September 16, 1999
PALADIN LABS SIGNS EXCLUSIVE CANADIAN MARKETING AND DISTRIBUTION AGREEMENT FOR CERUMOLtm
Montreal, PQ -September 16, 1999- Paladin Labs Inc. (VSE:PLB) announced today that it has entered into an exclusive Canadian distribution agreement with Laboratories for Applied Biology Ltd. ("LAB") for Cerumoltm, an OTC ceruminolytic indicated for the removal of cerumen (ear wax). Under the terms of the agreement and effective as of January 1, 2000, LAB will manufacture the product and Paladin will become its sole Canadian distributor.
According to IMS Canada Inc, the Canadian market for ear wax removal products is approximately $650,000. With a 36% share of the market, Cerumol is currently the market-leading brand in Canada.
Commenting on the partnership, Jonathan Goodman, President of Paladin stated, "We are pleased that LAB choose Paladin as their Canadian distributor for this market leading brand. This is an excellent niche product that will respond well to focused promotion. We are proud of our business development activities this year. Cerumol marks the third OTC product with existing sales that Paladin has in-licensed this year."
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.
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