EDMONTON, Aug. 13 /CNW/ - IMBiotechnologies Ltd ("IMBio") announced today
that the Company has completed purchase of all assets related to the
Occlusin(R) tumor starvation technology from Paladin Labs Inc ("Paladin"). In
addition to the cash payment provided to purchase the technology, Paladin will
receive a one time milestone payment on first sale of product and a royalty
with a capped payment. IMBio will focus its efforts on obtaining regulatory
approval for its lead product candidate, Occlusin(R) 500 Artificial
Embolization Device ("OCL 500 AED"), which is a medical device.
"All pre-clinical testing of the OCL 500 AED medical device is complete
and we are in the process of assembling the pre-market notification (510(k))
submission to the FDA," commented Michael Stewart, President & CEO of IMBio.
"The OCL 500 AED embolic agent cuts off the blood supply to tumors and
demonstrates equivalent safety and effectiveness in comparison to currently
approved embolic agents. One of the significant advantages of OCL 500 AED is
that it is biodegradable and is slowly broken down by the body until it
ultimately disappears. Competitor's products are permanent implants and stay
in the body for the life of the patient."
OCL 500 AED is designed for the treatment of malignant and non-malignant
vascularised tumors. Examples of vascularised tumors include heptocellular
carcinoma (HCC; liver cancer), renal cell carcinoma (RCC; kidney cancer) and
uterine fibroids. Over 2 million women in the USA alone suffer from
debilitating effects of uterine fibroids.
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
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 may ultimately prove to be incorrect. 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 further information: Michael Stewart, Chief Executive Officer,
IMBiotechnologies Ltd, Tel: (780) 945-6609, Fax: (780) 987-0941,
email@example.com; Samira Sakhia, Chief Financial Officer, Paladin Labs Inc.,
(514) 669-5367, (514) 344-4675 (FAX), firstname.lastname@example.org