June 11, 1998
Paladin Labs receives TPD approval for sale of pms-Selegiline
Paladin Labs Inc. is pleased to announce that the Therapeutic Products Directorate (TPD) has issued a Notice of Compliance for pms-Selegiline to Pharmascience Inc. of Montreal. Paladin Labs has licensed the Canadian manufacturing and distribution rights to pms-Selegiline to Pharmascience Inc. in exchange for royalty payments. Pharmascience is expected to launch pms-Selegiline before the end of the year.
Pms-Selegiline is a generic version of Eldepryl, a drug commonly used as adjunctive therapy in the management of Parkinson’s disease. According to IMS Canada, the total Selegiline market in Canada in 1997 accounted for over 76,000 prescriptions and $7.3 million in sales.
In commenting on the news today, Paladin Labs President and Director, Jonathan Goodman remarked:
"These are exciting times for Paladin. This approval marks our fourth regulatory approval in the past two years. Pms-Selegiline will join our current portfolio of generic products producing royalty income. These revenues will play a significant role in the funding of our innovative pharmaceutical development projects."
Paladin Labs Inc. is a public company whose shares trade on the Vancouver Stock Exchange under the symbol PLB.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
INFORMATION: Paladins Labs Inc.
6111 Royalmount Ave.
Montreal, Quebec
H4P 2T4
Canada
Tel: (514) 340-1112
Fax: (514) 344-4675
http://www.paladin-labs.com