Stellar Pharmaceuticals Reports Second Quarter 2010 Financial Results
LONDON, ONTARIO — August 6, 2010 -- Stellar Pharmaceuticals Inc. (OTCBB:SLXCF) ("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 quarter ended June 30, 2010. In this press release, all dollar amounts are expressed in Canadian currency and results are reported in accordance with United States generally accepted accounting principles (U.S. GAAP).
Q2-2010 Highlights
| · | Revenues grew by 16.9%% |
For the three-month period ended June 30, 2010, Stellar's total revenues were $1,255,811 as compared to $1,074,294 in the same period in 2009. Solid growth for all products in the Canadian market, as well as strong growth for Uracyst® in international markets, combined with the revenues from licensing income, resulted in the Company showing a profit for the three month period ended June 30, 2010, of $360,800. This is more than twice the $164,694 profit that was generated in the same period in 2009.
Peter Riehl, Stellar's President and Chief Executive Officer, commented, "This is one of the highest levels of quarterly profitability achieved in the Company's history. Now, as we move forward into the second half of 2010, our focus will remain on building the Canadian business and expanding global licensing of Uracyst® and NeoVisc®. At the same time, we will continue to carefully manage our resources as we grow.”
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. For more information, please visit the company's website at www.stellarpharma.com.
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Release - - August 6, 2010
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.
