Document:

exv4w5

TABLE OF CONTENTS

									
	About Labopharm Inc.

Table of Contents

Exhibit 4.5

FOR IMMEDIATE RELEASE

LABOPHARM FILES PRELIMINARY PROSPECTUS FOR CROSS-

BORDER OFFERING OF 10 MILLION COMMON SHARES

LAVAL, Quebec (April 18, 2006) — Labopharm Inc. (TSX: DDS) (“Labopharm” or the “Company”)
today announced that it has filed a preliminary short-form prospectus with Canadian securities
regulators and a registration statement on Form F-10 with the U.S. Securities and Exchange
Commission in connection with an offering of 10 million common shares.

The offering will be made predominantly to investors in the United States and the Company
anticipates that following the offering its shares will be listed on the Nasdaq National Market
under the symbol “DDSS”. Labopharm’s common shares will also continue to trade on the Toronto Stock
Exchange under the symbol “DDS”. Labopharm has agreed to grant the syndicate of underwriters an
option to purchase up to an additional 1.5 million common shares within 30 days of the closing of
the offering to cover over-allotments. All of the common shares to be sold in the offering will be
newly issued.

Labopharm plans to use the net proceeds from the offering to support the commercialization of its
once-daily tramadol product, to advance development of existing and new product candidates within
its product pipeline, and for working capital and other general corporate purposes.

Merrill Lynch & Co. and Banc of America Securities LLC will act as joint book-running managers for
the offering. The co-managers of the offering also include Canaccord Capital Corporation, Leerink
Swann & Company, Orion Securities Inc., Dundee Securities Corporation and Westwind Partners Inc. A
copy of the preliminary prospectus may be obtained by contacting Merrill Lynch at 4 World Financial
Center,

250 Vesey Street, New York, NY 10080 (telephone: 212-449-1000) or 181 Bay Street, Suite
400, Toronto, Ontario M6G 2S9

(telephone: 416-369-7400) or Banc of America Securities at 100 W.
33rd Street, 3rd Floor New York, NY 10001 (telephone: 646-733-4166).

A registration statement relating to these securities has been filed with the U.S. Securities and
Exchange Commission but has not yet become effective. These securities may not be sold nor may
offers to buy be accepted prior to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or jurisdiction.

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Table of Contents

About Labopharm Inc.

Labopharm Inc. (TSX: DDS) is an international, specialty pharmaceutical company focused on the
development of drugs incorporating Contramid®, the Company’s proprietary advanced
controlled-release technology.

This press release contains forward-looking statements, which reflect the Company’s current
expectations regarding future events. The forward-looking statements involve risks and
uncertainties. Actual events could differ materially from those projected herein and depend on a
number of factors, including the successful and timely completion of clinical studies, the
uncertainties related to the regulatory process and the commercialization of the drug thereafter.
Investors should consult the Company’s ongoing quarterly filings and annual reports for additional
information on risks and uncertainties relating to these forward-looking statements. The reader is
cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to
update these forward-looking statements.

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Exhibit 4.6

FOR IMMEDIATE RELEASE

LABOPHARM REPORTS RESULTS FOR FIRST QUARTER

FISCAL 2006

— Quarter Marked by FDA’s Acceptance for Review and Filing of NDA for Once-Daily

Tramadol —

LAVAL, Quebec (April 25, 2006) — Labopharm Inc. (TSX: DDS) today reported its results for the
first quarter of fiscal 2006, the quarter ended March 31, 2006. All figures are in Canadian dollars
unless otherwise stated.

“With the NDA for our once-daily tramadol product accepted for review we are working with our U.S.
marketing partner, Purdue Pharma, to prepare for our product’s commercialization should we receive
a positive outcome following our PDUFA date of September 28, 2006,” said James R. Howard-Tripp,
President and Chief Executive Officer, Labopharm Inc. “The launch of our once-daily tramadol
product in Germany is proceeding well and we look forward to the roll out of our product across
Europe throughout this year.”

Key Developments for the First Quarter

	•	 	NDA for Once-Daily Tramadol Accepted for Review and Filed by the FDA — Labopharm’s New Drug
Application (NDA) for its once-daily formulation of tramadol, which was submitted to the Food
and Drug Administration (FDA) in November 2005, was accepted for review and filed by the FDA,
with a PDUFA date of September 28, 2006.

	•	 	Added Second Marketing Partnership for Once-Daily Tramadol for France — Labopharm
added a second marketing partnership for its once-daily tramadol product for France, signing a
licensing and distribution agreement with Grunenthal GmbH.

Developments Subsequent to Quarter End

	•	 	Reported Positive Results for Phase III Clinical Trial on Once-Daily Tramadol — Labopharm’s
recently completed multi-centre Phase III clinical trial (MDT3-005) for its once-daily
formulation of tramadol achieved statistical significance for the primary endpoint. The results
of the study will be added to the Company’s NDA for once-daily tramadol in the United States.

