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

Stellar Pharmaceuticals Inc.

December 22, 2006 08:00 ET

Stellar Pharmaceuticals Achieves Profitability for 2006

LONDON, ONTARIO--(CCNMatthews - Dec. 22, 2006) - Stellar Pharmaceuticals Inc. ("Stellar" or "the Company") (TSX VENTURE:SLX)(OTCBB:SLXCF) today announced that 2006 will be a profitable year for the Company. Stellar expects to show earnings of approximately $0.03 to $0.05 per share.

Peter Riehl, Stellar's President and Chief Executive Officer, stated, "This is certainly a good news event for Stellar as the strategic focus we have maintained starts to materialize in profits. The Uracyst Licence Agreement we signed with Watson Pharmaceuticals for the United States market, ongoing sales and royalties now building globally for NeoVisc® and Uracyst®, plus the growing support for NMP22® BladderChek® in Canada have all contributed to this banner year for Stellar. This is a significant turnaround from the loss of $0.08 per share recorded in fiscal 2005."

About Stellar Pharmaceuticals Inc.

Stellar develops high quality, cost effective proprietary products based on its core polysaccharide technology for niche, under-served markets. 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 an in-licensing agreement for NMP22® BladderChek®, a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer.

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 from 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
    (519) 434-1540 or Toll Free 1-800-639-0643
    or
    Stellar Pharmaceuticals Inc.
    Arnold Tenney
    Chairman
    (416) 587-3200