Healthcare Industry News: Paladin Labs
News Release - August 8, 2007
Paladin Expands Distribution Agreement with Shire HGT to Include ELAPRASE(TM) (Idursulfase)MONTREAL, CANADA--(Healthcare Sales & Marketing Network)--Aug 8, 2007 -- Paladin Labs Inc. (Toronto:PLB.TO ), a leading Canadian specialty pharmaceutical company, today announced that it has expanded its current exclusive Canadian distribution agreement with Shire Human Genetic Therapies, Inc. (LSE: SHP, NASDAQ: SHPGY, TSX: SHQ). Under the new agreement, Paladin will be distributing ELAPRASE(TM) (idursulfase) for Hunter syndrome in addition to REPLAGAL® (agalsidase alfa) for Fabry disease. Health Canada recently granted Shire HGT regulatory approval for ELAPRASE, indicated for enzyme replacement therapy in patients with Hunter syndrome (Mucopolysaccharidosis II, MPS II).
"Hunter syndrome is a devastating condition and we are pleased to expand our partnership with Shire," said Jonathan Ross Goodman, President and CEO of Paladin. "ELAPRASE is now available in Canada."
For more information about ELAPRASE or REPLAGAL please consult www.Shire.com.
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 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, please visit the Company's web site at www.paladinlabs.com.
Shire's strategic goal is to become the leading specialty biopharmaceutical company that focuses on meeting the needs of the specialist physician. Shire focuses its business on attention deficit and hyperactivity disorder (ADHD), human genetic therapies (HGT), gastrointestinal (GI) and renal diseases. The structure is sufficiently flexible to allow Shire to target new therapeutic areas to the extent opportunities arise through acquisitions. Shire believes that a carefully selected portfolio of products with a strategically aligned and relatively small-scale sales force will deliver strong results.
Shire's focused strategy is to develop and market products for specialty physicians. Shire's in-licensing, merger and acquisition efforts are focused on products in niche markets with strong intellectual property protection either in the US or Europe.
For further information on Shire, please visit the Company's website: www.shire.com.
This news 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, 2006. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or 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
Source: Paladin Labs
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