August 26, 1999
Paladin Hires Mr. David MacNaughtan as its Vice President of Business Development
Montreal, PQ – August 26, 1999 - Paladin Labs Inc. (VSE:PLB) is pleased to announce the appointment of Mr. David MacNaughtan, M.Sc., MBA to the position of Vice President of Business Development, effective September 20, 1999. In addition, Paladin has agreed to issue 57,600 share purchase options to Mr. MacNaughtan at $4.36 per share vesting in equal installments over the next 5 years.
Mr. MacNaughtan was previously an investment manager at Royal Bank Capital Corporation as well as a process development engineer at Hemosol Inc. In addition, Mr. MacNaughtan sits on the Board of Directors of several private Canadian biotech companies.
In his new role as a member of Paladin’s management team, Mr. MacNaughtan will assume responsibility for the acquisition and licensing of innovative pharmaceuticals for the Canadian market. Paladin currently has over $10 million of cash to execute its strategy of acquisition and licensing of niche therapeutics for the Canadian market.
Jonathan Goodman, President of Paladin stated, "Mr. MacNaughtan has been a key member of Paladin’s Board and has worked closely with the Company for over two years. His joining our management team is a confirmation of his belief in the future of Paladin. This marks the second addition to Paladin’s senior management team in the past two months and positions the Company to fulfil its strategy of acquiring 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 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.
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.
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