October 1, 1999
PALADIN LABS INC. ANNOUNCES THE ACQUISITION OF NITROL® FROM RHONE POULENC RORER CANADA INC.
Montreal, PQ - October 1, 1999 - Paladin Labs Inc. ("Paladin"), (VSE:PLB) announced today that it has entered into a Canadian Asset Purchase Agreement whereby Paladin has purchased all the intellectual property related to Nitrol® for Canada from Rhone Poulenc Rorer Canada Inc. ("RPR"). The intellectual property includes the ownership of the trademark, customer list, trade dress, manufacturing process and Canadian Regulatory Approval of Nitrol®. In addition, Paladin has also purchased the existing Nitrol® inventory held by RPR.
Nitrol® is a 2% nitroglycerin ointment indicated for the prevention of attacks of angina pectoris associated with chronic angina of effort. The product was launched in 1960 and to this day remains the only approved topical nitroglycerin formulation in Canada.
Jonathan Goodman, President of Paladin, stated "The acquisition of Nitrol® is consistent with our strategy of acquiring the Canadian rights to niche therapeutic products. This strategy of acquiring innovative products from Big Pharma is a proven formula for growth as evidenced by the success of this model in the U.S. We look forward to expanding our relationships with the Canadian branches of multinational pharmaceutical companies in order to unlock value in their non-promoted product portfolios".
"Under RPR, Nitrol® was an orphaned product and as such did not receive any significant sales and marketing attention. We are pleased to have divested this non-strategic product and know that Paladin will be able to integrate Nitrol® into its niche therapeutic strategy. The practice of divestment of non-strategic products to an emerging specialty pharmaceutical company like Paladin represents a win-win situation," stated Reda Ayache, Director of Business Development at Rhone Poulenc Rorer Canada Inc.
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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