EDMONTON, June 18 /CNW/ - Isotechnika Pharma Inc. ("Isotechnika Pharma"
or the "Company") (TSX: ISA) is pleased to announce that the previously
announced court supervised plan of arrangement (the "Arrangement") with
Paladin Labs Inc. ("Paladin") (TSX: PLB), a leading Canadian specialty
pharmaceutical company, has been completed. The Arrangement creates a
strategic partnership between Isotechnika Pharma and Paladin for the
commercialization of voclosporin, Isotechnika's next-generation calcineurin
inhibitor, in Canada, Mexico, Central & South America, Israel and South
Africa. This partnership provides Isotechnika Pharma with $7.0 million of cash
immediately and $4.35 million in supported Research and Development funding
over the next 12 months.
"This agreement with Paladin improves our capital base and brings on a
well-regarded commercialization partner for important pharmaceutical markets,"
said Dr. Robert Foster, President & CEO of Isotechnika Pharma. "We will
continue our efforts to secure a commercialization deal for voclosporin in the
key markets of the U.S., Europe, and Asia, and we will work together with
Paladin to identify and acquire additional late-stage assets to further
broaden the pipelines of both companies."
"Following successful Phase III results for voclosporin in psoriasis, we
look forward to working with Isotechnika Pharma on the preparation and filing
of a dossier for Canadian regulatory approval of voclosporin, and as major
shareholders in Isotechnika Pharma we are very excited about the company's
future," stated Jonathan Ross Goodman, President & CEO of Paladin Labs Inc.
Full details of this transaction were provided in the May 7, 2009 press
release and the Information Circular dated May 15, 2009 of Isotechnika Inc.
(both of which are available on www.sedar.com). As a result of the
Arrangement, Paladin acquired Isotechnika Inc., owns 19% of Isotechnika
Pharma's 131,164,804 outstanding common shares and has committed R&D funding
to Isotechnika Pharma over the next 12 months to further develop voclosporin
and will provide strategic and commercial assistance.
About Isotechnika Pharma
Edmonton-based Isotechnika Pharma Inc. is a biopharmaceutical company
focused on the discovery and development of novel immunosuppressive
therapeutics that are designed to offer advantages over other currently
available treatments. There is a significant unmet medical need in the
treatment of both solid organ transplantation and autoimmune disease. It is
estimated that the market potential will exceed $4 billion annually in sales
for calcineurin inhibitors such as voclosporin by 2010.
Isotechnika Pharma Inc. is a publicly traded company on the Toronto Stock
Exchange under the symbol "ISA". More information on Isotechnika Pharma can be
found at www.isotechnika.com or www.SEDAR.com.
This press release may contain forward-looking statements. Forward
looking statements, including the Company's belief as to the potential of its
products, the Company's expectations regarding the issuance of additional
patents and the Company's ability to protect its intellectual property,
involve known and unknown risks and uncertainties, which could cause the
Company's actual results to differ materially from those in the forward
looking statements. Such risks and uncertainties include, among others, the
availability of funds and resources to pursue research and development
projects, the ability to economically manufacture its products, the potential
of its products, the success and timely completion of clinical studies and
trials, the Company's ability to successfully commercialize its products, the
ability of the Company to defend its patents from infringement by third
parties, and the risk that the Company's patents may be subsequently shown to
be invalid or infringe the patents of others. Investors should consult the
Company's quarterly and annual filings with the Canadian commissions for
additional information on risks and uncertainties relating to the
forward-looking statements. Investors are cautioned against placing undue
reliance on forward-looking statements.
For further information:
For further information: Dr. Robert Foster, President & CEO, Isotechnika
Pharma Inc., (780) 487-1600 (247), (780) 484-4105 (fax),
firstname.lastname@example.org; Mr. Dennis Bourgeault, Chief Financial Officer,
Isotechnika Pharma Inc., (780) 487-1600 (226), (780) 484-4105 (fax),