LAB International Secures CAD$4.6 Million for Drug Development From the National Technology Agency of Finland
Laval, Quebec, November 29 (ots/PRNewswire)
LAB International Inc. (TSX: LAB), an integrated drug development company focused on the inhalation market, today announced that LAB Pharma, its drug development subsidiary headquartered in Finland, has secured approximately CAD$4.6 million (2.95 million euros) to support its research and development programmes. The funding is granted by TEKES, the National Technology Agency of Finland, a government organisation that provides funding to companies located in Finland for innovative research and development projects with high commercialisation potential.
"These funds represent a significant increase over the CAD$1.2 million (0.75 million euros) TEKES funding secured by LAB Pharma over the previous two calendar years, and constitute a strong endorsement of the quality of LAB's drug development programmes," said Dr. Taneli Jouhikainen, President of LAB Pharma. "Our Fentanyl Taifun(R) programme is now fully funded through these additional resources combined with the support from our commercialisation partners in Europe, South America and Asia."
The funding is granted for the development of LAB's Fentanyl Taifun(R), LAB's fast acting inhaled Fentanyl formulation, as well as for the development of inhaled protein products. Approximately 30% of the funding will be provided by way of grants; the balance will be provided by way of long-term capital loans. Such loans will be free of reimbursements until successful commercialisation of the products developed generates distributable profits.
Fentanyl is an opiate analgesic commonly used for the treatment of moderate to severe chronic pain associated with conditions such as cancer. Fentanyl Taifun(R) is LAB's lead product in development and will soon be entering Phase II clinical trials. The product delivers a dry powder formulation of fentanyl using LAB's proprietary Taifun(R) dry powder inhaler, which has previously been approved in Europe for the treatment of asthma. Based on the clinical data obtained to-date, Fentanyl Taifun(R) is expected to produce pain relief within minutes from administration.
"This latest TEKES financing highlights one of the attractions of conducting our drug development activities in Finland," said Dr. Halvor Jaeger, CEO of LAB International. "Finland has for several years been consistently ranked world's number one in the growth competitiveness index by the World Economic Forum. One of the key components in this ranking is the ability to take innovation to products as well as provide effective support for the development of sophisticated technology, including promising new pharmaceuticals."
About LAB International
LAB International (LAB Pharma and LAB Research) is an integrated drug development company. LAB Pharma is focused on the growing multi-billion dollar inhalation market. Its lead product, for the treatment of breakthrough cancer pain, is a fast-acting Fentanyl formulation delivered using the Company's approved Taifun(R) dry powder inhaler platform. Its pipeline also includes therapeutics for asthma, COPD, and growth hormone deficiencies. LAB Research is a profitable and growing contract research services division supporting more than 300 clients from state-of-the-art facilities in Canada, the US, and Europe.
LAB's common shares trade on The Toronto Stock Exchange ("TSX")
under the symbol "LAB" with 38.8 million shares outstanding.This news release contains certain forward-looking statements that reflect the current views and/or expectations of LAB International Inc. with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
Contact:
For further information: visit LAB's website at www.labinc.ca, or
contact Luc Mainville, Executive Vice-President and Chief Financial
Officer, Tel: +1-450-973-2240 ext. 1206, Fax: +1-450-973-2259,
mainvillel@labinc.ca; Frederic Dumais, Director, Communication and
Investor Relations, Tel: +1-450-973-2240 ext. 1207, Fax:
+1-450-973-2259, dumaisf@labinc.ca; James Smith, Investor Relations,
Tel: +1-416-815-0700 ext. 229, Fax: +1-416-815-0080,
jsmith@equicomgroup.com