Financial Results

Revenue for the first quarter of 2006 was $4.2 million compared with $740,000 for the first quarter
of fiscal 2005. Revenue for the first quarter of fiscal 2006 included product sales of $2.0 million
consisting of sales of the Company’s once-daily tramadol product to HEXAL AG for distribution in
Germany, which generated a gross margin of 50%, and $2.2 million of licensing revenue representing
a portion of

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previously received up front and milestone payments from the Company’s licensing and
distribution partners for the U.S. and Europe, which are being recognized over the term of the
Company’s obligations under those arrangements. Licensing revenue for the first quarter of fiscal
2005 was $740,000.

Research and development expenses before tax credits for the first quarter of fiscal 2006 increased
to $6.4 million from $4.3 million for the first quarter of fiscal 2005. The increase was primarily
due to the timing of costs associated with clinical trials for the Company’s once-daily tramadol
product, particularly study MDT3-005. The increase was also the result of costs related to the
pharmacokinetic study for the Company’s once-daily trazodone product that was conducted in the
first quarter of 2006. Research and development tax credits for the first quarter of fiscal 2006
increased to $720,000 from $540,000 for the corresponding quarter of fiscal 2005, due to the
recognition of previously unrecorded Canadian Federal research and development tax credits.

Selling, general and administrative costs for the first quarter of fiscal 2006 increased to $3.0
million from $2.4 million for the first quarter of fiscal 2005. The increase was attributable to
higher non-cash stock-based compensation expense, as well as increases in various other items
including compensation costs due to a higher headcount, capital tax, and legal, tax and other
consulting costs. Financial expenses for the quarter were $729,000 compared with $206,000 for the
first quarter of fiscal 2005. The increase was the result of interest on the term loan agreement
entered into in June 2005. Income tax expense for the quarter was $579,000, the majority of which
was offset by an increase in Canadian Federal research and development tax credits as described
above. The Company did not incur income tax expense in the first quarter of fiscal 2005.

Net loss for the first quarter of fiscal 2006 was $6.8 million, or $0.16 per share, compared with
$5.9 million, or $0.14 per share, for the first quarter of fiscal 2005.

Cash, cash equivalents and short-term investments as at March 31, 2006 were $24.1 million, compared
with $34.9 million as at December 31, 2005. The decrease was primarily the result of the use of
cash in the operation of the business.

About Labopharm Inc.

Labopharm Inc. (TSX: DDS) is an international, specialty pharmaceutical company focused on the
development of drugs incorporating Contramid®, the Company’s proprietary advanced
controlled-release technology. Labopharm’s lead in-house product, a once-daily formulation of the
analgesic tramadol, is marketed in Germany and has received regulatory approval in 21 other
European countries. In the U.S., the Company’s NDA for once-daily tramadol is under review at the
FDA and the Company has secured a licensing and distribution agreement with Purdue Pharma. The
Company’s pipeline includes a combination of in-house and partnered programs with products both in
clinical trials and in preclinical development. For more information, please visit
www.labopharm.com.

This press release contains forward-looking statements, which reflect the Corporation’s current
expectations regarding future events. The forward-looking statements involve risks and
uncertainties. Actual events could differ materially from those projected herein and depend on a
number of factors, including the successful and timely completion of clinical studies, the
uncertainties related to the regulatory process and the commercialization of the drug thereafter.
Investors should consult the Corporation’s ongoing quarterly filings and annual reports for
additional information on risks and uncertainties relating to these forward-looking statements. The
reader is cautioned not to rely on these forward-looking statements. The Corporation disclaims any
obligation to update these forward-looking statements.

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For more information, please contact:

	 	 	 
	At Labopharm

Warren Whitehead

Chief Financial Officer

Tel: (450) 680-2423

	 	At The Equicom Group

Jason Hogan — Toronto

Media and Investor Relations

Tel: (416) 815-0700

jhogan@equicomgroup.com

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CONSOLIDATED BALANCE SHEETS

[Unaudited]

	 	 	 	 	 	 	 	 	 
	 	 	As at March 31,	 	 	As at Dec. 31,	 
	 	 	2006	 	 	2005	 
	[Thousands of Canadian dollars]	 	$	 	$	 
	 
	ASSETS
	 	 	 	 	 	 	 	 
	Current
	 	 	 	 	 	 	 	 
	Cash and cash equivalents
	 	 	10,767	 	 	 	20,282	 
	Short-term investments
	 	 	13,367	 	 	 	14,611	 
	Accounts receivable
	 	 	1,531	 	 	 	532	 
	Research and development tax credits
receivable
	 	 	1,099	 	 	 	875	 
	Income tax receivable
	 	 	435	 	 	 	426	 
	Inventories
	 	 	3,357	 	 	 	2,188	 
	Prepaids and other assets
	 	 	953	 	 	 	452	 
	 
