August 26, 1999
Paladin to receive $700,000 from exercise of warrants by Innovatech du Grand Montréal.
Montreal, PQ – August 25, 1999 – Paladin Labs Inc. (VSI:PLB) announced today that Innovatech du Grand Montréal will be exercising warrants to acquire 162,790 common shares of Paladin at a price of $4.30 per share. The total proceeds to Paladin will be $700,000.
Daniel Pharand, Vice-President of Innovatech du Grand Montreal, stated "We are extremely pleased with our investment in Paladin. During the past six months, the company’s sales and profits have increased 574% and 953% respectively. In addition management has successfully in-licensed 10 new products which will fuel Paladin’s future growth. We are confident in their ability to continue along the pattern of growth displayed over the past fiscal periods".
Jonathan Goodman, President of Paladin, stated "This investment by Innovatech signals their ongoing support and confidence in our future growth and success. The proceeds of this transaction will help fulfill our 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 pharmaceuticals, 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.
PALADIN LABS INC.
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