SOURCE: Spencer Pharmaceutical Inc.

January 31, 2011 17:30 ET

Spencer Pharmaceutical Inc. Announcement Related to Proof of Funds

BOSTON, MA--(Marketwire - January 31, 2011) -  (PINKSHEETS: SPPH) Management of Spencer Pharmaceutical Inc. announced that the Company has received from an investment group mandated by His Excellency Hussain Al-Awaid (Al-Dorra group) confirmation of their intent to prepare availability of funds for the proposed buy-out of Spencer. The release of funds is subject to completion of due diligence and preparation of final documentation. Specific time-frame has not changed as per the original parameters previously disclosed in press releases on December 10th, and 14th, 2010 respectively. 

About Spencer Pharmaceutical Inc.

Spencer Pharmaceutical Inc. is a US based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.

Important Information

About Forward-Looking Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "believe," "estimate," "expect," "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company's website does not constitute a part of this release. As the offer will be coming from a third party, the Company can provide no assurances that the offer will be made, the timelines achieved, or the minimum offer will be realized.

Contact Information

  • Contact:

    Ian Morrice
    Executive VP and Director
    Spencer Pharmaceutical Inc.
    1+(617) 973-5017