Exhibit 99.1
Form 51-102F3
Material Change Report
1. Name and Address of Corporation
Labopharm Inc.
480 Armand-Frappier Blvd
Laval, Québec
H7V 4B4
(450) 686-0207
2. Date of Material Change
March 14, 2011.
3. News Release
Labopharm Inc. (“Labopharm”) issued a news release on March 14, 2011. A copy of the press release is annexed hereto and forms an integral part hereof.
4. Summary of Material Change
On March 14, 2011, Labopharm announced that Mark D’Souza, Labopharm’s current Chief Financial Officer, has been elected President and Chief Executive Officer and a member of the board of directors. Mr. D’Souza replaces Mr. James Howard-Tripp.
5. Full Description of Material Change
5.1 Full description of Material Change
On March 14, 2011, Labopharm announced that Mark D’Souza, Labopharm’s current Chief Financial Officer, has been elected President and Chief Executive Officer and a member of the board of directors.
Mr. D’Souza replaces Mr. Howard-Tripp as President and Chief Executive Officer. Mr. Howard‑Tripp will also step down as member of the board of directors effective March 14, 2011.
Labopharm also announced that its board of directors in conjunction with its management have undertaken a complete review of the business including consideration of all available strategic options.
5.2 Disclosure of Restructuring Transaction
Not applicable.
6. Reliance on subsection 7.1(2) of National Instrument 51-102
Not applicable.
7. Omitted Information
Not applicable.
8. Executive Officer
Mark D’Souza, President and Chief Executive Officer, may be contacted at the address and phone number listed in item 1.
9. Date of Report
March 14, 2011
LABOPHARM INC.
By: /s/ Mark A. D’Souza
Mark A. D’Souza
President and Chief Executive Officer
Press Release
FOR IMMEDIATE RELEASE
LABOPHARM ANNOUNCES APPOINTMENT OF NEW PRESIDENT & CEO
LAVAL, Quebec (March 14, 2011) – Labopharm announced today that Mark D’Souza, the Corporation’s current Chief Financial Officer, has been elected President and Chief Executive Officer of Labopharm and a member of the board of directors. “We are delighted to have Mark’s knowledge and experience to lead the Corporation forward,” said Santo J. Costa, Labopharm’s Chairman.
Mr. D’Souza replaces James Howard-Tripp as President and Chief Executive Officer. Mr. Howard-Tripp will also step down as Board member effective today.
“We are very grateful to Jim for his efforts on behalf of the Corporation over the last eleven (11) years,” said Mr. Costa.
Labopharm also announced that the board of directors of the Corporation in conjunction with its management have undertaken a complete review of the business including consideration of all available strategic options.
About Labopharm Inc.
Labopharm is an emerging leader in optimizing the performance of existing small molecule drugs using its proprietary controlled-release technologies. The Corporation's commercialized products include OLEPTRO™, a once-daily antidepressant marketed in the U.S. (and approved in Canada under the same name) and a unique once-daily formulation of tramadol marketed in 19 countries, including the U.S. Labopharm's third product, a twice-daily formulation of tramadol-acetaminophen, is approved in multiple countries in Europe with launches anticipated in late 2011. The Corporation also has a pipeline of follow-on products in both pre-clinical and clinical development. Labopharm is headquartered in Laval, Canada with U.S. offices in Princeton, New Jersey.
OLEPTRO™ is a trademark of Labopharm Inc.
This press release contains forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. Except as required by law, the Corporation undertakes no obligation and does not intend to update these forward-looking statements.
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For more information, please contact:
At The Equicom Group
Lawrence Chamberlain
Media and Investor Relations
Tel: (416) 815-0700 ext. 257
lchamberlain@equicomgroup.com
French:
Joe Racanelli
Tel: (514) 844-7997
jracanelli@equicomgroup.com
