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Isotechnika Pharma announces the closing of its partnership with Paladin Labs

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^{Published in Health and Fitness on Thursday, June 18th 2009 at 14:27 GMT, Last Modified on 2009-06-18 14:28:11 by Market Wire}  

 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 ]. Forward-Looking Statements -------------------------- 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. %SEDAR: 00010508E 

For further information: Dr. Robert Foster, President & CEO, Isotechnika Pharma Inc., (780) 487-1600 (247), (780) 484-4105 (fax), [ rfoster@isotechnika.com ]; Mr. Dennis Bourgeault, Chief Financial Officer, Isotechnika Pharma Inc., (780) 487-1600 (226), (780) 484-4105 (fax), [ dbourgeault@isotechnika.com ]