Paladin announces results for fiscal year 1998 and 1^st quarter of 1999.

Fiscal 1998 Results

Fiscal 1998 was a record year for Paladin in terms of revenue, earnings and accomplishments. The Company posted net income of $836,136 for the year ended December 31, 1998 versus a net loss of $1,006,013 for the year ended December 31, 1997.

The Company’s revenues dramatically increased from $849,201 in 1997 to $6,195,052 in 1998 representing a 629% increase in revenues. The largest portion of the increase was attributable to the acquisition of a basket of innovative, niche pharmaceutical products from Pharmascience Inc. in the 3^rd quarter of 1998.

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1st Quarter 1999 Results

The Company reported $2,553,190 of revenues in the 1^st quarter of 1999, representing a 414% increase versus a year ago. Paladin earned $818,802 of net income or $0.09 per share for this period versus $234,395 for the 1^st quarter of 1998 or $0.05 per share.

Jonathan Goodman, President of Paladin, stated, "Our financial results for fiscal year 1998 and the first quarter of 1999 demonstrate our ability to profitably grow Paladin. With over $10 million of current assets coupled with a highly profitable base business, Paladin is uniquely positioned to fulfill its strategic objectives of in-licensing or acquiring innovative pharmaceuticals for the Canadian market."

Paladin’s mission is to reach $50 million in sales by 2002 by understanding and serving the needs of Canadian health-care professionals in niche therapeutic areas through the development, licensing and commercialization of innovative products.

Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.

Click here for the financial statements in PDF format.

The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements relating to the future performance of Paladin. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially.