Stellar Pharmaceuticals Inc. (OTCBB: SLXCF: undefined, undefined, undefined%), a Canadian pharmaceutical developer and marketer of high quality, cost effective products for select health care markets, today announced that Stellar finished the period with the highest revenues it has ever reported for a first quarter. Stellar's total revenues for the first quarter increased by 46.5% to $772,500 compared to $527,400 for the same period in 2008. The growth in revenue was strong in all markets, with the more established Canadian market up over 28% and international sales of NeoVisc and Uracyst up 224.4%. International sales have been strengthened with new partners in key European markets for Uracyst. Reorders early in the 2nd quarter from these new licensees is encouraging and increases our expectations for the year.
The strong revenue growth led to Gross profit being up 43.6% for the quarter, which resulted in net income for the period of $25,200 compared to a loss of $98,800 for the same quarter in 2008.
"The results of this quarter and subsequent events leads us to believe that the corporate strategies we have in place are finally showing the results we anticipated." said Peter Riehl, Stellar's President and CEO, " We are very encouraged by these results and look forward to a very productive year ahead."
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