WILSON, NC--(Marketwire - October 31, 2011) -
PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR
) (the "Company") announced today that it has started the process of becoming a fully-reporting company under U.S. Securities and Exchange Commission (SEC) regulations, in preparation for listing its shares on the OTC Bulletin Board (OTCBB).
Fully-reporting SEC status will allow PharmStar to pursue a listing on NASDAQ's OTC Bulletin Board, a regulated quotation service that displays real-time quotes, last-sale prices, and market depth and volume information for over-the-counter securities.
"I am committed to continuing our policy of transparency and complete disclosure, and this process is therefore mandatory for us if we are to achieve our goals," stated PharmStar CEO Howard Phykitt. "I believe that a listing on the OTCBB will enhance investor interest and confidence, lower our cost of capital, and make our stock more attractive to institutional investors. As the Company continues to progress toward this listing we will update our shareholders accordingly. As a first step, we have identified our audit firm and have begun organizing our historical corporate operations and financial results. We will then prepare SEC filings in anticipation of transitioning to fully-reporting status and application to the OTCBB early next year."
The Company completed the initial step in the process of becoming fully-reporting by retaining the accounting firm of Labrozzi & Company, P.A. The firm will immediately initiate an audit of PharmStar Pharmaceuticals, Inc. and its operations.
The Company's major milestones include completing its audit (4-6 weeks), the filing of a Form 10 (9-12 weeks) and 15c211, and the probable filing of an S1 registration. The Company's management expects the total process to take approximately 4 to 6 months.
About PharmStar Pharmaceuticals, Inc.
PharmStar Pharmaceuticals, Inc. ("PharmStar") is a U.S.-based drug development, manufacturing and marketing company and the innovator of the FDA-approved liquid pain reliever, Aquaprin™. In development since 1993 with over $3 million invested to-date, Aquaprin™ is a liquid derivative of aspirin, and is now ready for commercialization. Aquaprin™'s unique, multiple patent-pending formulas are designed to dissolve nearly instantly in just 1.5 ounces or more of water. This enables the product to be absorbed into the bloodstream up to 10 times faster than traditional OTC pain relievers, and with little to no stomach upset.
PharmStar initially plans to sell Aquaprin™ directly to nursing homes, outpatient and health care clinics, emergency units of hospitals nationwide, as well as retail distribution in selected local markets and third-party websites to be announced. All package engineering, product stability; shelf life testing and quality control research has been completed. PharmStar's headquarters are located in Wilson, NC.
Forward-Looking Statements Disclosure
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "will," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.