NEWS RELEASE TRANSMITTED BY MARKETWIRE
FOR: Paladin Labs Inc.
TSX SYMBOL: PLB
May 17, 2011
Paladin Labs Announces Repayment by ProStrakan of Secured Debt
MONTREAL, CANADA--(Marketwire - May 17, 2011) - 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
"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 Labs
"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 at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Paladin Labs Inc.
Chief Financial Officer
INDUSTRY: Pharmaceuticals and Biotech - Biotech, Pharmaceuticals and Biotech -
Drugs, Pharmaceuticals and Biotech - Equipment and Supplies, Pharmaceuticals
and Biotech - Trials
-0--0- May/17/2011 19:59 GMT
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