slxcf_10k.htm

The Company may seek additional funding, primarily by way of one or more equity offerings, to carry out its business plan and to minimize risks to its operations. The market for equity financing for companies such as Stellar is challenging and there can be no assurance that additional funding will become available by way of equity financing. Any additional equity financing may result in significant dilution to the existing shareholders at the time of such financing. The Company may also seek additional funding from other sources, including technology licensing, co-development collaborations, and other strategic alliances. Such funding, if obtained, may reduce the Company’s interest in its projects or products. Regardless, there can be no assurance that any alternative sources of funding will be available to the Company.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not participate in transactions that generate relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which are established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

RELATED PARTY TRANSACTIONS

The Company entered a fiscal advisory and consulting agreement in February 2008 with LMT Financial Inc. ("LMT") (a company beneficially owned by a director and his spouse) for, among other things, services to be provided for a one year period. Compensation under the agreement has been recorded at $6,000 per month or $72,000 for the year ended December 31, 2009 (2008 (unaudited) - $72,000). Pursuant to this agreement, LMT assists and will continue to assist the Company in assessing available methods of financing the operations of the Company and the impact on the market for Common Shares in the United States created by developments in Stellar’s business.

CAPITAL STOCK

The Company has authorized an unlimited number of Common Shares, without par value. There are no other classes of shares issued. During the year ended December 31, 2009, no Common Shares (2008 (unaudited) – 5,000) were issued by the Company. As of the date of this report, the Company has 23,480,040 Common Shares issued and outstanding.

As of the date of this report, the Company had 460,000 Common Share options outstanding with an average exercise price of $0.88 per option.

PURCHASES OF EQUITY SECURITIES

On April 1, 2008, the Company commenced a normal course issuer bid (the "NCIB") for its Common Shares. Pursuant to the terms of the NCIB, the Company may during the 12 month period commencing April 1, 2008 and ending March 31, 2009, purchase up to 1,191,127 Common Shares provided that the aggregate value of Common Shares so purchased, does not exceed $1,000,000. Purchases of Common Shares will be made in open market transactions, at market prices prevailing at the time of acquisition. Pursuant to the terms of the NCIB, during year ended December 31, 2009, the Company purchased 75,000 (2008 (unaudited) – 272,500) of its Common Shares at an average purchase price of $0.40 (2008 (unaudited) - $0.36). All Common Shares purchased in 2009 have been cancelled (2008 (unaudited) – 125,000 were cancel led as at December 31, 2008 and 147,500 were shown as treasury shares, to be cancelled).

The total repurchase cost for these Common Shares for the year ended December 31, 2009 was $30,400 (2008 (unaudited) - $100,500). For the year ended December 31, 2009, $77,800 has been allocated to capital stock (2008 - $43,400 and $51,600 was allocated to treasury shares), for the weighted average stated value of the shares in capital stock, $1,900 (2008 (unaudited) -$7,900) has been recorded to deficit for the amount in excess of the weighted average stated value and the remaining ($2,300) has been recorded to paid-in capital for cancelled Common Shares for the amount below the weighted average stated value (2008 (unaudited) - $2,300).

SIGNIFICANT CUSTOMERS

During the year ended December 31, 2009, the Company had two significant customers that represented 35% (one major wholesaler – 23%; and one international customer - 12%) of product sales (2008 (unaudited) – 40% (one major wholesaler – 28%; and one international customer - 12%). The Company believes that its relationship with these customers is satisfactory.

OUTLOOK

As at March 28, 2010, the Company is debt free and had working capital of $2,654,100. Management remains confident that it can continue to fund its ongoing operations from several sources, including the sale of its products, milestone payments and royalty income resulting from out-licensing agreements for at least the next 12 months.

As discussed above under the heading "Liquidity and Capital Resources," the Company may seek additional funding, primarily by way of one or more equity offerings, to carry out its business plan and to minimize risks to its operations.

RECENT ACCOUNTING PRONOUNCEMENTS

Recent accounting pronouncements followed by the Company under U.S. GAAP are summarized below.

In April 2009, the FASB issued ASC 820-10-65-4 (formerly referred to as FSP SFAS 157-4), "Determining Whether a Market Is Not Active and a Transaction Is Not Distressed." ASC 820-10-65-4 provides guidelines for making fair value measurements more consistent with the principles presented in ASC 820-10-65-1. ASC 820-10-65-4 provides additional authoritative guidance in determining whether a market is active or inactive, and whether a transaction is distressed, is applicable to all assets and liabilities (i.e. financial and non-financial) and will require enhanced disclosures. This standard is effective for periods ending after June 15, 2009. The Company has evaluated this standard and determined that it does not have an impact on its financial position and results of operations.

In April 2009, the FASB issued ASC 825-10-65-1 (formerly referred to as FSP SFAS 107-1 and APB 28-1), "Interim Disclosures about Fair Value of Financial Instruments," and "Disclosures about Fair Value of Financial Instruments, (formerly referred to as FSP SFAS 107)" to require disclosures about fair value of financial instruments in interim as well as in annual financial statements. ASC 825-10-65-1 also includes an amendment to "Interim Financial Reporting (formerly referred to as APB 28-1)," to require those disclosures in all interim financial statements. This standard is effective for periods ending after June 15, 2009. The Company has adopted this standard and determined that it does not have an impact on its financial position and results of operations.

In May 2009, the FASB issued ASC 855-10 (formerly referred to as SFAS No. 165), Subsequent Events. ASC 855-10 establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. ASC 855-10 is effective for interim or annual financial periods ending after June 15, 2009. As of this date, the Company has adopted ASC 855-10. In an evaluation of subsequent events through the date of this filing, the Company does not believe there are any material subsequent events which would require further disclosure.

In June 2009, the FASB issued ASC 105-10 (formerly referred to as SFAS No. 168), The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. On the effective date of this Statement, the Codification will supersede all then-existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative. ASC 105-10 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Company has adopted this standard and determined that it does not have a material impact on its financial condition, results of operations, or cash flows.

In September 2009, the FASB Emerging Issues Task Force, or EITF, reached a consensus on ASC Update 2009-13 (Topic 605), Multiple-Deliverable Revenue Arrangements, or ASC Update 2009-13. ASC Update 2009-13 applies to multiple-deliverable revenue arrangements that are currently within the scope of ASC 605-25. ASC Update 2009-13 provides principles and application guidance on whether multiple deliverables exist and how the arrangement should be separated and the consideration allocated. ASC Update 2009-13 requires an entity to allocate revenue in an arrangement using estimated selling prices of deliverables, if a vendor does not have vendor-specific objective evidence or third-party evidence of selling price. The update eliminates the use of the residual method and requires an entity to allocate revenue using the relative selling price me thod and also significantly expands the disclosure requirements for multiple-deliverable revenue arrangements. ASC Update 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, with earlier application permitted. As a result, ASC Update 2009-13 will be effective for the Company no later than the first quarter of fiscal 2011. The adoption of ASC Update 2009-13 may have a material impact on the Company’s financial position or results of operations for future collaborations arrangements.

ITEM 8.

FINANCIAL STATEMENTS

The financial statements of the Company for 2009 including the notes thereto, together with the report thereon of McGovern, Hurley, Cunningham LLP Chartered Accountants, attached to the end of this annual report and are hereby incorporated herein by reference.

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

Not applicable.

ITEM 9A.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management, including the Company’s Chief Executive Officer and Chief Financial Officer, on a timely basis so that appropriate decisions can be made regarding public disclosure.

As at the end of 2009, management of the Company, with the participation of the Chief Executive Officer and the Chief Financial Officer, carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as required by United States and Canadian securities laws. Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

Internal Control Over Financial Reporting

The Chief Executive Officer and the Chief Financial Officer of the Company are responsible for establishing and maintaining adequate internal control over financial reporting. The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Management conducted an evaluation of the effectiveness of its controls over financial reporting on a risk based approach using the elements of the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Based on our assessment and those crit eria, our management concluded that our internal control over financial reporting was effective as of December 31, 2009.

This Report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Our management’s report was not subject to attestation by our independent registered public accounting firm pursuant to temporary rules of the SEC that permit us to provide only management’s report in this Report.

ITEM 9B.

OTHER INFORMATION

Not applicable.

ADDITIONAL INFORMATION

Additional information relating to the Company is available on SEC at www.sec.gov, SEDAR at www.sedar.com or visit Stellar’s website at www.stellarpharma.com.

PART III

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

Directors and Executive Officers

The following table sets forth certain information with respect to the directors and executive officers of Stellar as of the date of this report.

Name	Age	Positions

Peter Riehl	64	Director, President and Chief Executive Officer
Arnold Tenney	67	Chairman of the Board and Financial Advisor
John J. Kime	67	Director
Robert H. Kayser	67	Director
John M. Gregory	57	Director
F. Martin Thrasher	58	Director
Janice M. Clarke	49	Chief Financial Officer

Set forth below are brief biographies of the Company’s directors and officers. All of the directors and executive officers of the Company have held their principal occupations indicated below for the past five years unless otherwise noted.

Peter Riehl, President, Chief Executive Officer and Director. Mr. Riehl joined the Company in 1996. Mr. Riehl has over 30 years experience in the Canadian and international pharmaceutical markets. He was a former director of sales and marketing for Fisons Corp. in Canada responsible for the commercial side of their pharmaceutical business in Canada. His experience covers sales, marketing, business development and logistics in the pharmaceutical industry. In 1993, Mr. Riehl was Chairman of the prescription drug sector of the Canadian Wholesale Drug Association. He is also a former director of sales and marketing for Bioniche Life Sciences Inc. Mr. Riehl has been involved in numerous professional and industry related training programs and has a Diploma in Business Adm inistration from Conestoga College, Kitchener and studied marketing at York University, Toronto.

Arnold Tenney, Chairman of the Board and Financial Advisor. Since 2002, Mr. Tenney has been a financial consultant at Devine Entertainment Corporation ("Devine"), a children and family film production and development company. Prior to his position at Devine Mr. Tenney was Chief Executive Officer of ARC International Corporation from 1978 to 2000. ARC International Corporation was a developer of indoor ice arenas and tennis clubs, as well as an investment company involved in entertainment and cable television whose shares were traded on the American Stock Exchange until its liquidation in 2000. Mr. Tenney was a director and Chairman of the Board of Cabletel Communications from 1985 to 2000, which is a leading supplier of broadband equipment to the cable televis ion industry whose shares currently trade on both the Toronto and American Stock Exchanges. Mr. Tenney was a director of Ballantyne of Omaha, Inc. from 1988 to 2000 and served as Chairman of the Board from 1992 to 2000. Ballantyne of Omaha, Inc. is a leading manufacturer of commercial motion picture projection equipment whose shares trade on the American Stock Exchange. Mr. Tenney served as a director for Phillip Services Inc., a Canadian metal recycling company, from 1998 to 2000. He served in the capacity as a representative of Mr. Carl Icahn.

