SOURCE: Spencer Pharmaceutical, Inc.

December 21, 2010 09:00 ET

Spencer Pharmaceutical Receives $500,000 Deposit From Al-Dorra

BOSTON, MA--(Marketwire - December 21, 2010) -  Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that it has received the $500,000 deposit from Al-Dorra as an ongoing process to close the $245 million buyout. 

According to the company, a third party corporate finance advisory firm working with Al-Dorra has provided a non-refundable deposit to the company in the amount of $500,000 to be used for ongoing business expenses and expenses related to the buyout offer including but not limited to legal fees.

"We are pleased that the next anticipated step in the process of the buyout offer is completed," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "We intend to continue to update our shareholders on the progress of the buyout offer as it is presented to us."

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
    President
    Spencer Pharmaceutical Inc.
    Tel. 1+(617) 973-5017