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From: Cal Gary	8/17/2005 9:54:07 AM
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Paladin buys Pennsaid licence from Dimethaid 2005-08-16 17:14 ET - News Release See News Release (C-PLB) Paladin Labs Inc Mr. Samira Sakhia of Paladin reports PALADIN LABS TO ACQUIRE CANADIAN LICENSE TO PENNSAID Paladin Labs Inc. has acquired Dimethaid Health Care Ltd. (DHCL), a subsidiary of Dimethaid Research Inc. DHCL owns the Canadian licence for Pennsaid, a lotion approved by Health Canada for the treatment of symptoms of knee osteoarthritis. In return for its ownership of DHCL, Dimethaid Research has received an upfront payment, a share in operating profits above minimum targets and a long-term supply agreement. "Pennsaid offers a valuable treatment option to those suffering from osteoarthritis," said Jonathan Ross Goodman, president and chief executive officer of Paladin Labs. "This is evidenced by the fact that for the first six months of 2005, Pennsaid sales increased by 40 per cent versus last year. We expect that Pennsaid will be an $8-million to $9-million brand in Canada by the end of 2005." "This is an important transaction for Dimethaid as it provides funding to implement our business plan without an immediate public market financing that would be dilutive to our shareholders. While we are giving up a portion of our Pennsaid Canadian revenue, we will continue to participate in Pennsaid's future Canadian success," said Dan Chicoine, chairman of Dimethaid. "We will now continue discussions with a number of pharmaceutical companies interested in licensing Pennsaid and Pennsaid plus for the United States."

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