July 5, 1999
Paladin Labs receives TPD approval for sale of pms-Tryptophan 500 mg
Paladin Labs Inc. is pleased to announce that the Therapeutic Products Directorate (TPD) has issued a Notice of Compliance for pms-Tryptophan 500 mg tablet to Pharmascience Inc. of Montreal. Paladin Labs has licensed the Canadian manufacturing and distribution rights to pms-Tryptophan 500 mg tablet to Pharmascience Inc. in exchange for royalty payments. Pharmascience is expected to launch pms-Tryptophan 500 mg before the end of the 3rd quarter of 1999.
Pms-Tryptophan 500 mg tablet is a generic version of Tryptan 500 mg tablet, a drug used as adjunctive therapy in the management of Affective Disorders.
In commenting on the news today, Paladin Labs President and Director, Jonathan Goodman remarked:
“These are exciting times for Paladin. Our sales and profitability continue to grow. Pms-Tryptophan 500 mg tablet is the 6th product to be added to our portfolio this year that will be accretive to earnings in 1999. This product will join our current portfolio of generic products producing royalty income. These revenues will play a significant role in funding the acquisition of niche innovative pharmaceuticals for the Canadian market."Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.
About Paladin Labs Inc.
Paladin Labs, headquartered in Montreal, Quebec is a Canadian developer, marketer and distributor of innovative pharmaceuticals, currently offering products in urology, dermatology, rheumatology and other specialty markets. For more information about Paladin, please visit the Paladin Web Site at http://www.paladin-labs.com www.paladin-labs.com or send e-mail to ir@paladin-labs.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. These documents contain and identify important factors that could cause the actual results to differ materially from those contained in the projections or forward-looking statements.
PALADIN LABS INC.
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Paladin Labs Inc.*Trade Mark registered to ICN Canada Ltd.