Healthcare Industry News: VANTAS
News Release - March 14, 2006
Health Canada Approves Vantas'R' for the Treatment of Advanced Prostate CancerMONTREAL--(HSMN NewsFeed)--March 14, 2006--Paladin Labs Inc. (TSX:PLB ), a leading Canadian specialty pharmaceutical company, today announced that Health Canada has approved VANTAS®, a unique, once-yearly luteinizing hormone-releasing hormone (LHRH) implant indicated for the palliative treatment of advanced prostate cancer, the most prevalent form of cancer afflicting Canadian men.
VANTAS® was developed by Valera Pharmaceuticals, Inc. (NASDAQ: VLRX ), a New Jersey based specialty pharmaceutical company, and licensed to Paladin for the Canadian market in October 2002. VANTAS® was approved by the U.S. Food and Drug Administration for sale in the United States and was successfully launched by Valera in late-2004. Valera recently reported that for fiscal 2005, it had achieved first full year of VANTAS® sales of US$26.8 million. According to IMS Canada, the Canadian market for LHRH agonists for prostate cancer and endometriosis exceeded $130 million in 2005 and had a compound annual growth rate of 7% since 2000.
"We expect to launch VANTAS® in Canada in the second half of 2006," said Jonathan Ross Goodman, President & CEO Paladin Labs. "With the current LHRH therapy market for prostate cancer dominated by injections administered every three to four months, we are confident that patients will appreciate VANTAS's® once-a-year dosing regimen. Additionally, VANTAS® fits perfectly in our growing urology franchise, thus, offering an excellent opportunity for Paladin to recognize the benefits of product synergies. It will compete in a market we know very well and which is characterized by a fairly concentrated audience of approximately 410 physicians who account for 75% of the prescriptions."
About Paladin Labs
Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian market. 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 news release may contain forward-looking statements or predictions. These statements represent our judgment as of this date and are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed in such forward-looking statements. Potential risks and uncertainties include, without limitation, those associated with product development, clinical trials, future revenues and profitability, and obtaining marketing approval and other factors that are discussed in the Management Discussion published in the Company's annual reports and Annual Information Form and other filings found on SEDAR at www.sedar.com.
Source: Paladin Labs
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