	 	 	 	 	 	 
	Total current assets
	 	 	31,509	 	 	 	39,366	 
	 
	 	 	 	 	 	 
	Restricted long-term investments
	 	 	1,272	 	 	 	1,271	 
	Property, plant and equipment
	 	 	10,124	 	 	 	10,280	 
	Intangible assets
	 	 	3,233	 	 	 	3,231	 
	Deferred financing costs
	 	 	307	 	 	 	364	 
	 
	 	 	 	 	 	 
	 
	 	 	46,445	 	 	 	54,512	 
	 
	 	 	 	 	 	 
	LIABILITIES
	 	 	 	 	 	 	 	 
	Current
	 	 	 	 	 	 	 	 
	Accounts payable and accrued liabilities
	 	 	9,534	 	 	 	10,090	 
	Current portion of deferred revenue
	 	 	9,174	 	 	 	9,067	 
	Current portion of obligations under
capital leases
	 	 	86	 	 	 	83	 
	Current portion of long-term debt
	 	 	3,878	 	 	 	3,383	 
	 
	 	 	 	 	 	 
	 
	 	 	22,672	 	 	 	22,623	 
	Deferred revenue
	 	 	19,272	 	 	 	20,834	 
	Obligations under capital leases
	 	 	5,817	 	 	 	5,840	 
	Long-term debt
	 	 	6,793	 	 	 	7,818	 
	 
	 	 	 	 	 	 
	 
	 	 	54,554	 	 	 	57,115	 
	Shareholders’ deficiency
	 	 	 	 	 	 	 	 
	Capital stock
	 	 	136,755	 	 	 	135,631	 
	Contributed surplus
	 	 	6,517	 	 	 	6,350	 
	Deficit
	 	 	(151,381	)	 	 	(144,584	)
	 
	 	 	 	 	 	 
	Total shareholders’ deficiency
	 	 	(8,109	)	 	 	(2,603	)
	 
	 	 	 	 	 	 
	 
	 	 	46,445	 	 	 	54,512	 
	 
	 	 	 	 	 	 

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CONSOLIDATED STATEMENTS OF OPERATIONS

[Unaudited]

For the three months ended:

	 	 	 	 	 	 	 	 	 
	 	 	March 31,	 	 	March 31,	 
	 	 	2006	 	 	2005	 
	[Thousands of Canadian dollars, except share and per share amounts]	 	$	 	 	$	 
	 
	REVENUE
	 	 	 	 	 	 	 	 
	Product sales
	 	 	2,045	 	 	 	—	 
	Cost of goods sold
	 	 	1,028	 	 	 	—	 
	 
	 	 	 	 	 	 
	Gross profit on product sales
	 	 	1,017	 	 	 	—	 
	 
	OTHER REVENUE
	 	 	 	 	 	 	 	 
	Licensing
	 	 	2,226	 	 	 	740	 
	 
	 	 	 	 	 	 
	 
	 	 	3,243	 	 	 	740	 
	EXPENSES
	 	 	 	 	 	 	 	 
	Research and development expenses
	 	 	6,395	 	 	 	4,256	 
	Government assistance
	 	 	(720	)	 	 	(540	)
	 
	 	 	 	 	 	 
	 
	 	 	5,675	 	 	 	3,716	 
	Selling, general and administrative expenses
	 	 	3,026	 	 	 	2,386	 
	Financial expenses
	 	 	729	 	 	 	206	 
	Depreciation and amortization
	 	 	421	 	 	 	405	 
	Interest income
	 	 	(208	)	 	 	(135	)
	Foreign exchange (gain) loss
	 	 	(182	)	 	 	91	 
	 
	 	 	 	 	 	 
	 
	 	 	9,461	 	 	 	6,669	 
	 
	 	 	 	 	 	 
	LOSS BEFORE INCOME TAXES
	 	 	(6,218	)	 	 	(5,929	)
	Income taxes :
	 	 	 	 	 	 	 	 
	Current
	 	 	579	 	 	 	—	 
	 
	 	 	 	 	 	 
	NET LOSS FOR THE PERIOD
	 	 	(6,797	)	 	 	(5,929	)
	 
	 	 	 	 	 	 
	NET LOSS PER SHARE — BASIC AND DILUTED
	 	 	(0.16	)	 	 	(0.14	)
	 
	 	 	 	 	 	 
	Weighted average number of shares outstanding
	 	 	43,754,591	 	 	 	42,619,013	 
	 
	 	 	 	 	 	 

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