Robert H. Kayser, Director. Mr. Kayser spent 29 years in positions of increasing responsibility with Medtronic, Inc., the world's leading medical technology company providing lifelong solutions for people with chronic disease. He retired in 2001 as Director of Global Marketing, Cardiac Surgery Products, in Grand Rapids, MI. During his four-year tenure in this position, Mr. Kayser introduced more than 20 new products, and increased product revenue and market share. Prior to this, he served as Vice President, Pacing and Customer Education in Lausanne, Switzerland, where he implemented brand strategies and European customer education activities that resulted in higher market share for Medtronic’s cardiac pacing and electrophysiology product lines. From 1993-1996, he was Ge neral Manager, Medtronic UK, where he was responsible for all businesses and functions.

John J. Kime, Director. Mr. Kime has been a Director of the company since December 2000. Mr. Kime is the President and CEO of iBD Advisors Inc., a privately owned Canadian company providing guidance to Canadian and international companies on site location needs and business considerations connected with their plans to locate and expand in North America. Prior to assuming his responsibilities at iBD Advisors, Mr. Kime was the President and CEO of the London Economic Development Corporation a public/private partnership with responsibility for providing economic development services to the city of London, Ontario, Canada. From 1991 to 1998, Mr. Kime served as Director of International Development for Big ‘O’ Inc., a company engaged in the development o f manufacturing technologies used in the control and containment of water, chemicals and other substances. Mr. Kime has a BA from The University of Western Ontario, and is a Chartered Accountant.

John M. Gregory, Director. Mr. Gregory is managing partner of SJ Strategic Investments, LLC. a private, family-owned investment vehicle with a diverse portfolio of public and private investments. Mr. Gregory’s leadership as chairman and CEO of King Pharmaceuticals helped the company grow from a 90-employee family business to an S&P 500 Index company on the New York Stock Exchange with revenues exceeding $1 billion. Mr. Gregory is a graduate from the University of Maryland with a degree in pharmacy.

F. Martin Thrasher, Director. Mr. Thrasher is a seasoned international executive. After graduating from the Richard Ivey School of Business, Mr. Thrasher spent over 30 years working around the globe for such blue chip companies as General Foods, McCormick & Co, Campbell Soup Co and ConAgra Foods Inc. Mr. Thrasher lived and worked in Canada, Australia, Belgium and the USA. His responsibilities with Campbell included positions as President, International Grocery and President, North America Grocery. At ConAgra, he was President of the Retail Products Co, a $9 billion business with over 30,000 employees. Currently, Mr. Thrasher is President of FMT Consulting, a boutique advisory and consulting firm.

Janice M. Clarke, Chief Financial Officer. Ms. Clarke has over twenty years of office administration and financial management experience with proven abilities to implement and manage various financial systems and office procedures. Ms. Clarke joined Stellar Pharmaceuticals Inc. in August 2000 and currently manages its administrative and financial processes.

Board of Directors

The Board of Directors consists of six members. Directors serve for terms of one year or until their successors are duly elected or appointed.

Committees of the Board of Directors

The Company has established an Audit Committee and a Compensation Committee of the Board of Directors.

Audit Committee

The Audit Committee consists of Messrs. Kayser, Thrasher and Kime, and is responsible for recommending the firm to be appointed as auditors to audit financial statements and to perform services related to the audit; reviewing the scope and results of the audit with the auditors, reviewing with management and the auditors the Company’s annual operating results; and considering the adequacy of the internal accounting procedures and the effect of such procedures on the auditors’ independence. Mr. Kime who chairs this committee is a chartered accountant and provides financial expertise to the Audit Committee. Each Audit Committee member is an independent director of the Company.

Compensation Committee

The Compensation Committee consists of Messrs. Kime and Tenney, and is responsible for evaluating, reviewing and supervising the procedures of the Company with regard to human resources; assessing the performance of the officers of the Company; reviewing annually the remuneration of the officers; and recommending to the Board of Directors general remuneration policies regarding salaries, bonuses and other forms of remuneration for the directors and executive officers of the Company.

Audit Committee Financial Expert

The Board of Directors has determined that Mr. Kime is an audit committee financial expert as defined by Item 401(h) of Regulation S-K of the Exchange and is independent within the meaning of Item 7(d)(3)(iv) of Schedule 14A of the Exchange Act.

Compliance with Section 16(a) of the Exchange Act

Section 16(a) of the Exchange Act, requires Stellar’s executive officers, directors and persons who beneficially own more than 10% of the Common Shares ("reporting persons") to file initial reports of ownership and reports of changes of ownership with the United States Securities and Exchange Commission. Executive officers, directors and greater than 10% beneficial owners are required to furnish Stellar with copies of all Section 16(a) forms they file.

The Company believes that all of its officers and directors have filed reports required by Section 16 (a) of the Exchange Act during 2009.

Code of Ethics

The Company has not adopted a code of ethics in light of its limited number of executive officers.

ITEM 11.

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

The Company does not have a long-term incentive plan or pension plan and has never granted stock appreciation rights to any of its directors, officers or employees.

Compensation Philosophy and Objectives

The compensation philosophy of the Company is to provide market competitive pay to employees and reward them for their contribution to the operating and financial performance of the Company and the success in implementing the Company’s short-term and long-term strategies.

The objectives of the compensation program are: (i) to attract and retain individuals critical to the success of the Corporation; (ii) to reward performance of individuals by recognizing their contribution to the Company; (iii) to align the interests of Peter Riehl and Janice Clarke ("the Named Executive Officers") and the broader management group, with shareholders' interest and the execution of the Company’s strategic plan; and (iv) to compensate individuals based on their performance and, to the extent applicable, on similar compensation for companies at a comparable stage of development.

Compensation Committee

The Company has established a Compensation Committee which is composed of two directors, Arnold Tenney and John Kime, one of whom is independent of management. The Compensation Committee meets no less than once each year and is responsible for making recommendations to the Board regarding:

·	reviewing and approving the compensation and other terms of employment of our Chief Executive Officer;

·	reviewing and approving corporate performance goals and objectives of our executive officers and other senior management; and

·	administration of our stock option plan and other benefit plans and programs.

The Compensation Committee makes recommendations to the Board regarding various other matters, and the Board then determines whether to adopt such recommendations as submitted or otherwise.

The Compensation Committee provides guidance with respect to and the purpose and principles behind the Company’s compensation decisions and overall compensation philosophy and objectives, oversee the Company’s compensation policies, plans and programs, and reviews and determines executive officer compensation. The Compensation Committee annually evaluates the performance and determines the compensation of the Chief Executive Officer of the Company based upon a mix of factors including the achievement of corporate goals, achievement of individual goals, overall individual performance, and comparisons with other companies selected based on size and similar business.

Total Compensation

Total compensation for Named Executive Officers is based on the following components: (i) fixed compensation, which includes base salary and benefits; (ii) performance based compensation, which includes annual and long-term incentives; and (iii) other compensation.

Fixed Compensation

Fixed Compensation includes:

1. Base Salary

Base salary is determined through formal job evaluation, salary survey data and market comparators. Salary ranges are reviewed annually. Base salaries for all employees are typically increased at contract renewal based on a cost of living factor, such factor being sourced from publicly available salary survey data.

2. Benefits

Each of the Named Executive Officers and other senior management are enrolled in a benefits plan offering medical, dental, life and long-term disability benefits.

Performance Based Compensation

Performance based compensation includes annual and long-term incentives.

1. Annual Incentives

The Chief Executive Officer's annual incentive is approved by the Compensation Committee and is dependent upon corporate and individual performance, measured against the strategic plan approved by the Board. The annual incentive pay for Ms. Clarke and other senior management is recommended to the Compensation Committee by the Chief Executive Officer based on corporate, divisional and individual performance measured against the strategic plan.

2. Long-Term Incentives – Stock Option Plan

The Company’s stock option plan (the "Stock Option Plan") was adopted to provide the Company with a share ownership incentive program to attract, retain and motivate qualified directors, officers, full-time employees and consultants of the Company (collectively, "Service Providers"), to reward those Service Providers for their contributions toward the long term goals of the Company and enable and encourage such Service Providers to acquire Common Shares as long term investments.

The Stock Option Plan is administered by the Board, and at its option, the Compensation Committee of the Board. Subject to the provisions of the Stock Option Plan, the Board is authorized in its sole discretion to make decisions regarding the administration of the Stock Option Plan. Recommendations for stock options are prepared by management and presented to the Board for approval. The Board reviews the proposal, the individual or individuals involved and the terms and conditions proposed before approving the recommendations.

Summary Compensation Table

Name and principal position	Year	Salary	Option-based awards(1)	Non-equity incentive plan compensation		Pension value	All other compensation	Total compensation
		($)	(S)	Annual incentive plans	Long-term incentive plans	($)	($)	($)
Peter Riehl President and Chief Executive Officer	2009	191,800	9,269	Nil	Nil	Nil	Nil	201,069
	2008	185,000	Nil	Nil	Nil	Nil	Nil	185,000
	2007	175,000	Nil	Nil	Nil	Nil	Nil	175,000
Janice M. Clarke Chief Financial Officer and VP of Administration	2009	114,800	3,972	Nil	Nil	Nil	Nil	118,772
	2008	108,700	3,455	Nil	Nil	Nil	Nil	112,155
	2007	99,700	10,535	Nil	Nil	Nil	Nil	110,235

Notes:

(1)

Calculated based on the Black-Scholes valuation model at the date of grant. The computation of expected volatility is based on the Company’s market close price over the period equal to the expected life of the options. The computation of expected life is calculated using the simplified method. The dividend yield is 0.0%, since there is no history of paying dividends and there are no plans to pay dividends. The risk-free interest rate is the Canadian Treasury Bond rate for the period equal to the expected term.

Incentive Plan Awards

Outstanding Option-Based Awards Outstanding at the end of the Most Recently Completed Financial Year

The below table sets forth information regarding the options held by the Named Executive Officers as at December 31, 2009.

	Option-based Awards
Name	Number of securities underlying unexercised options (#)	Option exercise price (Cdn$)	Option expiration date	Value of unexercised in-the-money options (Cdn$)
Peter Riehl President and Chief Executive Officer	35,000	1.00	December 9, 2014	18,537
Janice M. Clarke Chief Financial Officer and VP of Administration	15,000 30,000 30,000	1.00 0.84 0.69	December 9, 2014 December 9, 2014 June 30, 2010	7,945 16,557 10,535

Incentive Plan Awards – Value Vested or Earned during the Most Recently Completed Financial Year

The incentive plan awards for each of the Named Executive Officers during 2009 is shown in the table below and is comprised of vested stock options vested.

Name	Option-based awards – Value vested during 2009 (Cdn$) (1)	Non-equity incentive plan compensation – Value earned during 2009 (Cdn$)
Peter Riehl President and Chief Executive Officer	9,269	Nil
Janice M. Clarke(2) Chief Financial Officer and VP of Administration	3,972	Nil

Notes:

(1)	Calculated as the aggregate dollar value of options vested during the year that would have been realized if the options under the option-based award had been exercised on the vesting date. All options which vested in the year were out-of-money at the time the options vested.

(2)

In 2009, the Company issued 30,000 options to its Chief Financial Officer at an exercise price of US$0.84. However, these options were performance based options with 10,000 of these options subject to profitability being achieved in 2009 (vesting 25% at the end of each calendar quarter in 2010), while the remaining 20,000 are subject to profitability in 2010, (vesting 25% at the end of each calendar quarter in 2011) .

