Paladin Labs Inc. CEO Out of Action Due to Accident

August 18, 2011 |

2 min read

MONTREAL, QUEBEC, Aug 18, 2011 (MARKETWIRE via COMTEX) -- Paladin Labs Inc. /quotes/zigman/14723 CA:PLB -5.98% , a leading Canadian specialty pharmaceutical company, today announced its President and CEO, Mr. Jonathan Ross Goodman, was involved in an accident. Mr. Goodman is currently hospitalized with serious injuries, the full extent of which are being assessed. As Mr. Goodman is currently unable to perform his duties as President and CEO, the Board of Directors of Paladin has asked Mr. Mark Beaudet, Co-Founder, Director and Vice President Marketing and Sales of Paladin, to assume such duties for the time being.

"Our thoughts are with Jonathan and his family at this time" said Mr. Beaudet. "Despite Jonathan's absence, Paladin's management team looks forward to advancing all of the Company's ongoing projects". The Company will provide further information as it becomes available.

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 .

Contacts:

Paladin Labs Inc.

Samira Sakhia, CA, MBA

Chief Financial Officer

Tel: 514-669-5367

514-344-4675 (FAX)

Email: info@paladinlabs.com