Tribute Pharmaceuticals Canada (SLRXF) 8-K Other Events

Contact:
Stellar Pharmaceuticals Inc.	-OR-	Arnold Tenney, Chairman
Peter Riehl, President & CEO		(416) 587-3200
(800) 639-0643
(519) 434-1540

Stellar Pharmaceuticals Announces 2007 Second Quarter Financial Results and UracystÒ Updates

Company to Hold Conference Call Wednesday August 15, 2007 at 11:00 AM ET

LONDON, ONTARIO--(MARKETWIRE)--Aug 15, 2007 -- Stellar Pharmaceuticals Inc. (TSX VENTURE:SLX.V) (OTCBB:SLXCF.OB) ("Stellar" or "the Company"), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced financial results for the second quarter ended June 30, 2007. All amounts in this press release are in Canadian dollars, rounded to the nearest hundredth dollar and are the result of the use of U.S. generally accepted accounting principles.

Update on Uracyst progress in United States Market

Peter Riehl President & CEO of Stellar is pleased to announce that Watson is in the process of conducting a Canadian-based, placebo controlled, pilot clinical study in interstitial cystitis patients, which is expected to end in early 2008. The results of this study will be utilized in designing the pivotal Phase III safety and efficacy trial, slated to commence in 2008, the data from which will be submitted to FDA in support of marketing approval.

Update on UracystÒ in European Market

In December 2001, Stellar entered into a strategic licensing agreement with G. Pohl-Boskamp GmbH & Co. ("Pohl-Boskamp") for the sale of Uracyst products in Europe. In December of 2003, Pohl-Boskamp received approval to begin selling Uracyst in Europe. However, the Company has not been satisfied with the sales progress to date in these territories.  Therefore, Stellar has terminated its license agreement with Pohl-Boskamp. Pohl-Boskamp is disputing the basis on which the Company terminated the agreement and the consequences that result from such termination. Although no formal proceedings have been commenced by either party, the parties have agreed to attend mediation in September 2007 in an effort to resolve the dispute.

Update on Uracyst in China

In September 2005, the Company entered into a licensing agreement with Shanghai Ya Jun Medical for the sale of Uracyst in China.  All product specifications have been approved by the Chinese regulatory body ("SFDA") with the final document submission delivered to the SFDA in June 2007.  Although it can not be certain, final approval is anticipated to be signed by the SFDA in August or September 2007.

Second Quarter 2007 Financial Results and Review

Total revenues, from all sources, which include product sales, royalty and licensing revenues, for the three months ended June 30, 2007 were $554,500, an increase of 25.9% compared to revenues for the same period for 2006 of $440,300. NeoVisc sales were up 27.8% versus the same quarter for 2006 as the overall viscosupplement market rebounded in the second quarter as predicted. International sales for NeoVisc were up by 264.7% for the quarter as demand for NeoVisc has increased in our current markets.

Uracyst sales have grown 21.2% in the second quarter compared to the same quarter of 2006 and sales for the six month period ended June 30, 2007 are up 16.6% compared to the same period of 2006 as hospitals sales continue to grow.

BladderChek sales continue at a slower pace as reimbursement issues continue to be a road block.  More clinics and physicians are starting to sell the product directly to patients as they feel BladderChek is an effective tool to improve bladder cancer diagnosis.

For the six month period ending June 30, 2007 total revenues increased 9.9% to $974,200 compared to $886,200 in the same period for 2006.

Gross profit for the three month period ended June 30, 2007 increased 22.3% to $436,200 compared to $356,600 for the same period in 2006. The Company’s net loss for the quarter was reduced by 61.7% to $88,900 compared to a loss of $232,300 in 2006 as the Company keeps its focus on revenue growth and cost effective expenditures. Cost of goods sold for the three-month period ended June 30, 2007, was $118,300 or 25.4% of product sales compared to $83,700 or 24.8% of product sales in 2006.

