MONTREAL, CANADA--(Marketwire - Aug. 30, 2011) - Paladin Labs Inc. ("Paladin")(TSX:PLB) a leading Canadian specialty pharmaceutical company, today announced that it has entered into a distribution agreement with Common Sense Limited, a privately-owned Israeli company, under which Paladin receives the exclusive rights to market and sell AL-SENSE OTC and VS-SENSE OTC in Canada, Latin America and Sub-Saharan Africa. AL-SENSE OTC is a novel diagnostic product that will provide women with a reliable diagnostic test to detect amniotic fluid leakage during pregnancy from the comfort of their own home. If undetected, this condition may cause complications for both the pregnant woman and her fetus. VS-SENSE OTC is a diagnostic product for the detection of bacterial vaginosis or trichomonas infection for women of reproductive age that affords women the option to self-test for potential vaginal infections.
"The AL-SENSE OTC and VS-SENSE OTC products complement Paladin's growing OTC business that consists of 9 well known consumer brands, including Plan B®, Tempra®, Anbesol® and Zincofax®, which generated over $20 million of revenue in 2010. Furthermore, consistent with recent agreements, this transaction will expand our geographic footprint in both Sub-Saharan Africa and Latin America" said Mark Beaudet, interim President and CEO of Paladin Labs Inc.
"Paladin has a proven track record in successfully commercializing both Women's Health and OTC products and we're delighted to partner with them on AL-SENSE OTC and VS-SENSE OTC. We look forward to working with Paladin on the rapid commercial introduction of these two OTC products in Canada, Sub-Saharan Africa and Latin America" said Menashe Terem, CEO of Common Sense Ltd.
About AL-SENSE OTC and VS-SENSE OTC
AL-SENSE OTC is a non intrusive, easy to use test with a diagnostic layer incorporated into a panty liner and is targeted at pregnant women sensing unidentified wetness. The AL-SENSE OTC test can distinguish between probable amniotic fluid leakage and urine. Several studies have shown that preterm premature rupture of the amniotic sac occurs in approximately 10% of pregnancies. When untreated, this leakage may lead to further complications and may cause infections to spread from the vagina to the uterus and consequently to the fetus. The AL-SENSE OTC offers pregnant women, a user friendly, convenient tool to differentiate between amniotic fluid leakage and urine at all stages, and specifically towards the end of the pregnancy.
VS-SENSE OTC is a self-use swab for women sensing abnormal discharge and detects bacterial and parasitic infection in vaginal discharge. Based on scientific publications 26% of women using anti-fungal creams do not have a fungal infection (Sihvo S, Hemminki E et al., Family Practice 2000, 17). Moreover, the prevalence of bacterial vaginosis is 29% (Koumans EH, Markowitz LE et al., Sexually Transmitted Diseases, Nov 2007, Vol 34:11). This self-use swab would prevent women from unnecessary self-medication, guide and reassure their diagnosis, and direct them for further medical treatment when the test offers a positive result.
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.