MONTREAL, CANADA--(Marketwire - Jan. 8, 2013) - Paladin Labs Inc. (TSX:PLB) announced today that it has entered into an exclusive Canadian distribution agreement with Allergy Therapeutics plc (AIM:AGY) for Pollinex®-R (modified ragweed tyrosine adsorbate), an allergy vaccine for the treatment of allergic rhinitis due to ragweed pollen. In addition, Paladin also received an option to acquire distribution rights to Pollinex®-R in Sub-Saharan Africa. Under the agreement Paladin will co-promote the product with Takeda Canada Inc. for the first eight months before taking over all selling and distribution activities. Financial terms of the agreement were not disclosed.
Pollinex®-R is a short-course immunotherapy vaccine of modified ragweed tyrosine adsorbate used to reduce the severity of allergic symptoms caused by exposure to ragweed. Pollinex®-R is administered weekly in four separate doses over the course of about one month prior to the start of the ragweed season.
According to IMS Canada, Pollinex®-R achieved sales of $1.9 million in 2012. Pollinex®-R will complement Paladin's existing allergy portfolio of products which includes Oralair, Canada's first sublingual grass pollen immunotherapy tablet for the treatment of the symptoms of moderate to severe seasonal grass pollen allergic rhinitis with or without conjunctivitis.
"We are pleased to partner with Allergy Therapeutics to market and distribute Pollinex®-R in Canada. Pollinex®-R is a convenient and effective treatment for the symptoms of ragweed allergy and will expand the range of treatments that Paladin offers to allergy sufferers and health care providers." said Mark Beaudet, Interim President and CEO of Paladin Labs.
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.
Forward Looking Statements Related to Paladin
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, 2011. 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.