Health & Fitness
Health and Fitness
Health and Fitness
Mon, October 22, 2012
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Paladin Announces Agreement for Novel OTC Product to Treat Cold Sores
October 18, 2012 16:30 ET
Paladin Announces Agreement for Novel OTC Product to Treat Cold Sores
MONTREAL, CANADA--(Marketwire - Oct. 18, 2012) - Paladin Labs Inc. ("Paladin") (TSX:PLB), a leading Canadian specialty pharmaceutical company, today announced that it has entered into a licensing and distribution agreement with Dynamiclear Australia, an Australian-based natural healthcare company, under which Paladin receives the exclusive rights to market and sell Dynamiclear Rapid™ in Canada. Dynamiclear Rapid™ is a novel, over-the-counter ("OTC") product for the symptomatic treatment of cold sores. In addition, Paladin also received an option to acquire the same territorial rights to Dynamiclear's antiviral formulation for Herpes Simplex Virus-2 infections which is currently under development. Financial details related to the agreement were not disclosed.
According to IMS Canada, the topical market for the treatment of cold sores totaled over $20 million in 2011. Studies show that approximately 80% of adults are infected with the Herpes Simplex Virus-1 and that more than one-third of those infected with the virus will suffer recurrent outbreaks. Of those infected about 70% to 80% will treat their cold sore outbreaks with non-prescription OTC products.
"We are pleased to add Dynamiclear Rapid™ to our OTC portfolio. Cold sores are one of the most common viral diseases in humans. We believe that Canadian sufferers will prefer Dynamiclear Rapid® for the convenience of its single application treatment as well as the speed and efficacy of the relief it delivers," said Mark Beaudet, interim President and CEO of Paladin. "Dynamiclear Rapid™ will complement our growing OTC business, which already includes well known consumer brands like Plan B®, Tempra®, and Zincofax®."
"We are very excited to partner with Paladin in Canada," said Dr. John Spurge, Executive Director of Dynamiclear. "This is a major event for Dynamiclear and we have confidence in the market potential of Dynamiclear Rapid™ in Canada given the continued strong sales in Australia. Paladin has a proven track record and the ability to maximize the commercial potential of Dynamiclear Rapid™".
About Dynamiclear Rapid™
Dynamiclear Rapid™ is a natural product which is specifically designed to provide symptomatic treatment of cold sores and fever blisters in just one application. A clinical trial of 150 patients showed that by day three there was a statistically significant greater percentage of patients with erythema, burning, stinging and vesiculation in the topical acyclovir group compared with the Dynamiclear Rapid™ group. In addition, sixty-three percent (63%) of Dynamiclear Rapid™ users experienced a complete disappearance of cold sore blisters within 72 hours after just one application compared with only twenty-three percent (23%) of users in the topical acyclovir group. There were no reported side effects in the clinical trial. For more information, please visit [ www.dynamiclear.com ].
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 world markets. 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 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 fillings, annual report and Annual Information Form and other fillings found on SEDAR at [ www.sedar.com ].
