Press Release: Paladin Labs Acquires Zincofax from Johnson & Johnson

Paladin Labs Acquires Zincofax from Johnson & Johnson MONTREAL, QUEBEC -- May 29, 2007 -- Paladin Labs Inc., a leading Canadian specialty pharmaceutical company, today announced that it has acquired, through its wholly-owned subsidiary, Squire Pharmaceuticals Inc, Zincofax®, one of Canada's leading diaper rash creams, from Johnson & Johnson, Inc. According to IMS Canada, 2006 Canadian sales of Zincofax® amounted to approximately $1.5 million. Zincofax®, launched in 1945, has strong brand recognition with physicians and consumers. "This acquisition complements our growing presence in the pediatric market. Zincofax® will be promoted alongside Twinject® to pediatricians," said Jonathan Ross Goodman, President and CEO of Paladin Labs. About Paladin Labs Paladin Labs Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in- licensing innovative pharmaceutical products for the Canadian market. With this strategy, a focused national sales team and proven marketing expertise, Paladin has evolved into one of Canada's leading specialty pharmaceutical companies. Paladin's shares trade on the Toronto Stock Exchange under the symbol PLB. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. The Company considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions that these assumptions regarding the future events, many of which are beyond the control of the Company and its subsidiaries may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations, are discussed in the annual report as well as in the Company's Annual Information Form for the year ended December 31, 2006. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether a result of new information, future events, or except as required by law. For additional information on risks and uncertainties relating to these forward-looking statements, investors should consult the Company's ongoing quarterly filings, annual report and Annual Information Form and other filings found on SEDAR at www.sedar.com

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