MONTREAL, CANADA -- (Marketwired) -- 05/01/13 -- Paladin Labs Inc. (TSX: PLB) a leading Canadian specialty pharmaceutical company, today announced the launch of Silenor® (doxepin hydrochloride) for the treatment and symptomatic relief of insomnia characterized by frequent nocturnal awakening and/or early morning awakenings.
According to Statistics Canada, approximately 3.3 million Canadians or 13.4% of the population is estimated to suffer from chronic insomnia(1). IMS Health reports that the Canadian market for prescription sleep medications exceeded $90 million in 2012(2).
"We are pleased to announce the launch of Silenor," said Mark Beaudet, interim President and Chief Executive Officer of Paladin Labs Inc. "Canadians who suffer from insomnia now have a new effective treatment option that is not associated with a risk of abuse or physical dependence."
Paladin received rights to commercialize Silenor in Canada, South America and Africa from Somaxon Pharmaceuticals, Inc. (NASDAQ: SOMX) in June 2011. Somaxon was purchased by Pernix Therapeutic Holdings, Inc. (NASDAQ: PTX) in March 2013.
Silenor (doxepin hydrochloride) is available in 3mg or 6mg oral tablets indicated for the treatment and symptomatic relief of insomnia characterized by frequent nocturnal awakening and/or early morning awakenings. Silenor is not a controlled substance and clinical studies have shown that Silenor does not produce tolerance or physical dependence(3) while demonstrating significant sleep maintenance improvements.
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.
(1) Tjepkema. M.Health Reports, Statistics Canada. 2005, vol. 17, no.1(2) IMS Health - moving annual total for the 12 months ended December 31, 2012(3) Silenor Product Monograph, December 2012
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, 2012. 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.
Paladin Labs Inc.
Samira Sakhia, MBA, CPA, CA
Chief Financial Officer