Termination and Change of Control Benefits

Peter Riehl, the Company’s President and Chief Executive Officer is the only officer who currently has an employment agreement with the Company. The agreement provides that in the event that Mr. Riehl’s employment is terminated, by the Company other than for cause, by Mr. Riehl for good reason or by Mr. Riehl within six months of a change of control of the Company, Mr. Riehl is entitled to (i) a lump sum payment equal to 200% of his then current base salary, (ii) all outstanding and accrued regular and vacation pay and expenses and (iii) the immediate vesting of his options which shall continue to be available for exercise for a period of 30 days following the date of termination.

For the purposes of the agreement "good reason" includes the following:(a) a change (other than those that are clearly consistent with a promotion) in the executive's position or duties, responsibilities (including to whom the executive reports and who reports to the executive), title or office, which includes any removal of the executive from or any failure to re-elect or re-appoint the executive to any such positions or offices; (b) a reduction by the Company of the executive's salary, benefits or any other form of remuneration or change in the basis upon which the executive's salary, benefits or any other form of remuneration payable by the Company is determined or any failure by the Company to increase the executive's salary, benefits or other forms of remuneration payable by the Company in a manner consistent (both as to frequency and percentage increase) with practices in effect at the time in question with respect to the senior executives of the Company; (c) any failure by the Company to continue in effect any benefit, bonus, incentive, remuneration or compensation plan, stock option plan, pension plan or retirement plan in which the executive is participating or entitled to participate, or the Company taking any action or failing to take any action that would adversely effect the executive's participation in or reduce his rights or benefits under or pursuant to any such plan, where the Company failing to increase or improve such rights or benefits on a basis consistent with practices in effect at the time in question with respect to the senior executives of the Company; (d) any failure by the Company to provide the executive with the number of paid vacation days to which he was entitled at the time in question or the Company failing to increase such paid vacation on a basis consistent with practices in effect at the time in questi on with respect to the senior executives of the Company; (e) the Company taking any action to deprive the executive of any material fringe benefit not hereinbefore mentioned and enjoyed by him immediately prior to the time in question, or the Company failing to increase or improve such material fringe benefits on a basis consistent with practices in effect at the time in question with respect to the senior executives of the Company; (f) any breach by the Company of any material provision of the agreement; (g) the good faith determination by the executive that constructive dismissal of the executive has occurred; or (h) the failure by the Company to obtain, in a form satisfactory to the executive, an effective assumption of its obligations hereunder by any successors to the Company, including a successor to a material portion of its business.

For the purposes of the employment agreement a "change of control" means (a) the acquisition or continued ownership of shares of the Company and/or securities ("Convertible Securities") convertible into, exchangeable for or representing the right to acquire shares of the Company as a result of which a person, group of persons or persons acting jointly or in concert or persons associated or affiliated (within the meanings of the Business Corporations Act (Ontario)) with any such person, group of persons or any of such persons acting jointly or in concert (collectively, the "Acquirors") beneficially own shares of the Company and/or Convertible Securities such that, assuming only the conversion, exchange or exercise of Convertible Securities beneficially owned by the Acquirors, the Acquirors would beneficially own shares of the Company that would entitle the holders thereof to cast more than 50% of the votes cast attaching to all shares of the Company that may be cast to elect members of the Board; and (b) exercise of voting power over all or any such shares of the Company so as to cause or result in the election of such number of directors of the Company as would constitute a majority of the Board and who were not incumbent directors.

Director Compensation

The following table sets out the total compensation earned by each non-executive director who served in that capacity for any part of the most recently completed financial year:

Name	Fees earned ($)	Option-based awards ($)	All other compensation ($)	Total ($)
John Kime(1)(2)(4)	14,000	7,553	Nil	21,553
Robert Kayser(1)	10,000	7,553	Nil	17,553
John Gregory	6,000	7,553	Nil	13,553
Arnold Tenney(2)	11,000	8,811	72,000(3)	91,311
F. Martin Thrasher(1)	7,500	7,553	Nil	15,053

Notes:

(1)	Member of the Audit Committee

(2)	Member of the Compensation Committee

(3)	The Company entered into a financial advisory and consulting agreement with LMT, a company beneficially owned by Mr. Tenney (a director of the Company) and his spouse. In consideration for services provided under this agreement, LMT earned a fee of $72,000 (Cdn.) in 2009.

(4)	Audit Committee Chairman

Option-based awards

The following table sets out details, as at December 31, 2009, details of options held by each non-executive director who served in that capacity for any part of the most recently completed financial year:

Name	Number of Securities Underlying Unexercised Options (#)	Option Exercise Price (Cdn$)	Option Expiration Date	Value of Unexercised In-the-Money Options (Cdn$)
John Gregory	30,000	1.00	December 9, 2014	15,890
Robert Kayser	30,000	1.00	December 9, 2014	15,890
John Kime	30,000	1.00	December 9, 2014	15,890
Arnold Tenney	35,000	1.00	December 9, 2014	18,538
F. Martin Thrasher	30,000	1.00	December 9, 2014	15,890

Name	Option-based awards – Value vested during 2009 (Cdn$) (2)	Non-equity incentive plan compensation – Value earned during 2009 (Cdn$) (3)
John Gregory	7,945	Nil
Robert Kayser	7,945	Nil
John Kime	7,945	Nil
Arnold Tenney	9,269	Nil
F. Martin Thrasher	7,945	Nil

Equity Compensation Plan Information

Plan Category	Number of securities to be issued upon exercise of outstanding options, warrants and rights (a)	Weighted-average exercise price of outstanding options, warrants and rights (b)	Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders	460,000	$0.88	1,519,452
Equity compensation plans not approved by security holders	Nil	Nil	Nil
Total	460,000	$0.88	1,519,452

INDEBTEDNESS OF DIRECTORS AND SENIOR OFFICERS

Since the beginning of the last completed financial year and up to March 29, 2010, no director, executive officer or employee or former executive officer, director or employee of the Company or any of its subsidiaries was indebted to the Company.

DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE

The Company provides insurance for the benefit of the directors and officers of the Company against liability incurred by them in these capacities. The current annual policy limit is $2,000,000. Protection is provided to directors and officers for certain wrongful acts or omissions done or committed during the course of their duties as such. Under the policy, the Company is reimbursed for payments which it is required or permitted to make to its directors and officers to indemnify them. The current annual premium is $19,440. No claims have been made under the policy.

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth, as at March 28, 2010, certain information as to (i) each person, who to the knowledge of the Company, is the beneficial owner of more than five percent (5%) of any class of the Company’s voting securities and (ii) each class of equity securities of the Company or any of its subsidiaries (other than directors qualifying shares) beneficially owned by (A) each director of the Company and the Chief Executive Officer and (B) all directors and executive officers of the Company as a group.

Name, Municipality of Residence and Position and/or Office with the Company	Principal Occupation	Period Served as a Director	Common Shares Beneficially Owned, Directly or Indirectly, or Over Which Control or Direction is Exercised*
Peter Riehl London, Ontario President, Chief Executive Officer and Director	President and Chief Executive Officer of the Company	Since December 19, 1996	3,474,741(3)
John Kime(1)(2) London, Ontario Director	President, iBD Advisors Inc.	Since November 28, 2000	125,000
Robert Kayser (2) London, Ontario Director	President, RHK Consulting	Since June 29, 2005	Nil
Arnold Tenney(1) Toronto, Ontario Chairman	Financial Consultant at Divine Entertainment Corporation, a children's family film production and development company	Since April 29, 2004	884,200(4)
Janice Clarke Mt Brydges, Ontario Chief Financial Officer	Chief Financial Officer	Since March 5, 2004	82,222(6)
John Gregory Tennessee, U.S.A. Director	Managing partner of SJ Strategic Investments LLC	Since February 26, 2007	5,188,794(5)
Francis Martin Thrasher(2) London Ontario Director	President of FMT Consulting	Since April 22, 2009	Nil

Notes:

*	Does not include options or other convertible securities.

(1)	Member of the Compensation Committee

(2)	Member of the Audit Committee

(3)	Includes 1,690,714 Common Shares owned by Mr. Riehl's spouse.

(4)

Includes (i) 672,700 Common Shares owned by LMT Financial Inc. ("LMT"), a company beneficially owned by Mr. Tenney and his spouse ; (ii) 126,500 Common Shares owned by Arnmart Investments Limited, a company in which Mr. Tenney holds an equity interest; and (iii) 85,000 common shares owned by Mr. Tenney’s spouse.

(5)	The 5,188,794 Common Shares are owned by Strategic Investments LLC, a company beneficially owned by Mr. Gregory.

(6)	Includes 10,000 Common Shares owned by Ms. Clarke’s spouse.

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

In February 2008, Stellar entered into a consulting agreement with LMT Financial Inc., a company beneficially owned by, Mr. Tenney, a director, and his spouse. This consulting agreement has been extended for an additional one year. Mr. Tenney currently serves as Chairman of the Board of Stellar. In consideration for services provided under this agreement, LMT Financial Inc. earned a fee of $72,000 (Cdn.) in 2009 (2008 - $72,000). This fee was satisfied in full through 12 monthly payments of $6,000 during 2009 (2008 - $6,000).

ITEM 14.

PRINCIPAL ACCOUNTING FEES AND SERVICES

The shareholders have appointed McGovern, Hurley, Cunningham LLP as the Company’s independent auditors for the fiscal year ended December 31, 2009. McGovern, Hurley, Cunningham LLP replaced Deloitte & Touche LLP who were the Company’s independent auditors for the fiscal year ended December 31, 2008.

The following table shows the fees recorded by the Company for the audit and other services provided by McGovern, Hurley, Cunningham LLP for 2009 and Deloitte & Touche LLP for 2008:

	2009		2008
Audit Fees	$	60,000	$	87,400
Audit-Related Fees		-		7,200
Quarterly Reviews & Other Fees		31,500		46,000
Total	$	91,500	$	142,600

As defined by the Commission, (i) “audit fees” are fees for professional services rendered by our principal accountant for the audit of our annual financial statements and review of financial statements included in our Form 10-Q, or for services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years; (ii) “audit-related fees” are fees for assurance and related services by our principal accountant that are reasonably related to the performance of the audit or review of our financial statements and are not reported under “audit fees”; (iii) “tax fees” are fees for professional services rendered by our principal accountant for tax compliance, tax advice, and tax planning; and (iv) “all other fees” are fees for products and services provided by our principal accountant, other than the services reported under audit fees,” “audit-related fees,” and “tax fees.”

Audit Fees.

Audit fees consist of fees recorded for professional services rendered for the audit of the Company’s financial statements and services that are normally provided in connection with statutory and regulatory filings. The aggregate fees recorded by the Company for the 2009 and 2008 audit were approximately $60,000 and $87,400, respectively.

Audit-Related Fees.

Audit related fees are fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company’s consolidated financial statements and are not under “Audit Fees.” Deloitte & Touche LLP billed $7,200 for the year ended December 31, 2008 primarily in connection with review of the Company's responses to comment letters from the SEC.

All Other Fees.

