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 £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 £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 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® 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 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, 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.