November 19, 1997
Paladin Labs receives HPB approval for sale of pms-Valproic Acid Syrup
Paladin Labs Inc. is pleased to announce that the Health Protection Branch (HPB) has issued a Notice of Compliance for pms-Valproic Acid syrup to Pharmascience Inc. of Montreal. Paladin Labs has licensed the Canadian manufacturing and distribution rights to pms-Valproic Acid syrup to Pharmascience Inc. in exchange for royalty payments. Pharmascience is expected to launch pms-Valproic Acid syrup before the end of the year.
Pms-Valproic Acid syrup is a generic version of Valproic Acid syrup, a drug commonly used to treat the simple or complex absence seizures associated with epilepsy. According to IMS Canada, the total Valproic Acid syrup market in Canada in 1996 accounted for over 40,000 prescriptions and $1.7 million in sales.
In commenting on the news today, Paladin Labs President and Director, Jonathan Goodman remarked: "Although we fully expected to receive this approval at this time, it is nevertheless satisfying to have it in hand. Paladin now has a portfolio of products from which it is receiving royalty revenue. These revenues will play a significant role in the funding of our innovative pharmaceutical development projects."
Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
INFORMATION: Paladins Labs Inc.
6111 Royalmount Ave.
Montreal, Quebec
H4P 2T4
Canada
Tel: (514) 340-1112
Fax: (514) 344-4675
http://www.paladin-labs.com