November 12,1999
PALADIN LABS INC. RECEIVES CONDITIONAL LISTING STATUS FROM THE TORONTO STOCK EXCHANGE
Montreal, PQ- November 12, 1999 - Paladin Labs Inc. ("Paladin") (VSE:PLB) today announced that the Toronto Stock Exchange ("TSE") has conditionally approved the listing of the common shares of Paladin.
In order to increase the liquidity of Paladin's common shares, Joddes Limited, one of the controlling shareholders of Paladin, has agreed to sell 400,000 common shares of Paladin in the open market.
Morris Goodman, President of Joddes Limited, stated "We are reluctant to dispose of any portion of our Paladin holdings as Paladin's future has never been brighter. We, however, realize that it is in Paladin's and our best interest to increase the volume of shares available for trading."
Lennie Ryer, Chief Financial Officer of Paladin, stated " In keeping with my mandate of increasing the liquidity of Paladin's shares, I am pleased with this development. This marks the first of a series of steps that we intend to undertake to allow Paladin to be held more broadly by both institutional and retail investors."
CIBC World Markets Inc., who acted as sponsor with respect to Paladin's TSE listing, will assist in the secondary distribution.
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.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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.
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Paladin Labs Inc.