Paladin Labs Announces Repayment by ProStrakan of Secured Debt
MONTREAL, CANADA -- (Marketwire) -- 05/17/11 -- Paladin Labs Inc
(TSX: PLB), a leading Canadian specialty pharmaceutical company,
today announced that it has received repayment of its secured debt
facility of GBP 50 million ($77.2 million) following the acquisition
of ProStrakan Group plc ("ProStrakan") by Kyowa Hakko Kirin Co., Ltd.
("KHK"). Paladin received an additional payment of GBP 5.4 million
($8.4 million) related to the early repayment of the secured debt
facility. Moreover, Paladin retains the rights to certain ProStrakan
products for Canada and certain emerging markets.
"We are excited to be working with KHK through our partnership with
ProStrakan and we look forward to a long and healthy relationship
together," said Jonathan Ross Goodman, President and CEO of Paladin
"We are pleased that ProStrakan's partnership with Paladin will
continue following our acquisition by KHK. We look forward to the
Canadian Launch of Abstral(R) and to working with Paladin on the
commercialization of our products in Canada and the emerging
markets," said Peter Allen, Chairman of ProStrakan.
About Paladin Labs Inc.
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty
pharmaceutical company focused on acquiring or in-licensing
innovative pharmaceutical products for the Canadian and world
markets. With this strategy, a focused national sales team and proven
marketing expertise, Paladin has evolved into one of Canada's leading
specialty pharmaceutical companies. Paladin's shares trade on the
Toronto Stock Exchange under the symbol PLB. For more information
about Paladin, please visit the Company's web site at
This press release may contain forward-looking statements and
predictions. These forward-looking statements, by their nature,
necessarily involve risks and uncertainties that could cause actual
results to differ materially from those contemplated by the
forward-looking statements. The Company considers the assumptions on
which these forward-looking statements are based to be reasonable at
the time they were prepared, but cautions that these assumptions
regarding the future events, many of which are beyond the control of
the Company and its subsidiaries, may ultimately prove to be
incorrect. Factors and risks, which could cause actual results to
differ materially from current expectations, are discussed in the
annual report as well as in the Company's Annual Information Form for
the year ended December 31, 2010. The Company disclaims any intention
or obligation to update or revise any forward-looking statements
whether as a result of new information or future events and except as
required by law. For additional information on risks and
uncertainties relating to these forward-looking statements, investors
should consult the Company's ongoing quarterly fillings, annual
report and Annual Information Form and other fillings found on SEDAR
Paladin Labs Inc.
Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.