Fees related to the review of the interim financial statements included in quarterly reports and services that are normally provided in connection with statutory and regulatory filings.

Tax Fees.

We do not engage our principal accountant to assist with the preparation or review of our annual tax filings. We do, however, engage an outside tax consultant to provide this service. The company recorded expense of $5,933 in 2009 in regards to the 2007 and 2008 tax years (2008 - $2,135).

Engagement of the Independent Auditor.

The Audit Committee is responsible for approving every engagement of McGoven, Hurley, Cunningham LLP to perform audit or non-audit services for the Company before McGoven, Hurley, Cunningham LLP is engaged to provide those services. Under applicable laws, the Audit Committee is required to pre-approve the audit and non-audit services performed by the independent auditors in order to ensure that they do not impair the auditors’ independence. Applicable laws specify the types of non-audit services that an independent auditor may not provide to its audit client and establish the Audit Committee’s responsibility for administration of the engagement of the independent auditors.

Consistent with the applicable laws, the Audit Committee Charter requires that the Audit Committee review and pre-approve all audit services and permitted non-audit services provided by the independent auditors to us or any of our subsidiaries. The Audit Committee may delegate pre-approval authority to a member of the Audit Committee and if it does, the decisions of that member must be presented to the full Audit Committee at its next scheduled meeting.

The Audit Committee’s pre-approval policy provides as follows:

●

First, once a year when the base audit engagement is reviewed and approved, management will identify all other services (including fee ranges) for which management knows it will engage McGovern, Hurley, Cunningham LLP for the next 12 months. Those services typically include quarterly reviews, specified tax matters, certifications to the lenders as required by financing documents, consultation on new accounting and disclosure standards and, in future years, reporting on management’s internal controls assessment.

●

Second, if any new “unlisted” proposed engagement arises during the year, the engagement will require approval of the Audit Committee.

ITEM 15.

EXHIBITS

Exhibit No.	Description of Exhibit	Sequential Page Number

2.1	Articles of Incorporation of the Company	*
2.2	First Articles of Amendment	*
2.3	Second Articles of Amendment	*
2.4	By-Laws of the Company	*
3.1	Specimen Form of Common Share Certificate	**
10.1	United States Patent No. 6,083,933	*
10.2	Canadian Patent No. 2,269,260	*
10.3	License Agreement dated December 21, 2001 between the Company and G. Pohl-Boskamp GmbH & Co.	*
10.4	Consulting agreement dated February 21, 2001 between the Company and LMT Financial Inc.	*
10.5	Contract Services Agreement Inc. dated October 10, 2003 between the Company and Dalton Chemical Laboratories Inc.	**
10.6	Amended Agreement dated January 1, 2004 between the Company and LMT Financial Inc.	***
10.7	NeoVisc Licence and Supply Agreements dated March 24, 2004 between the Company and SJ Pharmaceuticals Inc.	***
10.8	Uracyst Licence and Supply Agreements dated March 24, 2004 the Company and SJ Pharmaceuticals Inc	***
10.9	Amending Consulting Agreement dated December 10, 2004 between the Company & LMT Financial Inc.	***
10.10	Option Plan	***
10.11	Amendment to Option Plan – 2001	***
10.12	Amendment to Option Plan – 2004	***
10.13	Amendment to Option Plan – 2005	***
10.14	Uracyst Licence and Supply Agreements dated December 13, 2006 the Company and Watson Pharma, Inc.	*****
31.1	Certification of Chief Executive Officer	****
31.2	Certification of Chief Financial Officer	****
32.1	Certification of Chief Executive Officer	****
32.2	Certification of Chief Financial Officer	****

———————

*	Filed as an exhibit to Amendment No. 1 to the Company’s Registration Statement on Form 10-SB dated February 4, 2002.

**	Filed as an exhibit to Amendment No. 2 to the Company’s Registration Statement on Form 10-SB dated April 26, 2003.

***	Filed as an exhibit to Amendment No. 2 to the Company’s Registration Statement on Form 10-SB dated January 13, 2006

****	Filed as an exhibit Company’s 2006 Annual Report Form 10-KSB dated March 30, 2007.

*****

Filed on December 28, 2006 on Form 8-K

(b) Reports on Form 8-K

Filed June 4, 2009 – 1st Qtr 2009 Financial Results

Filed August 5, 2009 – 2nd Qtr 2009 Financial Results

Filed November 12, 2009 – 3rd Qtr 2009 Financial Results

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 29, 2010	STELLAR PHARMACEUTICALS INC.

	By:	/s/ Arnold Tenney
	Name: Arnold Tenney
	Title: Chairman of the Board

In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Date: March 29, 2010	By:	/s/ Arnold Tenney
	Name: Arnold Tenney
	Title: Chairman of the Board

Date: March 29, 2010	By:	/s/ Peter Riehl
	Name: Peter Riehl
	Title: Chief Executive Officer

Date: March 29, 2010	By:	/s/ Robert Kayser
	Name: Robert H. Kayser
	Title: Director

Date: March 29, 2010	By:	/s/ John Kime
	Name: John J. Kime
	Title: Director

Date: March 29, 2010	By:	/s/ John Gregory
	Name: John M. Gregory
	Title: Director

Date: March 29, 2010	By:	/s/Martin Thrasher
	Name: F. Martin Thrasher
	Title: Director

Date: March 29, 2010	By:	/s/Janice Clarke
	Name: Janice Clarke
	Title: Chief Financial Officer

STELLAR PHARMACEUTICALS INC.

FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

DECEMBER 31, 2009 AND 2008

NOTICE TO READER

Special Note Concerning 2008 Financial Statements

The Company’s 2008 financial statements included in this annual report are unaudited. Although the Company previously filed audited 2008 financial statements in its 2008 annual report on Form 10-K, the Company was unable to obtain the consent of the independent registered chartered accountants that prepared such financial statements by the filing deadline of this annual report. The Company believes that its inability to obtain such consent is due to a billing dispute. The unaudited 2008 financial statements contained in this annual report do not contain any adjustments, modifications or changes from the audited 2008 financial statements of the Company filed in its 2008 annual report on Form 10-K.

STELLAR PHARMACEUTICALS INC.

DECEMBER 31, 2009

(Expressed in Canadian dollars)

CONTENTS

	PAGE
FINANCIAL STATEMENTS
REPORT BY INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS	F-1
REPORT BY INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS	F-2
BALANCE SHEETS	F-3
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY	F-4
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)	F-5
STATEMENTS OF CASH FLOWS	F-6
NOTES TO FINANCIAL STATEMENTS	F-7-24

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of

Stellar Pharmaceuticals Inc.

We have audited the accompanying balance sheet of Stellar Pharmaceuticals Inc. (the “Company”) as at December 31, 2009 and the statements of operations and comprehensive income, changes in shareholders’ equity and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stellar Pharmaceuticals Inc. as at December 31, 2009 and the results of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles in the United States of America.

McGOVERN, HURLEY, CUNNINGHAM, LLP

Chartered Accountants

Licensed Public Accountants

TORONTO, Canada

March 22, 2010

F-1


		Deloitte & Touche LLP 1 Concorde Gate Suite 200 Toronto ON M3C 4G4 Canada
		Tel: 416-601-6150 Fax: 416-601-6151 www.deloitte.ca

Report of Independent Registered Chartered Accountants

To the Board of Directors and Shareholders of

Stellar Pharmaceuticals Inc.

We have audited the accompanying balance sheets of Stellar Pharmaceuticals Inc. (the "Company") as of December 31, 2008 and 2007, and the related statements of operations and comprehensive loss, changes in shareholders' equity, and cash flows for each of the two years in the period ended December 31, 2008. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.

Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of Stellar Pharmaceuticals Inc. at December 31, 2008 and 2007, and the results of their operations and their cash flows for each of the two years in the period ended December 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

Independent Registered Chartered Accountants

Licensed Public Accountants

April 6, 2009

F-2

STELLAR PHARMACEUTICALS INC.

BALANCE SHEETS

(Expressed in Canadian dollars)

December 31

ASSETS				2009			2008 (Unaudited)
CURRENT
	Cash and cash equivalents (Note 3)			$	2,325,212		$	2,105,966
	Accounts receivable, net of allowance of $nil (2008 - $nil)				293,565			549,055
	Inventories (Note 4)				721,061			364,551
	Taxes recoverable				1,501			212,445
	Loan receivable (Note 8)				15,818			18,369
	Prepaids, deposits and sundry receivables (Note 5)				163,698			130,515
	Total current assets				3,520,855			3,380,901
PROPERTY, PLANT AND EQUIPMENT, net (Note 6)					1,390,296			1,270,257
OTHER ASSETS (Note 7)					114,553			65,495
	Total assets			$	5,025,704		$	4,716,653
LIABILITIES
CURRENT
	Accounts payable			$	228,367		$	173,812
	Accrued liabilities				175,637			186,201
	Deferred revenues				2,890			1,749
	Total current liabilities				406,894			361,762

CONTINGENCIES AND COMMITMENTS (Note 13)

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 (Note 9)
		23,480,040	Common shares (2008 – 23,702,540)		8,183,638			8,261,403
	Nil		Treasury shares (2008 – 147,500)		—			(51,625	)
			Additional Paid-in capital for cancelled Common shares		—			2,329
			Additional Paid-in capital options - outstanding		89,562			35,965
			Additional Paid-in capital options - expired		724,127			722,372
					8,997,327			8,970,444
DEFICIT					(4,378,517	)		(4,615,553	)
	Total shareholders’ equity				4,618,810			4,354,891
	Total liabilities and shareholders’ equity			$	5,025,704		$	4,716,653

See accompanying notes to financial statements.

F-3

STELLAR PHARMACEUTICALS INC.

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(Expressed in Canadian dollars)

FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

	Number of Common Shares #												Additional Paid in Capital for Cancelled Shares $			Additional Paid in Capital Options
	Number of Common Shares #			Treasury Shares #			Common Shares $			Treasury Shares $			Additional Paid in Capital for Cancelled Shares $			Options Outstanding $			Options Expired $		Deficit $


BALANCE,
December 31, 2007		23,822,540			—			8,303,054			—			—			123,002			623,417		(4,576,621	)

Shares issued for services		5,000			—			1,700			—			—			—			—		—

Stock-based compensation		—			—			—			—			—			11,918			—		—

Employees options expired		—			—			—			—			—			(98,955	)		98,955		—

Purchase and cancellation of Shares under normal course issuer bid (Note 9(c))		(125,000	)		—			(43,351	)		—			2,329			—			—		(7,866	)

Treasury Shares (Note 9(c))		—			(147,500	)		—			(51,625	)		—			—			—		—

Net loss for the year		—			—			—			—			—			—			—		(31,066	)

BALANCE,
December 31, 2008 (Unaudited)		23,702,540			(147,500	)		8,261,403			(51,625	)		2,329			35,965			722,372		(4,615,553	)
Options issued to employees		—			—			—			—			—			55,352			—		—

Stock-based compensation		—			—			—			—			—			(1,755	)		1,755		—

Purchase and cancellation of Shares under normal course issuer bid (Note 9(c))		(75,000	)		—			(26,140	)		—			(2,329	)		—			—		(1,888	)

Treasury Shares cancelled		(147,500	)		147,500			(51,625	)		51,625			—			—			—		—

Net income for the year		—			—			—			—			—			—			—		238,924

BALANCE,
December 31, 2009		23,480,040			—			8,183,638			—			—			89,562			724,127		(4,378,517	)

See accompanying notes to financial statements.

