BLUE BELL, PA May 21, 2003 - InKine Pharmaceutical Company, Inc. (Nasdaq: INKP) today announced that Paladin Labs Inc. (TSX: PLB), a pharmaceutical company of Montreal, Canada, licensed the exclusive rights from InKine to register, sell, market and distribute Visicol® for use in Canada. As consideration for the license, Paladin has paid an undisclosed up-front license fee, with additional royalties due to InKine based on future net sales of Visicol®. Paladin will be responsible for all costs to sell, market and distribute Visicol® in Canada.
"We are pleased to partner with InKine on bringing Visicol® to the Canadian marketplace. I am confident that Canadian patients will appreciate having a safe and effective alternative to liquid sodium phosphate and PEG formulations," said Jonathan Ross Goodman, President and Chief Executive Officer of Paladin.
"We are delighted to have Paladin as our partner in Canada," said Leonard S. Jacob, M.D., Ph.D., Chairman and Chief Executive Officer of InKine. Paladin has an excellent track record of in-licensing innovative products and leveraging their strong network of specialist physician relationships. We will continue to explore other strategic opportunities for Visicol® in targeted international markets, added Dr. Jacob.
About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded biopharmaceutical company focused on the diagnosis and treatment of cancer and autoimmune diseases. The Company's development strategy is to acquire late-stage drug candidates with short time lines to commercialization. The Company's first product, Visicol is the first and only tablet purgative preparation indicated for bowel cleansing prior to colonoscopy. InKine's second product, IBStat, is a novel oral hysocyamine spray for the treatment of Irritable Bowel Syndrome (IBS) and spasm of the colon. Additionally, the Company is developing other clinical compounds such as Colirest, which is in clinical trials for the treatment of Crohn's disease and completed Phase II trials for the treatment of ulcerative colitis. For further information, please visit InKine on their web site http://www.inkine.com.
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