Stellar Pharmaceuticals Inc. Holds Annual Shareholder Meeting
LONDON, Ontario--Stellar Pharmaceuticals Inc., (TSXV:SLX)(OTC BB:SLXCF.OB) ("Stellar") (the "Company"), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets announced today it has held its annual shareholder meeting in Toronto, Ontario on Wednesday, June 20, 2007.
Stellar's CEO, Peter Riehl, reported on the Company's progress over the past year as well as highlighting accomplishments over the last 5 years.
Revenues have grown 412.2% over the past 5 years. The Company's products (NeoVisc and Uracyst) are out-licensed or approved for sale in 37 countries and is now actively selling in 15 of these markets. While these 15 countries are relatively small markets, sales continue on a upward trend with accelerated revenues expected to occur in the later part of 2007 as larger markets gain approval for the sale of the products in their territories. A testament to this is the revenues generated from the sale of NeoVisc in Romania. Stellar's Romanian partner commenced selling NeoVisc in March of this year with sales occurring in each month thereafter. With the accomplishment of achieving profitability in 2006, the increases in current market sales and the expected acceleration of sales in international markets in the later part of 2007; it is understandable why Stellar is strongly encouraged by these results.
As previously announced, Stellar hired investment banking firm Ladenburg Thalmann to provide assistance with respect to new products for licensing, acquisition, and introductions for strategic alliances in the U.S. and Latin American markets for NeoVisc. This banking and advisory relationship should help Stellar increase top line revenues at a faster pace, enabling them to maintain profitability in 2008.
Peter Riehl, CEO stated, "The management of Stellar is committed to staying the course with implementing our business plan. Overall, our growth continues at a steady progression, remaining strong and positive. Improvements in every aspect of our business are paving the way for a successful future."
About Stellar Pharmaceuticals Inc.
Stellar has developed and is marketing direct in Canada, and in countries around the world through out-license agreements, three products based on its core polysaccharide technology: NeoVisc(R), for the treatment of osteoarthritis; and Uracyst(R) and the Uracyst(R) Test Kit, its patented technology for the diagnosis and treatment of interstitial cystitis (IC), an inflammatory disease of the urinary bladder wall. Stellar also has an in-licensing agreement for NMP22(R) BladderChek(R), a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Stellar Pharmaceuticals Inc.
Peter Riehl, President & CEO
800-639-0643 or 519-434-1540
or
Arnold Tenney, 416-587-3200
or
Investor Relations Counsel:
Seventh Circle Consulting, LLC
Christine Petraglia, 646-354-8886
Stellar's CEO, Peter Riehl, reported on the Company's progress over the past year as well as highlighting accomplishments over the last 5 years.
Revenues have grown 412.2% over the past 5 years. The Company's products (NeoVisc and Uracyst) are out-licensed or approved for sale in 37 countries and is now actively selling in 15 of these markets. While these 15 countries are relatively small markets, sales continue on a upward trend with accelerated revenues expected to occur in the later part of 2007 as larger markets gain approval for the sale of the products in their territories. A testament to this is the revenues generated from the sale of NeoVisc in Romania. Stellar's Romanian partner commenced selling NeoVisc in March of this year with sales occurring in each month thereafter. With the accomplishment of achieving profitability in 2006, the increases in current market sales and the expected acceleration of sales in international markets in the later part of 2007; it is understandable why Stellar is strongly encouraged by these results.
As previously announced, Stellar hired investment banking firm Ladenburg Thalmann to provide assistance with respect to new products for licensing, acquisition, and introductions for strategic alliances in the U.S. and Latin American markets for NeoVisc. This banking and advisory relationship should help Stellar increase top line revenues at a faster pace, enabling them to maintain profitability in 2008.
Peter Riehl, CEO stated, "The management of Stellar is committed to staying the course with implementing our business plan. Overall, our growth continues at a steady progression, remaining strong and positive. Improvements in every aspect of our business are paving the way for a successful future."
About Stellar Pharmaceuticals Inc.
Stellar has developed and is marketing direct in Canada, and in countries around the world through out-license agreements, three products based on its core polysaccharide technology: NeoVisc(R), for the treatment of osteoarthritis; and Uracyst(R) and the Uracyst(R) Test Kit, its patented technology for the diagnosis and treatment of interstitial cystitis (IC), an inflammatory disease of the urinary bladder wall. Stellar also has an in-licensing agreement for NMP22(R) BladderChek(R), a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer.
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the Company's business including increased competition; the ability of the Company to expand its operations, to attract and retain qualified professionals, technological obsolescence; general economic conditions; and other risks detailed from time to time in the Company's filings.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Stellar Pharmaceuticals Inc.
Peter Riehl, President & CEO
800-639-0643 or 519-434-1540
or
Arnold Tenney, 416-587-3200
or
Investor Relations Counsel:
Seventh Circle Consulting, LLC
Christine Petraglia, 646-354-8886
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