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
"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.
ots Originaltext: LAB International Inc
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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,
firstname.lastname@example.org; Frederic Dumais, Director, Communication and
Investor Relations, Tel: +1-450-973-2240 ext. 1207, Fax:
+1-450-973-2259, email@example.com; James Smith, Investor Relations,
Tel: +1-416-815-0700 ext. 229, Fax: +1-416-815-0080,