F-4

STELLAR PHARMACEUTICALS INC.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Expressed in Canadian dollars)

FOR THE YEARS ENDED DECEMBER 31

		2009		2008 (Unaudited)

PRODUCT SALES		$	3,000,062	$	2,118,282
ROYALTIES & LICENSING REVENUE			581,230		441,130
TOTAL REVENUE FROM ALL SOURCES			3,581,292		2,559,412
COST OF PRODUCTS SOLD			1,001,871		556,401
GROSS PROFIT			2,579,421		2,003,011
EXPENSES
Selling, general and administrative *			2,278,530		2,010,383
Research and development (Notes 2(k) and 13(f))			18,107		62,727
Amortization of assets (non-manufacturing property, plant and equipment)			55,822		54,384
			2,352,459		2,127,494
INCOME (LOSS) FROM OPERATIONS			226,962		(124,483	)
INTEREST AND OTHER INCOME			11,962		83,741
GAIN ON DISPOSAL OF EQUIPMENT			—		9,676
NET INCOME (LOSS) AND COMPREHENSIIVE INCOME (LOSS) FOR THE YEAR (before tax)			238,924		(31,066	)
INCOME TAXES (Note 10)			—		—
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)		$	238,924	$	(31,066	)
EARNINGS (LOSS) PER SHARE (Note 11)	- Basic	$	0.01	$	(0.00	)
	- Diluted	$	0.01	$	(0.00	)
WEIGHTED AVERAGE NUMBER OF COMMON
SHARES OUTSTANDING	- Basic		23,498,889		23,801,450
	- Diluted		23,498,889		23,801,450

See accompanying notes to financial statements.

* Included in selling, general and administrative expenses is $72,000 in related party transactions (Note 14)

F-5

STELLAR PHARMACEUTICALS INC.

STATEMENTS OF CASH FLOWS

(Expressed in Canadian dollars)

FOR THE YEARS ENDED DECEMBER 31

	2009			2008 (Unaudited)
CASH FLOWS USED IN OPERATING ACTIVITIES
Net income (loss)	$	238,924		$	(31,066	)
Items not affecting cash
Amortization		108,492			126,556
Gain on disposal of equipment		––			(9,676	)
Write-down of property, plant & equipment		––			2,656
Unrealized foreign exchange (gain) loss		24,203			(17,945	)
Issuance of equity instruments for services rendered (Notes 9(d) & 9(e))		55,352			13,618
Change in non-cash operating assets and liabilities (Note 12)		26,143			(562,256	)
CASH FLOWS USED IN OPERATING ACTIVITIES		453,114			(478,113	)

CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES
Additions to property, plant and equipment		(155,630	)		(539,511	)
Increase in other assets		(26,230	)		(11,420	)
Proceeds from sale of equipment		––			10,000
CASH FLOWS USED IN INVESTING ACTIVITIES		(181,860	)		(540,931	)

CASH FLOWS USED IN FINANCING ACTIVITIES
Repurchase of common shares for cash (Note 9(c))		(30,357	)		(100,514	)
CASH FLOWS USED IN FINANCING ACTIVITIES		(30,357	)		(100,514	)

EFFECT OF EXCHANGE RATES ON CASH HELD IN FOREIGN CURRENCY		(21,650	)		14,398
CHANGE IN CASH AND CASH EQUIVALENTS		219,246			(1,105,160	)

CASH AND CASH EQUIVALENTS, beginning of year		2,105,966			3,211,126
CASH AND CASH EQUIVALENTS, end of year	$	2,325,212		$	2,105,966

See accompanying notes to financial statements.

F-6

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

(Expressed in Canadian dollars)

DECEMBER 31, 2009 AND 2008

1. DESCRIPTION OF BUSINESS

Stellar Pharmaceuticals Inc. ("Stellar" or "Company") is a Canadian pharmaceutical company involved in the development and marketing of high quality, cost-effective, polysaccharide-based therapeutic products used in a treatment of osteoarthritis and certain types of cystitis. The Company markets its products in Canada and currently has agreements in place for distribution of its products in various countries including the United States of America.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

(a) CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash and all highly liquid investments purchased with an original maturity of three months or less at the date of purchase. Cash and cash equivalents are held with two major financial institutions in Canada and one financial institution located in Dublin, Ireland.

(b) ACCOUNTS RECEIVABLE

The Company routinely assesses the recoverability of all material trade and other receivables to determine their collectibility by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may affect a customer's ability to pay.

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collectibility is reasonably assured. License fees which are comprised of initial fees and milestone payments are recognized upon achievement of the milestones and provided that collectibility is reasonably assured and other revenue recognition criteria are met. Revenue from the sale of products, net of trade discounts and allowances, is recognized when legal title to the goods has been passed to the customer and collectibility is reasonably assured. The Company has a "No Return" policy on the sale of its goods.

Revenues associated with multiple-element arrangements are attributed to the various elements, if certain criteria are met, including whether the delivered element has stand alone value to the customer and whether there is objective and reliable evidence of the fair value of the undelivered elements. Non-refundable up-front fees for the transfer of methods and technical know-how, not requiring the Company to perform additional research or development activities or other significant future performance obligations, are recognized upon delivery of the methods and technical know-how.

F-7

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Milestone payments are recognized into income upon the achievement of the specified milestones when the Company has no further involvement or obligation to perform services, as related to that specific element of the arrangement. Up-front fees and other amounts received in excess of revenue recognized are recorded as deferred revenues.

Royalty revenue is recognized when the Company has fulfilled the terms in accordance with the contractual agreement and has no material future obligation, other than inconsequential and prefunctory support, as would be expected under such agreements and the amount of the royalty fee is determinable and collection is reasonably assured.

A customer is obligated to pay for products sold to it within a specified number of days from the date that title to the products is transferred to the customer. The Company’s standard terms are typically net 15 days from the transfer of title to the products to the customer. The Company typically collects payment from a customer within 15 to 30 days from the transfer of title to the products to a customer. Transfer of title occurs and risk of ownership passes to a customer at the time of shipment or delivery, depending on the terms of the agreement with a particular customer. The sale price of the Company’s products is substantially fixed or determinable at the date of sale based on purchase orders generated by a customer and accepted by the Company. A customer’ s obligation to pay the Company for products sold to it is not contingent upon the resale of those products. The Company recognizes revenues for the sale of products from the date the title to the products is transferred to the customer.

(d) INVENTORIES

Inventories are valued at the lower of cost and net realizable value with cost being determined on a first-in, first-out basis. Cost is determined to be purchased cost for raw materials and the production cost (materials, labor and indirect manufacturing cost) for work-in-process and finished goods. Throughout the manufacturing process, the related production costs are recorded within inventory.

(e) PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are stated at cost. The Company periodically evaluates whether current facts or circumstances indicate that the carrying value of such assets to be held and used may not be recoverable. The Company reviews its long-lived assets, such as fixed assets to be held and used or disposed of, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected undiscounted cash flows undiscounted and without interest is less than the carrying amount of the asset, an impairment loss is recognized in the amount by which the carrying amount of the asset exceeds its fair value. The basis and estimated useful lives of these assets are provided for as follows:

Asset Classification	Amortization Method	Useful Life
Building	Straight-line	20 years
Computer and office equipment	Straight-line	5 years
Manufacturing equipment	Straight-line & Activity based	5 to 10 years
Warehouse equipment	Straight-line	5 to 10 years
Packaging equipment	Activity based	5 to 10 years

Activity based amortization is based on the number of uses for each asset in that category.

F-8

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(f) OTHER ASSETS

Amortization of other assets is being provided for on a straight-line basis as noted below:

Asset Classification		Amortization Method		Useful Life
Patents		Straight-line		17 years

Patents represent capitalized legal costs incurred in connection with applications for patents. For patents and applications that are abandoned or impaired, the Company charges the remaining net book value to expenses.

(g) USE OF ESTIMATES

The preparation of these financial statements has required management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent liabilities as at December 31, 2009 and 2008, and the revenue and expenses recorded for the years then ended. On an ongoing basis, the Company evaluates its estimates, including those related to provision for doubtful accounts, accrued liabilities, income taxes, stock based compensation, revenue recognition and intangible assets. The Company bases its estimates on historical experiences and on various other assumptions believed to be reasonable under the circumstances.

Actual results could differ from those estimates. As adjustments become necessary, they are recorded in earnings in the period in which they become known.

(h) DEFERRED INCOME TAXES

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax results on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent, management believes these assets will more likely than not be realized. In making such deter mination, all available positive and negative evidence is utilzed, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In the event a determination was made that the Company would be able to realize deferred income tax assets in the future in excess of the net recorded amount, an adjustment to the valuation allowance would be made, which would reduce the provision for income taxes.

Tax benefits from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. This interpretation also provides guidance on measurement, de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense.

F-9

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(i)

STOCK-BASED COMPENSATION

The Company uses fair value based method of accounting for all its stock-based compensation in accordance with ASC 718 “Compensation – Stock Compensation”. The estimated fair value of the options that are ultimately expected to vest based on performance related conditions, as well as the options that are expected to vest based on future service, is recorded over the option’s requisite service period and charged to stock-based compensation. In determining the amount of options that are expected to vest, the Company takes into account, voluntary termination behaviour as well as trends of actual option forfeitures. Total compensation cost for the stock option plans for the years ended December 31, 2009 and 2008 (unaudited) was $55,352 and $11,918, respectively (Note 9(d)).

(j) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATION

Monetary assets and liabilities are translated into Canadian dollars which is the functional currency of the Company at the year-end exchange rate, while foreign currency revenues and expenses are translated at the exchange rate in effect on the date of the transaction. The resultant gains or losses are included in income. Non-monetary items are translated at historical rates.

(k) RESEARCH AND DEVELOPMENT

Research and development costs are expensed as incurred. The approved refundable portion of the tax credits are netted against the related expenses. Non refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will realize the benefits of these tax credits against the deferred taxes. Refundable investment tax credits are recorded in the period when reasonable assurance exists that the Company has complied with the terms and conditions required for approval of the tax credit and it is more likely than not that the Company will collect it. At December 31, 2009, the Company had no outstanding tax credits (2008 (unaudited) - $34,926). Tax credits received in 2008 were recorded as an offset to research and development for prior year’s tax credits which were assessed and approved.

(l) COMPREHENSIVE INCOME

Comprehensive income is defined as the change in equity during a period related to transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

(m) EARNINGS (LOSS) PER SHARE

FASB ASC Section 260, “Earnings Per Share”, requires presentation of both basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. Basic EPS excludes dilution; diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue shares were exercised or converted into shares that would then share in the earnings.

Basic earnings (loss) per share are computed based on the weighted average number of member shares outstanding each year. The diluted earnings factor for stock options at December 31, 2009 is for 202,500 potential common shares (2008 (unaudited) – nil as its affect would be anti-dilutive). The diluted loss per share is not presented when the effect is anti-dilutive.

