Howard Phykitt, President/CEO of PharmStar Pharmaceuticals, Inc. (Pink Sheets:PHAR), would like to update all stockholders on the status of the company:
"Contrary to rumors, I would like to inform all stockholders that PHAR is operating and working towards securing financing with the ultimate goal of producing the most advanced over-the-counter pain reliever, Aquaprin. In the past, I have been pressured to publish press releases as often as possible to help the stock value, only to see them reduce stock value. I will only publish press releases if there are significant statements to be made. The company has had to reduce operations until full financing is achieved.
"I am pleased to announce that Mr. Linford Brown, Senior Vice President of EKN Financial Services, Inc., (www.eknstock.com) has accepted a seat on the PharmStar Board of Directors. Mr. Brown will serve as a liaison to the financial community and to help with securing financing.
"Dr. James Carlson has resigned from the board due to personal reasons. He is still a very strong proponent of Aquaprin.
"PharmStar has had to struggle through several negative rumors and statements made about the company, and me personally, on public message boards. This has seriously affected the company's ability to raise funding due to the effect that these rumors have had on the stock and funding institutions. There have been deliberate sabotage attempts on the company and me personally for reasons that I do not know. I have not sold one share of my stock and have returned 400 million of my shares to the treasury in order to raise funding. I still do not take any salary and other employees voluntarily take no salaries.
"The previous owners of the public company, contrary to rumors, have no participation in the management, public relations, or board of directors. They have also sold out almost all of their stock. The auditing firm that we planned to employ has told us that PharmStar still does not qualify for bulletin board status since we lack 3 years of financials. Therefore, auditing has been put on hold.
"First and second quarter financial results are being completed and will be published shortly. A law firm in New York was retained to file the financials but did not perform. Therefore, we had to use another group that is now finishing it and will file and bring all financials up to date.
"PharmStar has temporarily moved out of the Wilson facility and moved into a smaller office until full funding is achieved. We are also considering another Wilson area building site with a pre-approved mortgage by the bank."
Current Activities
PharmStar is currently in negotiations with three different funding groups for full funding to get into production. These talks are very promising.
PharmStar is in discussions with another pharmaceutical company to joint venture synergistic products.
PharmStar has now fully developed line extensions to Aquaprin, including Aquaprin Cough & Cold, Aquaprin Menstrual, Aquaprin Sinus, Aquaprin Allergy, Aquaprin Children and Teenagers.
PharmStar is now evaluating a sublingual fast dissolving tablet.
PharmStar is in discussions with two additional doctors for positions on our medical advisory board. PharmStar has made three tour presentations. Since we have not had a positive response from these meetings, we are considering ending this program since the promised funding for this tour did not occur.
PharmStar is in discussions with a new Public Relations Firm with an agreement almost completed.
About PharmStar Pharmaceuticals, Inc.
PharmStar Pharmaceuticals, Inc. ("PharmStar") is a U.S.-based drug development, manufacturing and marketing company and the innovator of the FDA-approved liquid pain reliever, Aquaprin(TM). In development since 1993 with over $3 million invested to-date, Aquaprin(TM) is a liquid derivative of aspirin, and is now ready for commercialization. Aquaprin(TM)'s unique, patent-pending formulas are designed to dissolve instantly in just 1.5 ounces or more of water without any grit or residue. This enables the product to be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with over 90% less stomach upset.
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: PharmStar Pharmaceuticals, Inc.
By Staff
CONTACT: CONTACT: PharmStar Pharmaceuticals, Inc.
919-794-7000
info@pharmstarinc.com
www.pharmstarinc.com
Investor Contact:
investors@pharmstarinc.com
(C) Copyright 2010 GlobeNewswire, Inc. All rights reserved.
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INDUSTRY KEYWORD: Drugs
SUBJECT CODE: PHARMACEUTICALS
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