Paladin Labs Announces Canadian Approval for Silenor
MONTREAL, CANADA -- (Marketwire) -- 12/17/12 -- Paladin Labs Inc.
(TSX:PLB) a leading Canadian specialty pharmaceutical company, today
announced that Health Canada has approved Silenor(R) (doxepin
hydrochloride) for the treatment and symptomatic relief of insomnia
characterized by frequent nocturnal awakening and/or early morning
awakenings. Silenor is a non-controlled medication which does not
produce tolerance or physical dependence.(1) Paladin expects to
launch Silenor in the middle of 2013.
There are approximately 3.3 million Canadians suffering from
insomnia, with 29% having taken sleep medication at least once in the
previous 12 months.(2) The Canadian market for prescriptions sleep
medications exceeded $89 million over the 12 months ending October
2012.(3) In Canada, the prescription sleep medication market largely
consists of zopiclone, a non-benzodiazepine hypnotic, first approved
for sale in Canada in 1990.
"We are pleased that Health Canada has granted regulatory approval
for Silenor," said Mark Beaudet, interim President and Chief
Executive Officer of Paladin Labs Inc. "Canadians who suffer from
insomnia have a new effective treatment option that is not associated
with a risk of abuse or physical dependence."
Paladin received rights to commercialize Silenor in Canada, South
America and Africa from Somaxon Pharmaceuticals, Inc. (NASDAQ:SOMX)
in June 2011.
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 select
international markets. With this strategy, a focused Canadian
national sales team and proven marketing expertise, Paladin has
evolved into one of Canada's leading specialty pharmaceutical
companies. For more information, please visit the Company's web site
(1) Silenor Product Monograph, December 2012
(2) 2002, the Canadian Community Health Survey; Statistics Canada,
Catalogue 82-003; Health Reports, Vol. 17, No. 1, November 2005 pp
(3) IMS Health - moving annual total for the 12 months ended October
Forward Looking Statements
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.
Samira Sakhia, MBA, CPA, CA
Chief Financial Officer
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