MONTREAL, CANADA--(Marketwire - Feb. 1, 2011) - Paladin Labs Inc. (TSX:PLB), a leading Canadian specialty pharmaceutical company, announced today that it has agreed to amend its partnership with Isotechnika Pharma Inc. (TSX: ISA). In order to support a transaction between Isotechnika and ILJIN Life Science Co., Inc. for the continued development of voclosporin for transplantation and autoimmune diseases, Paladin has licensed additional territories to Isotechnika Pharma Inc. In consideration for such amendment, Paladin has received $1 million from Isotechnika. Further, Paladin has sold 12.5 million shares of Isotechnika to ILJIN for $3.125 million. Paladin retains its rights to voclosporin for transplantation and autoimmune diseases for Canada, South Africa and Israel in addition to certain rights under the Lux and Atrium licenses and third party manufacturing agreements.
For more details on the transaction, please visit www.isotechnika.com.
"Paladin is pleased to support Isotechnika's transaction with ILJIN through the amendment of various agreements with Isotechnika and through the sale to IILJIN of roughly half of its shares in Isotechnika. This transaction should provide Isotechnika with sufficient funds to complete a pivotal clinical trial with voclosporin for transplantation. Our submission for voclosporin for psoriasis remains under review by Health Canada," stated Jonathan Ross Goodman, President & CEO Paladin Labs Inc.
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 www.paladinlabs.com.
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, 2009. 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.