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

Stellar Pharmaceuticals Inc.

March 23, 2006 08:00 ET

Stellar Pharmaceuticals Announces the Successful Completion of a Quality Management System Upgrade

LONDON, ONTARIO--(CCNMatthews - March 23, 2006) - Stellar Pharmaceuticals Inc. ("Stellar") (TSX VENTURE:SLX)(OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced that it has successfully completed a Quality Management System upgrade conforming to the new requirements of the ISO 13485:2003 standard. Since August 2003 Stellar has been compliant to the ISO 13485:1996 Standard and completing this upgrade is important for Stellar to remain compliant with the new Canadian Medical Device Regulations.

Stellar has also met and satisfied the requirements of a Quality Management System assessment (on-site quality audit), a prerequisite for the application of the NeoVisc CE mark certification. Peter Riehl, Stellar's President and Chief Executive Officer, stated, "This is an important first step in obtaining the CE mark for the distribution of NeoVisc in the European market. The Company is committed to obtaining the CE certification for its NeoVisc product and is presently awaiting approval of the technical file submission from the European regulatory authorities."

About Stellar Pharmaceuticals Inc.

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
    (800) 639-0643
    (519) 434-1540
    or
    Stellar Pharmaceuticals Inc.
    Arnold Tenney
    Cell (416) 587-3200
    or
    INVESTOR RELATIONS COUNSEL:
    The Equity Group Inc.
    Devin Sullivan
    (212) 836-9608
    dsullivan@equityny.com
    or
    INVESTOR RELATIONS COUNSEL:
    The Equity Group Inc.
    Adam Prior
    (212) 836-9606
    aprior@equityny.com