Paladin Labs Inc. Files New Drug Submission for TRELSTAR(R) 6 Month

MONTREAL, CANADA--(Marketwire - March 09, 2009) - Paladin Labs Inc. (TSX: PLB), a leading Canadian specialty pharmaceutical company, announced today that it has filed a new drug submission for TRELSTAR® 22.5 mg (triptorelin pamoate for injectable suspension). Trelstar® 22.5 mg is a 6-month slow release, injectable, luteinizing hormone-releasing hormone (LHRH) agonist indicated for the palliative treatment of advanced prostate cancer.

"Trelstar® is an important component of Paladin's urology franchise and this new dosage form will further strengthen this portfolio," said Jonathan Ross Goodman, President and CEO of Paladin Labs.

Paladin obtained the Canadian license for TRELSTAR® from Watson Pharma Inc., a subsidiary of Watson Pharmaceuticals, Inc. (NYSE: WPI) in May 2005. Paladin launched TRELSTAR® 11.25 mg 3 month for the treatment of advanced prostrate cancer in August 2006 and launched TRELSTAR® 3.75 mg 1 month for the treatment of advanced prostate cancer and endometriosis in January 2007.

According to IMS Canada, the total Canadian market for LHRH agonists in 2008 is $141.5 million, up 3% from 2007.

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. With this strategy, a focused Canadian national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. For more information, please visit the Company's web site at www.paladinlabs.com.

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 Companies consider the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but caution that these assumptions regarding the future events, many of which are beyond the control of the Companies and their 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 reports, as well as in the Companies' Annual Information Forms for the year ended December 31, 2007. The Companies disclaim 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 Companies' ongoing quarterly filings, annual reports and Annual Information Forms and other filings found on SEDAR at www.sedar.com.