Stellar posts profit on higher sales in 2009

Citing higher sales of its two drugs, Stellar Pharmaceuticals (OTCBB: SLXCF) posted a profit of $238,924 or 1 cent a share for 2009, compared with a year earlier loss of $31,066, and said 2009 was the third consecutive year that it was cash flow positive.

Revenue rose nearly 40% to $3.6 million from $2.6 million in 2008, and was driven by 15.7% and 74.8% growth in Canadian and international sales, respectively.

“We are very pleased to show a profit for 2009 and a strong growth in our overall business, given the difficult economic environment that persisted for much of the year,” CEO Peter Riehl said in a statement.

“Now, as we move forward into 2010, our focus will remain on building the Canadian business and expanding global licensing of Uracyst and NeoVisc. At the same time, we will continue to carefully manage our resources while pursuing opportunities for Stellar’s future growth,” he added. NeoVisc is indicated for the treatment of osteoarthritis and Uracyst for interstitial cystitis.

Stellar ended 2009 with cash and cash equivalents of $2.3 million, up from $2.1 million at the end of 2008.