Pharmascience Strengthens its Leadership Position in Quebec's Pharmaceutical Sector

Inauguration of new facilities in Montreal and creation of 180 jobs

MONTREAL, QUEBEC--(Marketwire - May 16, 2011) - Today, Pharmascience, the largest pharmaceutical firm in Quebec, inaugurated its new laboratories and facilities in Montreal. The completion of this project marks a significant milestone on the evolution and development of Pharmascience. Representing an investment of close to $40 million, this project, which was carried out with the support of the governments of Canada and Quebec, as well as the City of Montreal, will not only result in the creation of 180 highly skilled jobs by 2012, but will help secure the company's current 1,300.

A significant investment in research and development and production facilities meeting the strictest international standards, this project represents an important step in the history of Pharmascience and reflects the company's intent to diversify its activities and ensure its long-term growth.

"Founded in 1983 by two Quebec pharmacists with a team of five, Pharmascience has become a major player in the Quebec and Canadian pharmaceutical industry," stated Mario Deschamps, the company's President and Chief Operating Officer. "Rooted in sound expertise recognized by the generic drug sector, the R&D competencies we have developed allow us to diversify. The facilities, which we are inaugurating today, are a concrete part of our strategy, which involves long-term planning to develop and adapt to new markets, and investments to accelerate our growth."

"It is essential for us to share our success with the community where we grew and to reinvest the fruits of that success here at home," added David Goodman, Chief Executive Officer of Pharmascience. "And true to the vision of my father, Morris Goodman, who co-founded Pharmascience, we are redoubling our development efforts throughout the world while keeping the heart of our operations in Quebec."

The inauguration was held at the Pharmascience facilities in Montreal and attended by Pierre Arcand, MNA for Mount-Royal and Minister of Environment, Sustainable Development and Parks; Alain Paquet, MNA for Laval-des-Rapides and Minister for Finance; Michael Applebaum, President of the City of Montreal's Executive Committee and Mayor of the Côte-des-Neiges-Notre-Dame-de-Grâce Borough; Richard Deschamps, Vice-Chair of the Executive Committee of the City of Montreal, responsible for major projects, economic development, infrastructures, the road network, and services to citizens; and Philippe Roy, Mayor of Town of Mount-Royal .

About Pharmascience

Founded in 1983, Pharmascience is a Canadian pharmaceutical firm established in Montreal. It specializes in the development and marketing of an extensive range of innovative, quality generic drugs available by prescription, over-the-counter, and in hospitals. The third largest pharmaceutical firm in Canada in terms of the number of prescriptions, it sells its products in more than 60 countries, posting sales exceeding $600 million. Pharmascience makes a difference by investing in community and charitable activities, as well as applied scientific research designed to improve the health and wellbeing of people the world over.