F-10

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

(n)

RECENT ACCOUNTING PRONOUNCEMENTS

Recent accounting pronouncements followed by the Company under U.S. GAAP are summarized below.

In June 2009, the FASB issued ASC 105-10 (formerly referred to as SFAS No. 168), The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. On the effective date of this Statement, the Codification superseded all then-existing non-SEC accounting and reporting standards. All other non-grandfathered, non-SEC accounting literature not included in the Codification will become non-authoritative. ASC 105-10 is effective for financial statements issued for interim and annual periods ending after September 15, 2009. The Company has adopted this standard and determined that it does not have a material impact on its financial condition, results of operations, or cash flows.

In September 2009, the FASB Emerging Issues Task Force, or EITF, reached a consensus on ASC Update 2009-13 (Topic 605), Multiple-Deliverable Revenue Arrangements, or ASC Update 2009-13. ASC Update 2009-13 applies to multiple-deliverable revenue arrangements that are currently within the scope of ASC 605-25. ASC Update 2009-13 provides principles and application guidance on whether multiple deliverables exist and how the arrangement should be separated and the consideration allocated. ASC Update 2009-13 requires an entity to allocate revenue in an arrangement using estimated selling prices of deliverables, if a vendor does not have vendor-specific objective evidence or third-party evidence of selling price. The update eliminates the use of the residual method and requires an entity to allocate revenue using the relative selling price m ethod and also significantly expands the disclosure requirements for multiple-deliverable revenue arrangements. ASC Update 2009-13 should be applied on a prospective basis for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010, with earlier application permitted. As a result, ASC Update 2009-13 will be effective for the Company no later than the first quarter of fiscal 2011. The adoption of ASC Update 2009-13 may have a material impact on the Company’s financial position or results of operations for future collaborations arrangements.

F-11

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

3. CASH AND CASH EQUIVALENTS

Consists of -	December 31,
	2009			2008 (Unaudited)
Cash		$	824,558		$	1,205,094
Short-term investments			1,500,654			900,872
		$	2,325,212		$	2,105,966

The Company recorded $21,650 as an effect of exchange rates on cash held in foreign currency at December 31, 2009.

4. INVENTORIES

Consists of -	December 31,
	2009		2008 (Unaudited)
Raw material	$	182,123	$	135,315
Finished goods		113,531		38,842
Packaging materials		67,571		53,811
Work in process		357,836		136,583
	$	721,061	$	364,551

5. PREPAIDS, DEPOSITS AND SUNDRY RECEIVABLES

Consists of -	December 31,
	2009		2008 (Unaudited)
Prepaid operating expenses	$	161,140	$	37,312
Deposit on manufactured goods*		––		91,120
Interest receivable on investments		2,558		2,083
	$	163,698	$	130,515

Deposit on manufactured goods relates to a deposit required upon the issuance of the order for a stability studies related to manufacturing processes.

6.	PROPERTY, PLANT AND EQUIPMENT

Consists of -	December 31, 2009
	Cost		Accumulated Amortization		Net Carrying Amount
Land	$	90,000	$	—	$	90,000
Building		618,254		146,236		472,018
Office equipment		43,302		40,338		2,964
Manufacturing equipment		1,219,490		522,959		696,531
Warehouse equipment		17,085		6,745		10,340
Packaging equipment		110,120		10,724		99,396
Computer equipment		125,116		106,069		19,047
	$	2,223,367	$	833,071	$	1,390,296

F-12

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

6.	PROPERTY, PLANT AND EQUIPMENT (continued)

Consists of -	December 31, 2008 (Unaudited)
	Cost		Accumulated Amortization		Net Carrying Amount
Land	$	90,000	$	—	$	90,000
Building		586,954		116,105		470,849
Office equipment		40,495		36,801		3,694
Manufacturing equipment		1,099,790		475,453		624,337
Warehouse equipment		13,750		3,675		10,075
Packaging equipment		48,467		5,840		42,627
Computer equipment		116,735		88,060		28,675
	$	1,996,191	$	725,934	$	1,270,257

During fiscal 2008, the Company performed an analysis of its property, plant and equipment and based on this analysis determined that $30,308 of its manufacturing equipment was no longer useable. The Company removed $30,308 in assets from manufacturing equipment and recorded a reduction to accumulated amortization of $27,652 and $2,656 to operations as a part of selling, general and administrative expenses.

7. OTHER ASSETS

Consists of -	December 31, 2009
	Cost		Accumulated Amortization		Net Carrying Amount
Patents	$	122,793	$	8,240	$	114,553

Over the next four years the Company will record amortization expense of $1,355 for each of those years. The Company currently has patents of $100,207 which are not being amortized as these patents are currently pending.

Consists of -	December 31, 2008 (Unaudited)
	Cost		Accumulated Amortization		Net Carrying Amount
Patents	$	72,380	$	6,885	$	65,495

Estimated future amortization expense at December 31, 2009 is as follows:

	Amount
2010	$	2,444
2011		2,444
2012		2,444
2013		2,444
2014		2,444
Thereafter		53,275
	$	65,495

F-13

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

8. LOAN RECEIVABLE

During the year ended December 31, 2007, the Company received a subordinated convertible promissory note and a common share purchase warrant to purchase 15,000 shares from an unrelated corporation, in the amount of US$15,000 (Cdn$15,818) (2008 (unaudited) – Cdn$18,369). The note was extended for two additional one year periods, but will fully mature no later than April 23, 2011 and bears interest at a rate per annum of 6%. The warrant entitles the Company to acquire 15,000 common shares of the unrelated corporation anytime on or before July 15, 2016 at $0.001 per common share. During 2007, the Company converted its warrants to common shares for US$15 the common share price was US$0.001 at the time of exercise. The Company used the fair value basis to calculate the value of the asset an d allocated the entire US$15,000 to the promissory note. The change in the value recorded was the result of the fluctuation in the value of the Canadian dollar relative to the US dollar.

9. CAPITAL STOCK

(a)

Common Shares

Authorized: An unlimited number of Common Shares, with no par value.

	# of Shares			Amount
Balance, January 1, 2009		23,702,540		$	8,261,403
Shares purchased in buyback (cancelled)		(75,000	)		(26,140	)
Treasury shares (cancelled)		(147,500	)		(51,625	)
Balance, December 31, 2009		23,480,040		$	8,183,638

Treasury Shares

	# of Shares			Amount
Balance, January 1, 2009		(147,500	)	$	(51,625	)
Treasury shares		147,500			51,625
Balance, December 31, 2009		—		$	—

(b) Shares to be Issued

During 2009, no Common Shares (2008 (unaudited) – 5,000) were issued. Shares issued in 2008 were issued to satisfy in full, a debt for consulting services which were rendered and expensed in 2008 with a value of $1,700.

On April 1, 2008, the Company commenced a normal course issuer bid (the "NCIB") for its Common Shares. Pursuant to the terms of the NCIB, the Company may during the 12 month period commencing April 1, 2008 and ending March 31, 2009, purchase up to 1,191,127 Common Shares provided that the aggregate value of Common Shares so purchased, does not exceed $1,000,000. The Company commenced a second NCIB on June 17, 2009 and ending on June 16, 2010. Purchases of Common Shares will be made in open market transactions, at market prices prevailing at the time of acquisition. For the year ended December 31, 2009, 75,000 Common Shares purchased under the NCIB had been cancelled (2008 (unaudited) – 125,000 and 147,500 were recorded as Treasury Shares to be cancelled).

F-14

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

9. CAPITAL STOCK (continued)

Pursuant to the terms of the NCIB, during the year ended December 31, 2009, the Company purchased 75,000 (2008 (unaudited) - 272,500), of its Common Shares at an average purchase price of $0.40 (2008 (unaudited) -$0.36). The total repurchase cost for these Common Shares for the year ended December 31, 2009 was $30,357 (2008 (unaudited) - $100,513). For the year ended December 31, 2009, $77,765 for Common Shares repurchased (includes $51,625 for Treasury Shares paid for but not cancelled in 2008), has been allocated to Capital Stock (2008 (unaudited) - $43,351), $1,888 has been recorded to deficit for the amount in excess of the weighted average stated value (2008 (unaudited) - $7,866) and the remaining $2,329 has been recorded to paid-in capital for cancelled Common Shares for the amount below the weighted averag e stated value (2008 (unaudited) – ($2,329)).

(d) Additional Paid-in Capital Options

Additional Paid-in Capital Options – Outstanding

The activities in the additional paid-in capital options are as follows:

	Amount
Balance, January 1, 2009	$	35,965
Expense recognized for options issued to employees/ directors		55,352
Options issued to employees/directors expired		(1,755	)
Balance, December 31, 2009	$	89,562

Paid in Capital Options – Expired

	Amount
Balance, January 1, 2009	$	722,372
Options issued to employees expired		1,755
Balance, December 31, 2009	$	724,127

(e) Stock Options

The Company’s stock based compensation program includes stock options in which some options vest based on continuous service while others vest based on performance conditions, such as profitability and sales goals. For those equity awards that vest based on continuous service, compensation expense is recorded over the service period from the date of grant. For performance-based awards, compensation expense is recorded over the remaining service period when management determines that achievement is probable.

During the year ended December 31, 2009, there were 379,000 options granted (2008 (unaudited) – 115,000). Of the options 205,000 were granted to directors/officers of the Company at a premium price of $1.00 (US$0.95). These options vest as to 50% on December 31, 2009 and 25% on each of March 31 and June 30, 2010. The remaining 174,000 options were granted to employees at $0.84 (US$0.80) and vest (59,000 at 25% per quarter in 2010 and 115,000 at 25% per quarter in 2011) upon achieving certain financial objectives. As at December 31, 2009, the performance criteria associated with 19,000 (2008 (unaudited) – 115,000) of these options were not met for the specified period and, therefore, the related performance based awards will not vest and have been cancelled.

F-15

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

9. CAPITAL STOCK (continued)

Since share based compensation is recognized only for those awards that are ultimately expected to vest, the Company has applied an estimated forfeiture rate (based on historical experience and projected employee turnover) to unvested awards for the purpose of calculating compensation expense. For the year ended December 31, 2009, the Company recorded $55,352 (2008 (unaudited) – $11,918) as compensation expense for options issued to directors, officers and employees based on continuous service. This was recorded as selling, general and administrative expense. The total number of options outstanding as at December 31, 2009 was 460,000 (2008 (unaudited) – 105,000).

The weighted average grant date fair value of options was $0.88 and $0.21 for options granted during the years ended December 31, 2009 and 2008 (unaudited), respectively.

The Company uses the Black-Scholes option-pricing model to estimate the grant date fair value of grants of stock options with the following weighted average assumptions:

	2009		2008 (Unaudited)
Risk-free interest rate		2.42%		4.66%
Expected life	5 years		3 years
Expected volatility		88.6%		89.9%
Dividend yield		0%		0%

The Company’s computation of expected volatility for the year ended December 31, 2009 and 2008 is based on the Company’s market close price over the period equal to the expected life of the options. The Company’s computation of expected life is calculated using the simplified method. The Company’s dividend yield is 0.0%, since there is no history of paying dividends and there are no plans to pay dividends. The Company’s risk-free interest rate is the Canadian Treasury Bond rate for the period equal to the expected term.

