LAVAL, QC, Oct. 20 /PRNewswire-FirstCall/ - LAB International Inc. ("LAB"), an integrated drug development company with subsidiaries focused on developing therapies for the inhalation market and on providing contract research services, today announced that LAB Pharma, it's drug development subsidiary headquartered in Finland, has secured approximately $2.22 million (1.55 million euros) to support product development. The funding is granted by TEKES, the National Technology Agency of Finland, a government organization that provides funding to companies located in Finland for innovative research and development projects with high commercialization potential. 30% of the funding will be provided by way of grants; the balance will be provided by way of long-term loans with favorable repayment terms.
"This latest TEKES financing provides additional dedicated funding to move forward our development programs. This is yet again a strong endorsement and recognition by a world class organization of the quality, depth and commercial potential of our drug development programs." said Dr. Halvor Jaeger, CEO of LAB International.
About LAB International
LAB International (LAB Pharma and LAB Research) is an integrated drug development company. LAB Pharma is focused on the growing multi-billion dollar inhalation market. Its lead product, for the treatment of breakthrough cancer pain, is a fast-acting Fentanyl formulation delivered using the Company's TAIFUN(R) dry powder inhaler platform. Its pipeline also includes therapeutics for asthma, COPD, and growth hormone deficiencies. LAB Research is a profitable and growing contract research services division supporting its clients base from state-of-the-art facilities in Canada, the US, Denmark and Hungary.
LAB's common shares trade on The Toronto Stock Exchange ("TSX") under the symbol "LAB", on the Frankfurt Regulated Unofficial Market under the symbol "LD9.F" and on XETRA under the symbol "LD9.DE" with 56.0 million shares outstanding.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB International Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
LAB INTERNATIONAL INC.CONTACT: visit LAB's website at www.labinc.ca, or contact: Luc Mainville,Chief Operating Officer, (450) 973-2240, ext. 1206, Fax: (450) 973-2259,mainvillel@labinc.ca ; Frederic Dumais, Director, Communication andInvestor Relations, (450) 973-2240, ext.1207, Fax: (450) 973-2259,dumaisf@labinc.ca ; Kim Sutton Golodetz, Investor Relations (U.S.A), (212)838-3777, Fax: (212) 838-4568, kgolodetz@lhai.com