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Press release from Marketwire

Paladin Considers Options Following Alternate Offer for Afexa

Tuesday, August 30, 2011

Paladin Considers Options Following Alternate Offer for Afexa16:13 EDT Tuesday, August 30, 2011MONTREAL, CANADA--(Marketwire - Aug. 30, 2011) - Paladin Labs Inc. ("Paladin" or the "Company")(TSX:PLB), a leading Canadian diversified specialty pharmaceutical company, announced today that it has been advised that Valeant Pharmaceuticals International Inc. ("Valeant" – NYSE/TSX: VRX), through a subsidiary, has made an offer to acquire the issued and outstanding common shares of Afexa Life Sciences Inc. ("Afexa")(TSX:FXA). Paladin holds approximately 14.95% of Afexa's shares and its own offer to acquire any and all shares of Afexa at $0.55 per share was announced on August 10, 2011. Paladin is reviewing the terms of the Valeant bid and considering the Company's options. Paladin will make a further announcement upon completion of the review. About Paladin Labs Inc. 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. More information is available at www.paladinlabs.com.This press release may contain forward-looking statements and predictions. These forward-looking statements, including any statements as to Afexa's acquisition by Paladin, 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, 2010. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events and 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 fillings, annual report and Annual Information Form and other fillings found on SEDAR at www.sedar.com. The information in this announcement concerning Afexa and its assets and projects is based on publicly available information and has not been independently verified by Paladin. FOR FURTHER INFORMATION PLEASE CONTACT: John LuteMediaLute & Company416-929-5883jlute@luteco.comORInformation Agent for Paladin Labs Inc.Afexa ShareholdersPhoenix Advisory Partners1-800-591-8263 (toll free in North America)inquiries@phoenixadvisorypartners.com