On June 29, 2005, pursuant to resolutions by the Board of Directors and shareholders, the Company increased the number of options issuable under the plan to 4,629,452 from 4,157,841. The total number of options available for granting under the plan at December 31, 2009 was 1,519,452 (2008 (unaudited) – 1,874,452).

The activities in options outstanding are as noted below:

	Options			Weighted Average Exercise Price
Balance, January 1, 2008		355,000		$	1.09
Granted		115,000			0.50
Cancelled		(115,000	)		0.50
Forfeited		(250,000	)		1.26
Balance, January 1, 2009		105,000		$	0.69
Granted		379,000			0.88
Cancelled		(5,000	)		0.69
Forfeited		(19,000	)		0.80
Balance, December 31, 2009		460,000		$	0.84

When employees or non-employees exercise their stock options, the capital stock is credited by the sum of the consideration paid together with the related portion previously credited to additional paid-in capital when stock-based compensation costs were recorded.

F-16

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

9. CAPITAL STOCK (continued)

As at December 31, 2009, the Company had 202,500 vested options. As at December 31, 2009, the number of unvested options expected to vest (including the impact of expected forfeitures) had been estimated at 138,670, with a weighted average contractual life of 4.9 years and exercise price of $0.88. In April 2008, the Company had granted 115,000 options to its employees, which were cancelled due to certain financial objectives not being met by the end of the year. As at December 31, 2009, compensation costs of $55,352 had been recognized and expensed in the year for options which vested during the period (2008 (unaudited) - $11,918).

As at December 31, 2009, the aggregate intrinsic value of outstanding options was $66,462 and the aggregate intrinsic value of exercisable options was $35,948 based on the Company’s closing Common Share price of $1.03.

The Company recognizes compensation expense for the fair values of stock options using the graded vesting method over the requisite service period for the entire award.

The following table presents information relating to stock options outstanding and exercisable at December 31, 2009.

		Options Outstanding					Options Exercisable
Range of Exercise Price		Number of Shares	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price		Number of Shares		Weighted Average Exercise Price
$	0.60 to $0.69	100,000		0.5	$	0.69		100,000	$	0.69
$	0.80 to $0.89	155,000		4.9		0.84		-		-
$	0.90 to $1.00	205,000		4.9		1.00		102,500		1.00
		460,000		4.0	$	0.88		202,500	$	0.92

The following table presents information relating to stock options outstanding and exercisable at December 31, 2008 (unaudited).

	Options Outstanding				Options Exercisable
Range of Exercise Price	Number of Shares	Weighted Average Remaining Contractual Life (Years)		Weighted Average Exercise Price	Number of Shares		Weighted Average Exercise Price
$0.69	105,000	1.5	$	0.69	105,000	$	0.69

10. INCOME TAXES

Rate reconciliation

A reconciliation of income tax expense (benefit) computed at the statutory income tax rate included in the statements of operations follows:

F-17

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

10. INCOME TAXES (continued)

Income tax expense (benefit) is comprised of:	2009			2008 (Unaudited)
Income tax expense (benefit) at statutory rate at 33.0% (2008 - 33.5%)	$	78,800		$	(10,400	)
Adjusted for:
Impact on legislated changes in rates of reversal on current year loss		(200	)		1,300
Valuation allowance		19,100			(2,100	)
Non-deductible expenses		20,700			6,000
Deferred tax liability for non-deductible tax credits		—			3,300
Other		(118,400	)		1,900
	$	—		$	—

Deferred tax assets and liabilities reflect losses carry-forward, the cumulative carry-forward pool of scientific research and experimental development ("SR&ED") expenditures and the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding tax basis. Significant components of net deferred tax assets are listed below:

Components of deferred income tax assets and liabilities:

	2009			2008 (Unaudited)
Benefit of net operating losses carry-forward	$	802,700		$	627,700
Book values of property and equipment an intangible assets in excess of tax bases		(133,300	)		(16,200	)
Benefit of SR&ED expenditures		545,100			545,100
Deferred tax liability for non-refundable tax credits		(97,200	)		(97,200	)
Valuation allowance		(1,117,300	)		(1,059,400	)
	$	—		$	—

The valuation allowance was provided against the net deferred tax assets at December 31, 2009 and 2008, because the realization of the asset remains not determinable. The valuation allowance increased $57,900 in 2009 an $27,340 in 2008 (unaudited).

The Company has non-capital losses carry-forward for income tax purposes in the amount of $2,432,200 which may be applied against future years’ taxable income. The losses expire as follows:

2010	$	457,000
2014		644,600
2015		1,013,300
2027		231,900
2028		85,400
	$	2,432,200

Tax years 2003 through 2009 remain open to examination by the taxing jurisdictions to which we are subject. The Company has not been notified by any taxing jurisdictions of any proposed or planned examination.

F-18

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

10. INCOME TAXES (continued)

The non-refundable portion of the SR&ED tax credits as at December 31, 2009 was $335,000 (2008 (unaudited) - $335,000). The tax credits have a full valuation allowance on them as they do not meet the more likely than not test. The non-refundable tax credit details are as follows:

2004	$	144,700
2005		127,500
2006		45,200
2007		6,500
2008		11,100
	$	335,000

The cumulative carry-forward pool of SR&ED expenditures applicable to future years, with no expiry date, is $1,880,800 (2008 (unaudited) - $1,880,800).

The Ontario Harmonization Credit available to the Company over the next five years is $68,100. The Company has taken a full valuation allowance against these credits as they do not meet the more likely than not test.

11. EARNINGS (LOSS) PER SHARE

The treasury stock method assumes that proceeds received upon the exercise of all warrants and options outstanding in the year are used to repurchase the Company's shares at the average share price during the period. The diluted loss per share has not been calculated for 2008 as the Company was in a loss position and their inclusion would be anti-dilutive.

The following table sets forth the computation of earnings (loss) per share:

For the years ended December 31	2009		2008 (Unaudited)
Numerator:
Net income (loss) per share available to common shareholders	$	238,924	$	(31,066	)
Denominator:
Weighted average Common Shares outstanding		23,498,889		23,801,450
Effect of dilutive Common Shares		—		—
Diluted weighted average Common Shares outstanding		23,498,889		23,801,450
Earnings (loss) per share:
Basic earnings (loss) per share	$	0.01	$	(0.00	)
Diluted earnings (loss) per share	$	0.01	$	(0.00	)

For the year ended December 31, 2008 (unaudited), options to purchase 105,000 of Common Shares, at an average price of $0.69 were excluded from the calculation of diluted earnings per share because their effects were antidilutive.

F-19

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

12. STATEMENTS OF CASH FLOWS

Changes in non-cash balances related to operations are as follows:

For the years ended December 31	2009			2008 (Unaudited)
Accounts receivable	$	255,490		$	(276,714	)
Inventories		(356,510	)		(59,509	)
Prepaids, deposits and sundry receivables		(33,183	)		(86,449	)
Taxes recoverable		210,944			(47,731	)
Accounts payable and accrued liabilities *		(51,739	)		(83,029	)
Deferred revenues		1,141			(8,824	)
	$	26,143		$	(562,256	)

* Included in accounts payable at the year ended December 31, 2009, is an amount related to patents of $24,183 (2008 (unaudited) - $36,236).

During the year ended December 31, 2009, there were no interest or taxes paid (2008 (unaudited) – nil).

13.	CONTINGENCIES AND COMMITMENTS

(a) Royalty Agreements

In September 2000, the Company entered into a royalty agreement for sales of Uracyst®. The agreement involved royalty payments, which initially were based on 5% of the total sales of Uracyst at a declining rate of 1% per year over a three-year period, declining to a 2% rate effective October 1, 2003 until the end of the agreement on September 30, 2008, at which time this agreement ended. The total royalty payments for the year ended December 31, 2008 (unaudited) was $4,348. This amount was recorded as royalty expense in selling, general and administrative.

Royalty agreements were activated in November and December 2008 upon the signing of each of the European license agreements for sales of Uracyst® in the defined territories. These agreements involved royalty payments to be issued to the consultants who assisted in acquiring the licensee who signed the license agreements with the Company. The royalty payments being issued to consultants include 10% of the upfront fees received from the licensee and 10% to 50% of any future milestone payments received. In addition, royalty payments are also based on 4 to 5% of the total sales of Uracyst at a declining rate of 1% per year over a three to five year period, declining to a 1% rate effective in the final year. The expenses recorded in regards to royalty fees for the year ended December 31, 2009 wer e $60,410 (2008 (unaudited) - $29,605). These amounts have been recorded as royalty expense in selling, general and administrative.

(b)

License Agreements

In 2009, the Company signed two license agreements for Italy and South Korea territories. As provided in these agreements, the Company received $273,580 in non-recurring, non-refundable license fees and milestone payments, which were recognized as income in 2009.

(c)

Distribution Agreement

In October 2003, the Company entered into an exclusive agreement with a company in the United States, to manufacture and distribute bladder cancer test kit products within a specified field and territory as defined in the agreement, for a five year period commencing January 1, 2004, in consideration for a technology access fee of US$10,000 and an initial order. This agreement was renewed in December 2008, for an additional three years, until December 2011.

F-20

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

13.	CONTINGENCIES AND COMMITMENTS (continued)

(d) Manufacturing Agreement

The Company’s products during 2009 were being manufactured at Hyaluron Contract Manufacturers in Burlington, Massachusetts, United States, for the manufacture of Stellar’s NeoVisc® and at Draxis Pharma, Inc. in Kirkland, Quebec, Canada, for the manufacture of its Uracyst®. In November 2009, the Company terminated its agreement with Hyaluron Contract Manufacturers and entered into a new agreement with Therapure Biopharma Inc. in Mississauga, Ontario, Canada for the manufacture of its NeoVisc®.

(e) Leases

The Company presently leases office and warehouse equipment under operating leases. For the year ended December 31, 2009 the total expense related to leases was $5,096 (2008 (unaudited) - $5,096). At December 31, 2009, the remaining future minimum lease payments under operating leases are $9,629.

The Company is obligated to make the following operating lease payments as of December 31, 2009:

		Total				2010				2011				2012
Operating lease obligations		$	9,629			$	4,446			$	3,057			$	2,126

(f) Consulting Agreements

In May 2005, the Company entered into a research and development agreement with a major United States University. This agreement was extended throughout 2008 for an additional three months and a subsequent four months, until January 2009, for additional research to be preformed. The program is on Bladder Urothelial research in interstitial cystitis and cost the Company US$265,300 for the period May 2005 to January 2009. During the year ended December 31, 2009, the Company has recorded $3,536 (2008 (unaudited) - $34,846) as research and development costs.

(g) Executive Termination Agreement

The Company’s President and Chief Executive Officer is the only officer who currently has an employment agreement with the Company. The agreement provides that in the event that the employment is terminated, by the Company other than for cause, for good reason or within six months of a change of control of the Company, there is an entitled to (i) a lump sum payment equal to $383,600 (based on current base salary), (ii) all outstanding and accrued regular and vacation pay and expenses and (iii) the immediate vesting of his options which shall continue to be available for exercise for a period of 30 days following the date of termination.

