Stellar Pharmaceuticals Inc.
TSX VENTURE : SLX
OTC Bulletin Board : SLXCF

Stellar Pharmaceuticals Inc.

June 08, 2005 17:02 ET

CORRECTION FROM SOURCE: Stellar Pharmaceuticals Inc. Nominates Medical Device Industry Veteran Robert H. Kayser for Election to Board of Directors

LONDON, ONTARIO--(CCNMatthews - June 8, 2005) - The following corrects and replaces the release sent out June 7, 2005 @ 12:10pm ET. The fourth paragraph, last sentence should read, "We look forward to his guidance and counsel as we continue to increase Canadian and European sales of our products, and move towards commencing U.S. Phase III FDA clinical trials for NeoVisc® in 2005 and for Uracyst® thereafter." The corrected release follows:

Stellar Pharmaceuticals Inc. ("Stellar") (TSX VENTURE:SLX)(OTCBB:SLXCF) a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced the nomination of Robert H. Kayser for election to the Company's Board of Directors at the annual and special meeting of shareholders to be held on June 29, 2005.

Mr. Kayser, 62, spent 29 years in positions of increasing responsibility with Medtronic, Inc., the world's leading medical technology company providing lifelong solutions for people with chronic disease. He retired in 2001 as Director of Global Marketing, Cardiac Surgery Products, in Grand Rapids, MI. During his four-year tenure in this position, Mr. Kayser introduced more than 20 new products, and increased product revenue and market share. Prior to this, he served as Vice President, Pacing and Customer Education in Lausanne, Switzerland, where he implemented brand strategies and European customer education activities that resulted in higher market share for Medtronic's cardiac pacing and electrophysiology product lines. From 1993-1996, he was General Manager, Medtronic UK, where he was responsible for all businesses and functions. During this three-year period, Mr. Kayser doubled revenues and market share, and won Medtronic's "Global Cup" two years in a row. Mr. Kayser was promoted through a series of sales management and marketing roles in Canada from 1972-1993, culminating in his appointment as Executive Director of Sales and Marketing in 1987, where he was responsible for all Canadian commercial activities. From 1966-1972, Mr. Kayser held various sales and management positions at Ortho Pharmaceuticals (Canada) Ltd.

In 2001, Mr. Kayser founded RHK Consulting, which provides consulting services in general management, strategic marketing, and product development for medical technology companies specializing in the cardiology, cardiac surgery or neurological health care market segments.

Peter Riehl, President and Chief Executive Officer of Stellar, commented, "We believe that Bob will be a positive addition to the Board. Throughout his career in Canada, the United States, and Europe, he has engendered relationships, and spearheaded policies and procedures, which have resulted in higher revenues, increased brand awareness and market share gains. We look forward to his guidance and counsel as we continue to increase Canadian and European sales of our products, and move towards commencing U.S. Phase III FDA clinical trials for NeoVisc® in 2005 and for Uracyst® thereafter."

Mr. Kayser stated, "I am enthusiastic about the opportunity to join Stellar's Board at this exciting and important stage of its corporate development. Management has made great strides in advancing its business strategy, increasing market penetration and maintaining a solid financial position. I look forward to contributing to the Company's continued success."

Board members Steven Goldman and Douglas Froom have elected not to stand for re-election at the upcoming annual meeting of shareholders in order to pursue other interests. Upon Mr. Kayser's election, Stellar's Board of Directors will be reduced to five members from six.

Mr. Riehl stated, "We thank Steven and Douglas for their commitment and service to Stellar over the past number of years. We appreciate their dedication and are grateful for their valuable contributions."

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®, for the treatment of osteoarthritis; and Uracyst® and the Uracyst® 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 in-licensing agreements for Skelite™ a proprietary synthetic bone-grafting product and NMP22® BladderChek®, a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer which are expected to positively impact sales in 2005.

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 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.

Contact Information

  • Stellar Pharmaceuticals Inc.
    Peter Riehl
    President & CEO
    (800) 639-0643
    (519) 434-1540 (FAX)
    or
    Stellar Pharmaceuticals Inc.
    Arnold Tenney
    Cell (416) 587-3200
    or
    INVESTOR RELATIONS COUNSEL:
    The Equity Group Inc.
    Devin Sullivan
    (212) 836-9608
    dsullivan@equityny.com
    or
    The Equity Group Inc.
    Adam Prior
    (212) 836-9606
    aprior@equityny.com