Stellar Pharmaceuticals Inc. Announces the Receipt Of Their First Order for Neovisc(R) Going to Torrex Chiesi Pharma GmbH
18 März 2008 - 12:30PM
Marketwired
LONDON, ONTARIO (TSX VENTURE: SLX)(OTCBB: SLXCF), a Canadian
pharmaceutical developer and marketer of high quality,
cost-effective products for select health care markets, today
reported receiving its first NeoVisc order from Torrex Chiesi
Pharma GmbH ("Torrex Chiesi"), based in Vienna, Austria. NeoVisc is
Stellar's proprietary, high molecular weight hyaluronate
viscosupplement used for the treatment of osteoarthritis. Stellar
entered into a distribution agreement with Torrex Chiesi in
November 2007.
Peter Riehl, Stellar's President and Chief Executive Officer,
stated, "This is an exciting time for Stellar as we start to see
results from our global out-licensing strategy. Torrex Chiesi's
territory is quite large, covering a number of countries, including
Austria, Czech Republic, Slovakia, Croatia, Serbia, Montenegro,
Macedonia, Bosnia, Herzegovina, Poland, Hungary, Russia and the
Commonwealth of Independent States ("CIS") with a population base
of over 370 million. If Torrex Chiesi is as successful as our
partner in Romania, Bio-Technic Romania SRL, we will see
substantial growth over the next three quarters. The Romanian
market has a population of just over 21 million and Bio-Technic has
been very successful with NeoVisc�. In the first quarter of this
year they have already exceeded 50% of their 2007 sales volume.
Torrex Chiesi has the sales force reach and expertise to
demonstrate similar success with NeoVisc� in their much larger
market." Shipment of this first order will occur in April 2008.
About NeoVisc�
NeoVisc is a 2 mL pre-filled syringe of sterile 1.0% sodium
hyaluronate solution used for the temporary replacement of synovial
fluid in osteoarthritic joints. NeoVisc is packaged, sold and
marketed as a three injection therapy that has been shown to
provide symptomatic relief of the pain of osteoarthritis for an
average of 6-12 months. The product is administered in three weekly
injections directly into the affected joint.
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 European Licensee Contact: Torrex
Chiesi Pharma GmbH Dr. Wolfgang Harrer Managing Director +43 / 1 /
407 39 19 - 14 Torrex Chiesi Pharma GmbH Andrea Ettl +43 / 1 / 407
39 19 - 14 Email: a.ettl@torrex-chiesi.com
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