Spencer Pharmaceutical Added to the IAB MCSC Index

BOSTON, MA--(Marketwire - October 27, 2010) -

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that it has been added to the ItsAllBull.net Micro Cap Small Cap (MCSC) Index. The MCSC Index is tracking the general performance of equities that trade primarily on the Over-the-Counter (OTC) markets including the Pinksheets, Bulletin Boards, as well as the TSX Venture Exchange. It has been over performing the Dow Jones and S&P TSX indices since its inception in September 2009.

You can view its performance at http://www.itsallbull.net/mcsc.php

“Clearly we are very pleased to be included in the IAB MCSC Index as it is very important to continually improve the company’s profile and exposure,” stated Dr. Max Arella, CEO of Spencer Pharmaceutical Inc.

About ItsAllBull.net:
Itsallbull.net is an online financial community forum aimed at providing financial information to money managers, individual investors and analysts. They offer a unique information service to the investment communities by offering Technical analysis and Corporate videos, Reports and Presentations, Corporate Governance on over 29,000 publicly Traded Companies. At its creation date on September 1, 2009, the IAB MCSC Index initially selected 2000 companies from the total number of equities listed on the above mentioned exchanges to include in the Index. Criteria used to select the Index component companies included; companies having a stock price of no more than $5.00, and stocks experiencing at least a minimal level of daily trading volume. Then for each stock selected for the MCSC Index portfolio, an initial position worth $10,000 USD was recorded. The IAB MCSC Index is reviewed and updated daily, and equities that no longer meet the inclusion criteria are removed and/or replaced. As delisting and name/symbol changes are common within the realm of the OTC markets, the actual number of equities listed in the MCSC Index will change frequently, and at any particular time may be less than 2000. Currently, the MCSC Index employs 1843 component companies.

About Spencer Pharmaceutical:
Spencer Pharmaceutical Inc. is a US-based Pharmaceutical Research and Development Corporation, which is developing innovative drug release and absorption systems for the treatment of metabolic diseases such as diabetes and metabolic syndrome.

Safe Harbor Statement:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company’s ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company’s contract manufacturers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.