Stellar Pharmaceuticals Inc. Announces its Decision to Voluntary Delist From TSX Venture Exchange
09 Junho 2008 - 10:17AM
Marketwired
LONDON, ONTARIO (TSX VENTURE: SLX)(OTCBB: SLXCF) Stellar
announced today that it has received approval from the TSX Venture
Exchange for the voluntary delisting of its Common Shares from the
facilities of the Exchange. The delisting will become effective on
June 16, 2008. Stellar's Common Shares will continue to trade on
the OTCBB under the symbol SLXCF.OB.
Arnold Tenney, Stellar's Chairman stated, "The Company has
concluded that the costs and disclosure requirements associated
with the listing of the Corporation's Common Shares on the TSX
Venture Exchange outweigh the benefits associated with such listing
given that the Company's Common Shares also trade on the OTCBB with
the largest percentage in volume occurring in that market."
Peter Riehl, Stellar's President and CEO stated, "This is
another positive step for Stellar in building shareholder value.
Stellar had a very positive 1st quarter and is pleased with the
progress to date in the 2nd quarter, with international product
sales for April and May 2008 up by 162.4% compared to the same
period in 2007. Sales in the Canadian market are also up 26.5% for
the same two month period in 2007, with an overall increase in
total product sales of 53.7% compared to the same period in 2007.
As at the date of this release, Stellar was debt free and had
working capital of $3,417,000 of which $2,782,800 was in cash and
cash equivalents, providing the Company the ability to expand its
business base going forward."
ABOUT STELLAR PHARMACEUTICALS INC.
Stellar has developed and is marketing direct in Canada and in
countries around the world through out-license agreements two
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 in-licensing agreements 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.
Contacts: Stellar Pharmaceuticals Inc. Peter Riehl
1-800-639-0643 or (519) 434-1540 Stellar Pharmaceuticals Inc.
Arnold Tenney (416) 587-3200
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