MONTREAL, CANADA--(Marketwire - May 29, 2012) - Paladin Labs Inc. ("Paladin" or the "Company")(TSX:PLB), a leading Canadian specialty pharmaceutical company, today announces the appointment of Mr. Jonathan Ross Goodman as Chairman of the Board of Directors of Paladin. As part of his new role, Mr. Goodman will meet regularly with senior management of the Company to discuss ongoing business matters. Mr. Mark Beaudet will continue as interim President and CEO of Paladin. Mr. Ted Wise, the previous Chairman of the Board of Directors, remains a director of Paladin and will now have the honorary title of Chairman Emeritus.

"We are happy to announce Jonathan's new role at Paladin and would like to thank Mr. Wise for all his contributions to the company, having served as the Chairman of the Board since our founding. We look forward to continuing to benefit from Mr. Wise's experience and guidance." said Mr. Mark Beaudet, interim President and CEO of Paladin.

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 select international markets. 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 ].

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, 2011. 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 filings, annual report and Annual Information Form and other fillings found on SEDAR at [ www.sedar.com ].