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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stellar Pharmaceuticals Com Npv | TSXV:SLX | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
In the second quarter of 2008, increased sales revenue was mainly a result of the growth in international sales of NeoVisc, which grew by 184.0%, as Stellar's new European partners increased their market penetration. Total Canadian market sales for the quarter increased 10.3% compared to the same period in 2007, with Uracyst sales attributing to a 19.8% increase and BladderChek sales contributing to the increase, with a 23.4% improvement compared to the second quarter of 2007.
Peter Riehl, Stellar's President and CEO stated, "The Company is pleased with its continued growth in both revenues and gross profits during the second quarter of 2008. Gross profits during the quarter increased 14.4% over same period in 2007. This increase occurred despite the termination of the European Uracyst license agreement on March 31, 2008 and therefore, lack of royalty revenues recorded in this quarter. The Company is currently in negotiations with several potential partners for Uracyst, in the major European markets. Management believes that with these agreements in place, increased revenues from such agreements, should provide for an improved bottom line, in the latter part of 2008."
As at June 30, 2008, the Company was debt free and had working capital of $3,235,300 of which $2,764,900 was in cash or cash equivalents.
Purchasing of Equity Securities
Pursuant to the terms of the Company's normal course issuer bid, the Company, as of the date of this report, has purchased 147,500 of its common shares at an average purchase price of $0.36.
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.
STELLAR PHARMACEUTICALS INC. CONDENSED BALANCE SHEETS (Expressed in Canadian Dollars) ASSETS As at As at June 30, 2008 December 31, 2007 -------------------------------- CURRENT (Unaudited) (Audited) Cash and cash equivalents $ 2,764,856 $ 3,211,126 Accounts receivable, net of allowance 236,886 272,341 Inventories 234,978 305,040 Taxes recoverable 164,714 164,714 Prepaid, deposits and sundry receivables 115,470 44,066 ----------- ------------- 3,516,904 3,997,287 PROPERTY, PLANT AND EQUIPMENT 964,578 822,692 OTHER ASSETS 60,816 55,430 LOAN RECEIVABLE 14,822 14,822 ----------- ------------- $ 4,557,120 $ 4,890,231 ----------- ------------- ----------- ------------- LIABILITIES CURRENT Accounts payable $ 230,663 $ 214,442 Accrued liabilities 48,595 192,364 Deferred revenues 2,369 10,573 ----------- ------------- 281,627 417,379 ----------- ------------- SHAREHOLDERS' EQUITY CAPITAL STOCK AUTHORIZED Unlimited Non-voting, convertible, redeemable, and retractable preferred shares with no par value Unlimited Common shares with no par Value ISSUED 23,705,040 Common shares (2007 - 23,822,540) 8,262,332 8,303,054 Additional paid-in capital options - outstanding 67,730 123,002 - expired 691,816 623,417 ----------- ------------- 9,021,878 9,049,473 DEFICIT (4,746,385) (4,576,621) ----------- ------------- 4,275,493 4,472,852 ----------- ------------- $ 4,557,120 $ 4,890,231 ----------- ------------- ----------- ------------- STELLAR PHARMACEUTICALS INC. CONDENSED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS AND DEFICIT (Expressed in Canadian Dollars) (Unaudited) For the Three Month Period For the Six Month Period Ended June 30 Ended June 30 2008 2007 2008 2007 ---- ---- ---- ---- PRODUCT SALES $ 645,535 $ 466,624 $ 974,991 $ 795,555 COST OF PRODUCTS SOLD (excluding amortization of $14,068 for the three month period ended June 30, 2008 (2007 - $27,585); and amortization of $31,284 for the six month period ended June 30,2008 (2007 - $55,171) and other items shown below of $nil; $nil (2007 - $nil; $20,145) 148,937 118,323 229,048 221,455 ----------- ----------- ----------- ----------- MARGIN ON PRODUCTS SOLD 496,598 348,301 745,943 574,100 ROYALTY AND LICENSING REVENUES 2,400 87,851 200,356 178,616 WRITE-DOWN OF OBSOLETE INVENTORY - - - (20,145) ----------- ----------- ----------- ----------- GROSS PROFIT 498,998 436,152 946,299 732,571 ----------- ----------- ----------- ----------- EXPENSES Selling, general and administrative 551,893 496,986 1,042,883 1,009,770 Research and development 4,424 18,876 58,242 57,488 Amortization 30,044 40,618 60,428 81,060 ----------- ----------- ----------- ----------- 586,361 556,480 1,161,553 1,148,318 ----------- ----------- ----------- ----------- LOSS FROM OPERATIONS (87,363) (120,328) (215,254) (415,747) INTEREST AND OTHER INCOME 19,349 31,728 48,423 65,757 ----------- ----------- ----------- ----------- NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD (68,014) (88,600) (166,831) (349,990) DEFICIT, beginning of period (4,675,438) (4,690,570) (4,576,621) (4,429,180) Effect of repurchase and cancellation of Common Shares (2,933) - (2,933) - ----------- ----------- ----------- ----------- DEFICIT, end of period $ (4,746,385) $ (4,779,170) $ (4,746,385) $ (4,779,170) ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- LOSS PER SHARE $ 0.00 $ 0.00 $ (0.01) $ (0.01) ----- ----- ------ ------ ----- ----- ------ ------ WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (Note 9) 23,755,759 23,822,078 23,788,919 23,820,568 ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- STELLAR PHARMACEUTICALS INC. CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian Dollars) (Unaudited) For the Three Month For the Six Month Period Period Ended June 30 Ended June 30 2008 2007 2008 2007 ---- ---- ---- ---- CASH FLOWS USED IN OPERATING ACTIVITIES Net loss for the period $ (68,014) $ (88,600) $ (166,831) $ (349,990) Items not affecting cash Amortization 30,044 40,618 60,426 81,060 Unrealized foreign Exchange (gain) loss (7,912) 11,750 2,317 12,670 Issuance of equity Instruments for services rendered 7,538 8,199 13,125 10,948 Change in non-cash Operating asset and liabilities 2,788 (37,308) (109,397) (165,634) --------- --------- --------- --------- CASH FLOWS USED IN OPERATING ACTIVITIES (35,556) (65,341) (200,360) (410,946) --------- --------- --------- --------- CASH FLOWS USED IN INVESTING ACTIVITIES Additions to property, plant and equipment (177,971) (8,280) (193,877) (9,382) Increase to other assets - (1,538) (6,063) (1,523) --------- --------- --------- --------- CASH FLOWS USED IN INVESTING ACTIVITIES (177,971) (9,818) (199,940) (10,905) --------- --------- --------- --------- CASH FLOWS USED IN FINANCING ACTIVITIES Purchase of shares under normal course issuer bid (43,655) - (43,655) - --------- --------- --------- --------- CASH FLOWS USED IN FINANCING ACTIVITIES (43,655) - (43,655) - --------- --------- --------- --------- EFFECT OF EXCHANGE RATES ON CASH HELD IN FOREIGN CURRENCY 7,910 (11,750) (2,315) (12,670) --------- --------- --------- --------- CHANGE IN CASH AND CASH EQUIVALENTS (249,272) (86,909) (446,270) (434,521) CASH AND CASH EQUIVALENTS, Beginning of period 3,014,128 3,167,581 3,211,126 3,515,193 ---------- ---------- ---------- ---------- CASH AND CASH EQUIVALENTS, End of period $ 2,764,856 $ 3,080,672 $ 2,764,856 $ 3,080,672 --------- --------- --------- --------- --------- --------- --------- ---------
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.
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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