Health & Fitness
Health and Fitness
Health and Fitness
Mon, June 29, 2009Fri, June 26, 2009Thu, June 25, 2009Wed, June 24, 2009Tue, June 23, 2009Mon, June 22, 2009Sun, June 21, 2009Fri, June 19, 2009Thu, June 18, 2009Wed, June 17, 2009Tue, June 16, 2009Mon, June 15, 2009Fri, June 12, 2009Thu, June 11, 2009Wed, June 10, 2009Tue, June 9, 2009Mon, June 8, 2009Sun, June 7, 2009Fri, June 5, 2009Thu, June 4, 2009Wed, June 3, 2009Tue, June 2, 2009Mon, June 1, 2009Sat, May 30, 2009Fri, May 29, 2009Thu, May 28, 2009Wed, May 27, 2009Tue, May 26, 2009Mon, May 25, 2009Fri, May 22, 2009Thu, May 21, 2009Wed, May 20, 2009Tue, May 19, 2009Mon, May 18, 2009Fri, May 15, 2009Thu, May 14, 2009Wed, May 13, 2009Tue, May 12, 2009Mon, May 11, 2009Fri, May 8, 2009Thu, May 7, 2009Thu, April 16, 2009Wed, April 15, 2009Tue, April 14, 2009Mon, April 13, 2009Fri, April 10, 2009Thu, April 9, 2009Wed, April 8, 2009Tue, April 7, 2009Mon, April 6, 2009Fri, April 3, 2009Thu, April 2, 2009Wed, April 1, 2009Tue, March 31, 2009Mon, March 30, 2009Fri, March 27, 2009Thu, March 26, 2009Wed, March 25, 2009Tue, March 24, 2009Mon, March 23, 2009Stellar Pharmaceuticals Inc.: Stellar Pharmaceuticals Announces a Late Filing of First Quarter Financial Results Due to Change
Published in Health and Fitness on Wednesday, May 20th 2009 at 11:37 GMT, Last Modified on 2009-05-20 11:39:01 by Market Wire
LONDON, ONTARIO--(Marketwire - May 20, 2009) - Stellar Pharmaceuticals Inc. (OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost effective products for select health care markets, today announced that the Stellar has appointed McGovern, Hurley, Cunningham, LLP as its auditors in place of Deloitte & Touche LLP who were Stellar's former auditors and who resigned at Stellar's request. McGovern, Hurley, Cunningham, LLP will also be proposed for re-appointment by the shareholders of Stellar at Stellar's annual meeting to be held on June 17, 2009. The resignation of the former auditor and the appointment of the successor auditor have been approved by both Stellar's audit committee and its board of directors.
The reports of Deloitte on Stellar's financial statements for the fiscal years ended December 31, 2008 and 2007, and for any period subsequent thereto for which an audit report was issued and preceding the date hereof, did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. Furthermore, during the fiscal years ended December 31, 2007 and 2008 and through the date of dismissal of Deloitte, there were no "Reportable Events" within the meaning of National Instrument 51-102 of the Canadian Securities Administrators or Item 304(a)(1)(v) of Regulation S-K of the Securities Exchange Act. The company will be filing its change of auditor reporting package on [ www.sedar.com ] and [ www.sec.gov ] in due course in accordance with applicable securities laws.
It should be noted that this decision was not generated by any dispute related to the first quarter numbers. However, this change will result in a late filing of the Company's first quarter results, which are anticipated to be filed on or about May 29, 2009.
"It is unfortunate that the change of auditor process has taken so long and resulted in a late filing of Stellar's first quarter results. This will delay getting the details of a positive first quarter out to our shareholders," stated Peter Riehl, Stellar's President and CEO, "This is the strongest first quarter in the Company's history, with revenues up substantially in all markets resulting in a significant increase in gross profits. Although the delay is unfortunate, I feel this change will be a positive one for the longer term".
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®, its patented technology for treatment of interstitial cystitis/painful bladder syndrome an inflammatory disease of the urinary bladder wall. Stellar also has in-licensing agreement for the distribution and sale of 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.
