SOURCE: Spencer Pharmaceutical, Inc.

October 13, 2010 09:30 ET

Spencer Pharmaceutical Provides Milestone Objectives

BOSTON, MA--(Marketwire - October 13, 2010) -  Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) provided its milestone objectives for the next 12 months.

According to the company, the milestones clearly identifies the steps necessary to commercialize its "Metformin" drug delivery (Met4) as well as several other medication using its patented drug delivery technology.

Phase 1 October 2010 to February 2011

  • Animal Testing of Met4
  • Hire Vice-President of Regulatory Affairs
  • Prepare Health Canada and FDA submission for fast Track Approval

Phase 2 March 2011 to June 2011

  • Additional Animal Testing of Met4
  • Fill Health Canada and FDA submissions for fast track approval request
  • Sign Distribution and or Licensing Agreement in the Middle East, North Africa and various European Union countries
  • Begin Commercialize the Met4 in the Middle East, North Africa and various European Union countries.

Phase 3 July 2011 to September 2011

  • Begin Commercializing in Canada and USA

"We are very confident in our Met4 formulation to obtain a fast track approval and we are aiming at obtaining a share of the $4 billion Metformin market in the very near future," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "We have already begun the development of several other formulation that can be commercialize rapidly," further added Dr. Arella.

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.

Contact Information

  • Contact:
    Dr. Max Arella
    Spencer Pharmaceutical Inc.
    Tel. 1+(617) 973-5017