14.	RELATED PARTY TRANSACTIONS

The Company entered into a fiscal advisory and consulting agreement with LMT Financial Inc. (a company beneficially owned by a director and his spouse) for services to be provided in the normal course of business. Compensation under the agreement is $6,000 per month. During the year ended December 31, 2009, the Company has recorded and paid $72,000 (2008 (unaudited) - $72,000) as selling, general and administrative expense.

F-21

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

15.	SIGNIFICANT CUSTOMERS

16.	FINANCIAL RISKS

(a)

Credit Risk

The Company is engaged in the sale of pharmaceutical products, typically to a small number of major customers, although the composition of this group of customers has changed from year to year. The Company performs ongoing credit evaluation of its customers' financial condition and, generally, requires no collateral.

(b)

Concentration Risk

The Company's cash and cash equivalents are maintained with two Canadian banking institutions and one institution in Ireland. Deposits held with these banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimum risk.

As at December 31, 2009, the Company had three customers which made up 63.1% of the outstanding accounts receivable, in comparison to five customers which made up 90.8% at December 31, 2008 (unaudited). Of these outstanding accounts receivables $109,013 or 38.8% was related to product sales to two international customers and $68,215 or 24.3% was related to a large wholesale account (2008 (unaudited) -57.5% were related to two customers: the first in regards to clinical products manufactured for Watson Pharma, Inc. (a company licensed for distribution of Uracyst in the United States market) at the end of the year, which was $159,015 or 31.9% and the second, $127,529 or 25.6% was related to licensing fees). Substantially all of these amounts outstanding were received as of the date of this report.

(c)

Currency Risk

The Company is subject to currency risk through its revenues earned and expenses incurred in United States dollars and Euro’s. Unfavorable changes in the exchange rate may affect the operating results of the Company. The Company does not actively use derivative instruments to reduce its exposure to foreign currency risk. However, depending on the nature, amount and timing of foreign currency receipts and payments, the Company may enter into forward exchange contracts to mitigate the associated risks. There were no forward exchange contracts outstanding at December 31, 2009 and 2008. As at December 31, 2009, the Company held foreign cash balances in the following currencies:

	2009				2008 (Unaudited)
	Foreign $		Cdn $		Foreign $		Cdn $
US dollars	$	203,528	$	213,012	$	1,789	$	2,191
EURO dollars	$	36,844	$	55,266	$	47,400	$	80,798

(d)

Fair Value of Financial Assets and Liabilities

The carrying amounts of the Company’s financial assets and liabilities including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximate fair value due to short-term maturity of these items.

F-22

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

17. SEGMENTED INFORMATION

The Company is engaged in one line of business which is in the development and marketing of polysaccharide-based therapeutic products used in a treatment of osteoarthritis and certain types of cystitis. Currently, all of the Company’s manufacturing assets are located in Canada (2008 (unaudited) – net book value of assets in the United States was $124,282). All direct sales take place in Canada. Licensing arrangements have been obtained to distribute and sell the Company’s products in various countries including the United States of America.

The Company is engaged in the sale of three lines of product:

	2009			2008 (Unaudited)
NeoVisc		59.9	%		69.8	%
Uracyst		22.9	%		11.3	%
BladderChek		0.8	%		1.3	%
Royalty and Licensing Revenues		16.2	%		17.2	%
Other		0.2	%		0.4	%

Revenue for the years ended December 31, 2009 and 2008 includes products sold in Canada and international sales of products. Revenue earned is as follows:

	December 31,
Products Sales	2009		2008 (Unaudited)
Canadian market sales	$	1,740,205	$	1,504,452
International sales		1,255,520		609,634
Other revenue		4,337		4,196
Total Product Sales	$	3,000,062	$	2,118,282

	December 31,
Royalties and Licensing Revenue		2009		2008 (Unaudited)
Licensing fees	$	532,194	$	232,600
Royalties		49,036		208,530
Total Royalties and Licensing Revenue	$	581,230	$	441,130

The Company currently sells its own products and is in-licensing other products in Canada. In addition, revenues include products which the Company out-licenses in Europe, the Caribbean, Italy, Lebanon, Malaysia, Kuwait, Romania, the United Arab Emirates and Turkey. The continuing operations reflected in the statements of operations include Stellar’s activity in these markets.

18.	FOREIGN CURRENCY GAIN (LOSS)

The Company enters into foreign currency transactions in the normal course of business. During the year ended December 31, 2009, the Company recorded foreign currency (loss) of ($50,617) (2008 (unaudited) – gain of $40,374). These amounts have been included in selling, general and administrative expenses.

F-23

STELLAR PHARMACEUTICALS INC.

NOTES TO FINANCIAL STATEMENTS

19.	SUBSQUENT EVENTS

The Company has been informed by the Chinese Patent Office that a patent has been allowed for one of its products, Uracyst®. The patent covers pharmaceutical compositions that comprise the greater and superior dosage sizes of chondroitin sulfate, and the use of those compositions for the treatment of IC/PBS. Upon Stellar completing the final formalities, including the payment of applicable fees, the Company expects this patent to issue. Once issued, the patent will expire on February 18, 2024.

F-24

EX-31.1 2 slxcf_ex311.htm EXHIBIT 31.1 slxcf_ex311.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO RULE 13A-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)

I, Peter Riehl, certify that:

I have reviewed this annual report on Form 10-K for the year ending December 31, 2009 of Stellar Pharmaceuticals Inc.;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

The small business issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the small business issuer and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the small business issuer's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer's internal control over financial reporting; and

Subject to the qualification as noted as Item 4 of the Company’s Management and Discussion Analysis report, the small business issuer's other certifying officer(s) and I have disclosed:

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: March 29, 2010


	/s/ Peter Riehl
	Peter Riehl
	President and Chief Executive Officer

EX-31.2 3 slxcf_ex312.htm EXHIBIT 31.2 slxcf_ex312.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO RULE 13A-14

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)

I, Janice Clarke, certify that:

I have reviewed this annual report on Form 10-K for the year ending December 31, 2009 of Stellar Pharmaceuticals Inc.;

(a)

(b)

(c)

(d)

Subject to the qualification as noted as Item 4 of the Company’s Management and Discussion Analysis report, the small business issuer's other certifying officer(s) and I have disclosed:

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: March 29, 2010


	/s/ Janice Clarke
	Janice Clarke
	Chief Financial Officer

EX-32.1 4 slxcf_ex321.htm EXHIBIT 32.1 slxcf_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED

PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002)

In connection with the annual report of Stellar Pharmaceuticals Inc. (the “Company”) on Form 10-K for the year ended December 31, 2009 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Peter Riehl, Chief Executive Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date: March 29, 2010


	/s/ Peter Riehl
	Peter Riehl
	President and Chief Executive Officer

EX-32.2 5 slxcf_ex322.htm EXHIBIT 32.2 slxcf_ex322.htm

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 (AS ADOPTED

PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002)

In connection with the annual report of Stellar Pharmaceuticals Inc. (the “Company”) on Form 10-K for the year ended December 31, 2009 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Janice Clarke, Chief Financial Officer, certify to my knowledge and in my capacity as an officer of the Company, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and,

Date: March 29, 2010


	/s/ Janice Clarke
	Janice Clarke
	Chief Financial Officer

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þ	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2009

o	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____________ to _____________

Ontario, Canada	0-31198	Not Applicable
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

Common Stock, no par value		NASDAQ Global Markets
(Title of class)		(Name of exchange)

	Years ended December 31,
	2009		2008		2007
At End of Year		0.9555		0.8166		1.0120
Average		0.8760		0.9381		0.9304
High		0.9484		1.0289		1.0905
Low		0.7908		0.7711		0.8437

LiLicensee	Agreement Date	Territory	Agreement Term
Sigmar Italia S.p.a.	May 2009	Italy	5 years +
Jeil Medix Pharmaceutical Co.	October 2009	Korea	5 years +

		($) (USD)
		High		Low

2009	First Quarter		0.35		0.21
	Second Quarter		0.65		0.28
	Third Quarter		0.70		0.51
	Fourth Quarter		0.98		0.58
2008	First Quarter		0.58		0.33
	Second Quarter		0.45		0.33
	Third Quarter		0.51		0.32
	Fourth Quarter		0.42		0.22
2007	First Quarter		0.92		0.65
	Second Quarter		0.87		0.60
	Third Quarter		0.72		0.47
	Fourth Quarter		0.66		0.37

Period	Total # of Shares Purchased		Average Price Paid per Share		Total # of Shares Purchased as Part of Publicly Announced Plan		Maximum # of Shares that May Yet Be Purchased Under the Plan
January 1 to 31		25,000	$	0.32		25,000		893,627
March 1 to 31		35,000	$	0.37		35,000		858,627
September 1 to 30		15,000	$	0.59		15,000		843,627
Total		75,000	$	0.40		75,000		843,627

Plan category	Number of securities to be issued upon exercise of outstanding options, warrants and rights		Weighted average exercise price of outstanding options, warrants and rights in Canadian Dollars		Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
	(a)		(b)		(c)
Equity compensation plans approved by security holders		460,000		0.84		1,519,452

Equity compensation plans not approved by security holders		—		—		—

Total		460,000		0.69		1,519,452

Quarter Ended	Revenues		Net Income (loss)			Earnings (loss) per share
December 31, 2009	$	907,600	$	23,200		$	0.00
September 30, 2009		826,900		25,900			0.00
June 30, 2009		1,074,300		164,700			0.01
March 31, 2009		772,500		25,200			0.00
December 31, 2008		903,000		196,000			0.00
September 30, 2008		481,100		(60,300	)		0.00
June 30, 2008		647,900		(68,000	)		0.00
March 31, 2008		527,400		(98,800	)		0.00

Income Statement for the year ended	Dec 31, 2009		Dec 31, 2008 (Unaudited)			Dec 31, 2007
Total revenue	$	3,581,300	$	2,559,400		$	2,247,300
Cost of goods sold		1,001,900		556,400			519,300
Expenses		2,352,500		2,127,500			2,088,500
Net income (loss)		238,900		(31,100	)		(147,400	)
- basic		0.01		(0.00	)		(0.01	)
- diluted		0.01		n/a	(1)		n/a	(1)

Balance Sheet as at	Dec 31, 2009			Dec 31, 2008 (Unaudited)			Dec 31, 2007
Cash and cash equivalents	$	2,325,200		$	2,106,000		$	3,211,100
Total assets		5,025,700			4,716,700			4,890,200
Total liabilities		406,900			361,800			417,400
Cash dividend declared per share		—			—			—
Shareholders’ equity
- Common shares		8,183,600			8,261,400			8,303,100
- treasury shares		—			(51,600	)		—
- paid-in capital for cancelled Common shares		—			2,300			—
- paid-in capital options		724,100			758,300			746,400
- deficit		(4,618,800	)		(4,615,600	)		(4,576,600	)
Total liabilities and shareholders equity		5,025,700			4,716,700			4,890,200