 by Ernst & Young. Global TV, La Presse, The National Post, RDI, BMO Nesbitt Burns and Canadian Business Magazine joined Ernst & Young in sponsoring this year’s program.

About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a leading specialty 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 leading specialty pharmaceutical companies. Paladin’s shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Paladin Web Site at www.paladinlabs.com.

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 and other factors that are discussed in the Management Discussion and Analysis published in the Company's annual report.

For more information please contact:

Samira Sakhia Chief Financial Officer Paladin Labs Inc. Tel: (514) 340-5067 email: info@paladin-labs.com Website: www.paladinlabs.com

Bruce Wigle Investor Relations The Equicom Group Inc. Tel: (416) 815-0700 ext. 228 email: bwigle@equicomgroup.com