UPDATE 1-Paladin Labs CEO out of action due to accident

TORONTO Thu Aug 18, 2011 9:31am EDT

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TORONTO Aug 18 (Reuters) - Paladin Labs Inc PLB.TO said on Thursday that Chief Executive Jonathan Ross Goodman has been in an accident and can no longer perform the tasks of a CEO.

The specialty pharmaceutical company, which has made recent takeover bids for Labopharm Inc DDS.TO and Afexa Life Sciences Inc FXA.TO, said Goodman, who is also the company's founder, has been hospitalized with serious injuries.

Mark Beaudet, a co-founder and board member, has been asked to take on the CEO's duties for now. The company plans to go ahead with all its ongoing projects, Beaudet said in a statement.

On Wednesday, Montreal-based Paladin said it was in a deal to buy Labopharm Inc DDS.TO, a Canadian biotech company specializing in controlled-release drugs. [ID:nN1E77G1T7] (Reporting by S. John Tilak; editing by Peter Galloway)

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