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"All pre-clinical testing of the OCL 500 AED medical device is complete and we are in the process of assembling the pre-market notification (510(k)) submission to the FDA," commented Michael Stewart, President & CEO of IMBio. "The OCL 500 AED embolic agent cuts off the blood supply to tumors and demonstrates equivalent safety and effectiveness in comparison to currently approved embolic agents. One of the significant advantages of OCL 500 AED is that it is biodegradable and is slowly broken down by the body until it ultimately disappears. Competitor's products are permanent implants and stay in the body for the life of the patient."
OCL 500 AED is designed for the treatment of malignant and non-malignant vascularised tumors. Examples of vascularised tumors include heptocellular carcinoma (HCC; liver cancer), renal cell carcinoma (RCC; kidney cancer) and uterine fibroids. Over 2 million women in the USA alone suffer from debilitating effects of uterine fibroids.
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. For more information about Paladin, please visit the Company's web site at www.paladinlabs.com.
This press release may contain forward-looking statements and predictions. 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 may ultimately prove to be incorrect. 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.
SOURCE: IMBiotechnologies Ltd
Michael Stewart, Chief Executive Officer, IMBiotechnologies Ltd, Tel: (780) 945-6609, Fax: (780) 987-0941, mstewart@tbwifi.ca; Samira Sakhia, Chief Financial Officer, Paladin Labs Inc., (514) 669-5367, (514) 344-4675 (FAX), info@paladin-labs.com
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