MILTON, ONTARIO -- (MARKET WIRE) -- August 23, 2012 -- Stellar Pharmaceuticals Inc. ("Stellar")(OTCQB: SLXCF)(OTCBB: SLXCF)(PINKSHEETS: SLXCF) today announced that it has signed an agreement granting Stellar the exclusive Canadian promotional rights for Gelfoam® from Pfizer Canada Inc. ("Pfizer") (NYSE: PFE).
Gelfoam® is a medical device approved in Canada and the United States for use in surgical procedures as a haemostatic agent, when control of capillary, venous, and arteriolar bleeding by pressure, ligature, and other conventional procedures is either ineffective or impractical. “Gelfoam® is an absorbable haemostatic device used in hospitals and surgical centres across Canada” noted Mr. Rob Harris, President & CEO of Stellar. “The addition of Gelfoam is another step forward as we expand our hospital, specialty care business, which is a target area of growth for Stellar.”
Under the terms of the promotional agreement (the "Agreement"), Stellar is granted the exclusive Canadian promotional rights to Gelfoam® by Pfizer. Throughout the term of the
Agreement, Stellar will act on behalf of Pfizer in the promotion, sales and marketing of Gelfoam® to surgeons and other health care practitioners in Canada. Pfizer will continue to be responsible for all distribution, regulatory affairs and medical related activities.
Mr. Harris further commented, “Gelfoam® should benefit from the increased promotion planned by Stellar, as well as the complimentary presence of our recently announced Collatamp G® acquisition. In addition, we feel that our existing specialty care products, NeoVisc® and Uracyst®, should benefit from Stellar’s greatly enhanced presence in the hospital and specialty care markets. We are very excited about the growth potential from Gelfoam® and look forward to building a long-term partnership with Pfizer.”
About Gelfoam®
Gelfoam® is a medical device intended for application to bleeding surfaces as a haemostatic. It is a water-insoluble, off-white, nonelastic, porous, pliable product prepared from purified pork skin gelatin USP granules and Water for Injection, USP. Gelfoam® is indicated in surgical procedures, including those involving cancellous bone bleeding, as a hemostatic device, when control of capillary, venous, and arteriolar bleeding by pressure, ligature, and other conventional procedures is either ineffective or impractical. The product, which has significant growth potential in a major market segment, is approved for use in Canada and the United States.
