August 12, 1999
Paladin Announces The Completion Of The Purchase Of Ridaura
Montreal, PQ – August 12, 1999 - Paladin Labs Inc. (VSE:PLB) announced today the completion of the purchase of Ridaura from Pharmascience Inc. for $1,506,784 payable by way of the issuance of 116,804 shares in the capital stock of the Company at a deemed price of $4.30 per share plus $1,004,512 in cash.
In 1998, Ridaura had sales of approximately CDN$400,000 in Canada. Paladin purchased Ridaura in order to expand its product offering to Canadian Rheumatologists.
Ridaura (auranofin) is an oral formulation of a gold salt indicated for the management of rheumatoid arthritis. Ridaura belongs in the group of products known as disease-modifying antirheumatic drugs (DMARDs). Therapeutic effects with Ridaura may been seen after 3-4 months of treatment. The greatest potential benefit occurs in patients with active synovitis, particularly in early stages, because damage has already occurred to cartilage and bone and cannot be reversed by gold therapy.
Jonathan Goodman, President of Paladin, stated, "We are pleased to add Ridaura to our growing portfolio of rheumatology products. This is the fourth rheumatology product that we have in-licensed in 1999 and the third with existing product revenues. We now have the critical mass the critical mass to begin to profitably promote our products to the Canadian rheumatology community. With over $10 million of current assets and a profitable base business, Paladin is well positioned to continue its strategy of acquiring niche therapeutic products 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 pharmaceutical currently offering products in urology, dermatology, rheumatology and other specialty markets. For more information about Paladin, please visit the Paladin Web Site at www.paladin-labs.com or send e-mail to ir@paladin-labs.com.
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