Stellar Pharmaceuticals Inc. And Megapharm Sign Licensing Agreement For Uracyst'R' In Israel

LONDON, ONTARIO--(CCNMatthews - Dec. 20, 2005) - Stellar Pharmaceuticals Inc. ("Stellar") (TSX VENTURE:SLX)(OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, today announced that it has signed a licensing agreement with Megapharm Ltd. ("Megapharm") for the sale of Uracyst® in Israel. Uracyst is a patented therapeutic used in the treatment of glycosaminoglycan (GAG) deficient cystitis, such as interstitial cystitis ("IC"), radiation induced cystitis and chronically recurring cystitis. In the urinary bladder, GAG forms a protective barrier between urine and the bladder wall; defects in this barrier function allow toxins and irritants in the urine to seep through resulting in inflammation of the bladder wall. The usual symptom of this inflammation is the need to urgently and frequently urinate. IC is one of the most common forms of cystitis resulting from GAG defects and there is no known cure for this condition, nor is there a dominant treatment in the market.

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