Tribute Pharmaceuticals Canada (SLRXF) 8-K Stellar Pharmaceuticals’ Q3-2009 Financial Results Marked by Strong Growth and Continued Profitability

Exhibit 99.1

Press Release	Source: Stellar Pharmaceuticals Inc.

Stellar Pharmaceuticals’ Q3-2009 Financial Results Marked by Strong Growth and Continued Profitability

LONDON, Ontario – November 6, 2009 –Stellar Pharmaceuticals Inc. ("Stellar" or "the Company") (OTCBB:SLXCF),a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced its financial results for the third quarter ended September 30, 2009.  In this press release, unless otherwise indicated, all dollar amounts are expressed in Canadian dollars and have been rounded to nearest hundred.

Q3-2009 Highlights

·

Revenues grew 71.9% over the same three-month period in 2008

·

Gross profit grew by 41.7% for the quarter

·

Net income for the quarter grew by 42.9%

·

Fourth consecutive quarter the Company has generated a profit

Revenue increased to $811,700 in Q3-2009 from $477,300 in Q3-2008.  This was driven by 7.9% and 303.1% growth in Canadian and International sales, respectively.  The gross margin percentage decreased to 66.0% in Q3-2009 compared to 77.7% in Q3-2008 largely as a result of the Company’s strong growth in international sales where Stellar’s margins are reduced.  Stellar’s Q3-2009 net profit was $25,900 compared to a net loss of $60,300 in Q3-2008.  

For the nine-month period ended September 30, 2009, Stellar's total revenues were $2,270,200.  This was up 61.4% from$1,452,300 for the same period in 2008 and was driven by 16.6% and 169.9% growth in Canadian and International sales, respectively.  Net income for the 2009 nine-month period was $215,800, or $0.01 per share, compared to a loss of $227,100, or ($0.01) per share, in the same 2008 period.

Peter Riehl, Stellar’s President and Chief Executive Officer, commented,"Despite the difficult economic environment, we entered 2009 confident that our focus on building Canadian sales and expanding global partnerships for Uracyst® and NeoVisc® would generate improved operating performance throughout the year.  These third quarter financial results demonstrate the success of that focus.  We continue to make considerable progress on all fronts.  The shift in awareness and acceptance of our two lead products by scientists and clinicians is growing, sales traction in Canada continues to build, and we are increasingly benefiting from the aggressive expansion of our global out-licensing program.  I am pleased to report, that thus far in the fourth quarter, we are seeing these positive trends continue. "

About Stellar Pharmaceuticals Inc.

Stellar has developed and is marketing direct in Canada and in countries around the world through out-license agreements two products based on its core polysaccharide technology:  NeoVisc®, for the treatment of osteoarthritis; and Uracyst®, its patented technology for treatment of interstitial cystitis/painful bladder syndrome, an inflammatory disease of the urinary bladder wall.  Stellar also has in-licensing agreement for the distribution and sale of NMP22® BladderChek®, a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer.

Forward-looking Statements

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.

For more information contact:

Stellar Pharmaceuticals Inc. 

Peter Riehl

President & CEO

(800) 639-0643 or (519) 434-1540

Or

Arnold Tenney

(705) 445-9505

Or

Stephen Kilmer

Kilmer Lucas Inc.

905-690-2400 ext. 21

stephen@kilmerlucas.com

STELLAR PHARMACEUTICALS INC.

CONDENSED BALANCE SHEETS

(Expressed in Canadian Dollars)

	As at September 30, 2009			As at December 31, 2008
ASSETS
CURRENT
Cash and cash equivalents	$	1,913,194		$	2,105,966
Accounts receivable, net of allowance $nil (2008 - $nil)		376,683			549,055
Inventories		582,036			364,551
Taxes recoverable		216,147			212,445
Loan receivable		18,369			18,369
Prepaids, deposits and sundry receivables		227,411			130,515
		3,333,840			3,380,901
PROPERTY, PLANT AND EQUIPMENT		1,315,236			1,270,257
OTHER ASSETS		90,711			65,495
	$	4,739,787		$	4,716,653
LIABILITIES
CURRENT
Accounts payable	$	133,960		$	173,812
Accrued liabilities		56,875			186,201
Deferred revenues		8,897			1,749
		199,732			361,762
CONTINGENCIES AND COMMITMENTS
SHAREHOLDERS’ EQUITY
CAPITAL STOCK
AUTHORIZED
Unlimited Non-voting, convertible, redeemable, and retractable preferred shares with no par value
Unlimited  Common shares with no par value
ISSUED
23,495,040 Common shares (2008 – 23,702,540)		8,188,486			8,261,403
(15,000) - Treasury shares (2008 – (147,500))		(9,293	)		(51,625	)
Additional paid-in capital for cancelled common shares		2,329			2,329
Additional paid-in capital options - outstanding		34,209			35,965
- expired		724,128			722,372
		8,939,859			8,970,444
DEFICIT		(4,399,804	)		(4,615,553	)
		4,540,055			4,354,891
	$	4,739,787		$	4,716,653

STELLAR PHARMACEUTICALS INC.

