sleepyangel30
06-24-2004, 09:38 AM
June 24, 2004 12:06 PM US Eastern Timezone
Stellar International Inc. Expanding From Medical Devices To Pharmaceutical Products
LONDON--(BUSINESS WIRE)--June 24, 2004--Stellar International Inc. (OTCBB:SLRXF) (TSX VENTURE:SLX), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today reported that they have received a Drug Establishment License ("DEL") from Health Canada which permits Stellar to distribute pharmaceutical products for the Canadian market.
"Stellar has been a licensed medical device company and is pleased to have received this DEL," stated Peter Riehl, Stellar's President and Chief Executive Officer. "When Health Canada issued the DEL it recognized that Stellar's quality system meets the GMP requirements for handling pharmaceuticals. The key components of these requirements being:
- having the ability to receive, inspect, release, and warehouse drug products
- having the systems necessary to maintain traceability of drug products
The issuance of this licence is an important milestone for Stellar because it allows us to broaden our product line to include pharmaceutical products. Although initially products will be in-licensed from other developers, it is expected that future development of our own products will receive a more direct path to approval due to the fact that we have already received scrutiny and hold a DEL. In-licensed pharmaceutical products can now be handled without further regulatory approval, only a notification to Health Canada will be required. It is gratifying to receive recognition of our robust quality systems from regulatory bodies."
Stellar has developed and is marketing three products in Canada based on its core polysaccharide technology: NeoVisc(R), for the treatment of the symptoms of osteoarthritis, Uracyst(R) and the Uracyst(R) Test Kit, Stellar's 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 Skelite(TM) a proprietary synthetic bone-grafting product and NMP22(R) BladderChek(TM), a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer which are expected to positively impact sales in 2004.
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 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.
Stellar International Inc. Expanding From Medical Devices To Pharmaceutical Products
LONDON--(BUSINESS WIRE)--June 24, 2004--Stellar International Inc. (OTCBB:SLRXF) (TSX VENTURE:SLX), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today reported that they have received a Drug Establishment License ("DEL") from Health Canada which permits Stellar to distribute pharmaceutical products for the Canadian market.
"Stellar has been a licensed medical device company and is pleased to have received this DEL," stated Peter Riehl, Stellar's President and Chief Executive Officer. "When Health Canada issued the DEL it recognized that Stellar's quality system meets the GMP requirements for handling pharmaceuticals. The key components of these requirements being:
- having the ability to receive, inspect, release, and warehouse drug products
- having the systems necessary to maintain traceability of drug products
The issuance of this licence is an important milestone for Stellar because it allows us to broaden our product line to include pharmaceutical products. Although initially products will be in-licensed from other developers, it is expected that future development of our own products will receive a more direct path to approval due to the fact that we have already received scrutiny and hold a DEL. In-licensed pharmaceutical products can now be handled without further regulatory approval, only a notification to Health Canada will be required. It is gratifying to receive recognition of our robust quality systems from regulatory bodies."
Stellar has developed and is marketing three products in Canada based on its core polysaccharide technology: NeoVisc(R), for the treatment of the symptoms of osteoarthritis, Uracyst(R) and the Uracyst(R) Test Kit, Stellar's 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 Skelite(TM) a proprietary synthetic bone-grafting product and NMP22(R) BladderChek(TM), a proteomics-based diagnostic test for the diagnosis and monitoring of bladder cancer which are expected to positively impact sales in 2004.
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 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.