SOURCE: PharmStar Pharmaceuticals, Inc.

April 26, 2011 12:59 ET

PharmStar Pharmaceuticals Reaches Agreement to Purchase 24,000 Sq. Ft. Manufacturing Facility

ROCKY MOUNT, NC--(Marketwire - Apr 26, 2011) - PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR), a U.S. drug developer, manufacturer and marketer of the FDA-approved, Over-the-Counter (OTC) liquid pain reliever AQUAPRIN™, announced today that it has reached an agreement in principle to purchase a 24,000 square foot manufacturing facility located on three (3) acres near a pharmaceutical industrial park in Wilson, NC. As previously announced, the Company put together an evaluation team to determine the feasibility of moving to Wilson, and had entered negotiations to produce an equitable agreement as of last week.

The new facility is located near other pharmaceutical companies, and has a built in support system for the industry. PharmStar CEO Howard Phykitt stated, "I am very pleased with the speed in which we were able to reach this agreement, which was due to careful planning by the evaluation team. We believe this move can facilitate getting AQUAPRIN™ to market more quickly."

Mr. Phykitt is no stranger to Wilson and is excited at the prospects of moving into the new facility. "I have a history in Wilson. I know the town, the people and the local economy. It doesn't get much better for pharmaceutical companies such as ours," he added.

About PharmStar
PharmStar Pharmaceuticals, Inc. is a U.S.-based drug development, manufacturing and marketing company and the innovator of AQUAPRIN™, an FDA-approved Over-the-Counter (OTC) liquid pain reliever. In development since 1993 with over $3 million invested to-date, AQUAPRIN™ is a liquid derivative of aspirin based on a patent-pending formula. The product is designed to dissolve nearly instantly in just 1.5 ounces of water, which can be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset. PharmStar's headquarters are located in Rocky Mount, NC. More information on PharmStar is available by visiting www.pharmstarinc.com.

Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.

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