Gross profit for the six month period ended June 30, 2007 increased by 9.1% to $732,600 compared to 671,700 for the same period in 2006. Stellar’s net loss for the first half of 2007 was reduced by 40.3% to $350,000 compared to $586,400 for the same period in 2006.

 Stellar's balance sheet at June 30, 2007 included $3.1 million in cash and cash equivalents with no debt.

Conference Call

Management will conduct a conference call on August 15, 2007 at 11:00 a.m. Eastern Time to discuss these results. Interested parties may participate in the call by dialing 866-542-4238 (in the United States) or 416-641-6125 (in Canada) approximately 10 minutes before the call is scheduled to begin and ask to be connected to the Stellar Pharmaceuticals Conference Call.

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.

STELLAR PHARMACEUTICALS INC.

CONDENSED BALANCE SHEETS

(Canadian Funds)

	As at		As at
	June 30, 2007		December 31, 2006
	(Unaudited)		(Audited)
ASSETS
CURRENT
Cash and cash equivalents	$	3,080,672	$	3,515,193
Accounts receivable, net of allowance $0 (2005 - $0)		212,672		199,704
Inventories		222,080		274,597
Prepaid, deposits and sundry receivables		63,458		55,407
		3,578,882		4,044,901
PROPERTY, PLANT AND EQUIPMENT		782,816		853,818
OTHER ASSETS		50,537		49,691
PROMISSORY NOTE		17,045		-
	$	4,429,280	$	4,948,410
LIABILITIES
CURRENT
Accounts payable	$	146,200	$	226,026
Accrued liabilities		36,436		135,198
Deferred revenues		-		1,500
		182,636		362,724
SHAREHOLDERS' EQUITY
CAPITAL STOCK
AUTHORIZED
Unlimited    Non-voting, convertible, redeemable and retractable preferred shares with no par value		8,303,054		8,299,554
Unlimited    Common Shares with no par value		117,400		513,990
ISSUED
23,822,540    Common shares (2006 - 23,819,040)		605,360		201,322
Paid-in capital options - outstanding		(4,779,170)		(4,429,180)
- expired		4,246,644		4,585,686
DEFICIT	$	4,429,280	$	4,948,410

STELLAR PHARMACEUTICALS INC.

CONDENSED INTERIM STATEMENTS OF OPERATIONS AND DEFICITS

(Canadian Funds)

(Unaudited)

	For the Three Month				For the Six Month
	Period Ended June 30				Period Ended June 30
	2007		2006		2007		2006
PRODUCT SALES	$	466,624	$	336,828	$	795,555	$	693,480
COST OF GOODS SOLD		118,323		83,707		221,455		214,477
MARGIN ON PRODUCT SOLD		348,301		253,121		574,100		479,003
ROYALTY AND LICENSING REVENUES		87,851		103,454		178,616		192,719
WRITE-DOWN OF OBSOLETE INVENTORY		-		-		(20,145)		-
GROSS PROFIT		436,152		356,575		732,571		671,722
EXPENSES
Selling, general and administrative		496,986		493,368		1,009,770		1,079,596
Research and development		18,876		67,716		57,488		123,493
Amortization		40,618		38,954		81,060		78,351
		556,480		600,038		1,148,318		1,281,440
LOSS FROM OPERATIONS		(120,328)		(243,463)		(415,747)		(609,718)
INTEREST AND OTHER INCOME		31,728		11,136		65,757		23,347
NET LOSS FOR THE PERIOD		(88,600)		(232,327)		(349,990)		(586,371)
DEFICIT, beginning of period		(4,690,570)		(6,038,449)		(4,429,180)		(5,684,405)
DEFICIT,end of period	$	(4,779,170)	$	(6,270,776)	$	(4,779,170)	$	(6,270,776)
LOSS PER SHARE	$	(0.00)	$	(0.01)	$	(0.02)	$	(0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING		23,822,078		23,494,283		23,820,568		23,483,367