CONDENSED INTERIM STATEMENTS OF OPERATIONS

AND COMPREHENSIVE LOSS AND DEFICIT

(Expressed in Canadian Dollars)

(Unaudited)

	For the Three Month Period Ended September 30						For the Nine Month Period Ended September 30
	2009			2008			2009			2008
PRODUCT SALES	$	811,684		$	477,289		$	2,270,229		$	1,452,280
COST OF PRODUCTS SOLD		275,710			106,473			763,744			366,804
MARGIN ON PRODUCTS SOLD		535,974			370,816			1,506,485			1,085,476
ROYALTY AND LICENSING REVENUES		15,233			3,780			403,498			204,136
GROSS PROFIT		551,207			388,910			1,909,983			1,289,612
EXPENSES
Selling, general and administrative		505,391			453,362			1,646,388			1,496,246
Research and development		9,009			(4,805	)		16,420			53,437
Amortization (non-)manufacturing property, plant and equipment		14,488			14,625			41,888			43,769
		528,888			463,182			1,704,696			1,593,452
INCOME (LOSS) FROM OPERATIONS		22,319			(88,586	)		205,287			(303,840	)
INTEREST AND OTHER INCOME		3,559			18,627			10,462			67,050
GAIN ON DISPOSAL OF EQUIPMENT		––			9,676			––			9,676
NET INCOME (LOSS) AND COMPREHENSIVE
INCOME (LOSS) FOR THE PERIOD
BEFORE INCOME TAXES		25,878			(60,283	)		215,749			(227,114	)
Current income tax expense		(10,100	)		––			(18,200	)		––
Future income tax recovery		10,100			––			18,200			––
DEFICIT, beginning of period		(4,425,682	)		(4,746,385	)		(4,615,553	)		(4,576,621	)
Effect of repurchase and cancellation of Common Shares		––			(1,876	)		––			(4,809	)
DEFICIT, end of period	$	(4,399,804	)	$	(4,808,54	)	$	(4,399,804	)	$	(4,808,544	)
EARNINGS (LOSS) PER SHARE -basic and diluted	$	0.00		$	(0.00	)	$	0.01		$	(0.01	)
WEIGHTED AVERAGE NUMBER OF
COMMON SHARES OUTSTANDING		23,493,736			23,681,779			23,505,241			23,752,790

STELLAR PHARMACEUTICALS INC.

CONDENSED INTERIM STATEMENTS OF CASH FLOWS

(Expressed in Canadian Dollars)

(Unaudited)

	For the Three Month Period Ended September 30						For the Nine Month Period Ended September 30
	2009			2008			2009			2008
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES -
Net income (loss) for the period	$	25,878		$	(60,283	)	$	215,749		$	(227,114	)
Items not affecting cash
Amortization		15,769			28,939			83,885			89,367
Unrealized foreign exchange (gain) loss		5,247			(8,042	)		18,353			(14,399	)
Gain on sale of asset		––			(9,676	)		––			(9,676	)
Issuance of equity instruments for services rendered		––			3,603			––			16,730
Change in non-cash operating asset and liabilities		65,698			35,832			(322,815	)		(65,808	)
CASH FLOWS USED IN OPERATING ACTIVITIES		112,593			(9,627	)		(4,827	)		(210,900	)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES -
Additions to property, plant and equipment		(66,899	)		(152,373	)		(112,776	)		(354,008	)
Increase to other assets		––			(5,357	)		(26,231	)		(11,420	)
Sale of equipment		––			10,000			––			10,000
CASH FLOWS USED IN INVESTING ACTIVITIES		(66,899	)		(147,730	)		(139,007	)		(355,428	)
CASH FLOWS USED IN FINANCING ACTIVITIES -
Repurchase of common shares for cash		(9,293	)		(20,729	)		(30,584	)		(64,384	)
CASH FLOWS USED IN FINANCING ACTIVITIES		(9,293	)		(20,729	)		(30,584	)		(64,384	)
EFFECT OF EXCHANGE RATES ON CASH HELD IN
FOREIGN CURRENCY		(5,247	)		8,041			(18,354	)		14,397
CHANGE IN CASH AND CASH EQUIVALENTS		31,154			(170,045	)		(192,772	)		(616,315	)
CASH AND CASH EQUIVALENTS,
Beginning of period		1,882,040			2,764,856			2,105,966			3,211,126
CASH AND CASH EQUIVALENTS,
End of period	$	1,913,194		$	2,594,811		$	1,913,194		$	2,594,811

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