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Isotechnika Pharma announces the closing of its partnership with Paladin Labs

22 Jun 2009 - Isotechnika Pharma Inc. announced that the previously announced court supervised plan of arrangement with Paladin Labs Inc. has been completed. The Arrangement creates a strategic partnership between Isotechnika Pharma and Paladin for the commercialization of voclosporin, Isotechnika's next-generation calcineurin inhibitor, in Canada, Mexico, Central & South America, Israel and South Africa. This partnership provides Isotechnika Pharma with $7.0 million of cash immediately and $4.35 million in supported Research and Development funding over the next 12 months.
 
"This agreement with Paladin improves our capital base and brings on a well-regarded commercialization partner for important pharmaceutical markets," said Dr. Robert Foster, President & CEO of Isotechnika Pharma. "We will continue our efforts to secure a commercialization deal for voclosporin in the key markets of the U.S., Europe, and Asia, and we will work together with Paladin to identify and acquire additional late-stage assets to further broaden the pipelines of both companies."