Spencer Pharmaceutical Applies for Corporate Governance Certificate With ICCG

BOSTON, MA--(Marketwire - October 21, 2010) -

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) today announced that it has applied for a Level 1 certificate with the International Council for Corporate Governance (ICCG). The certificate application is a 2 step process. First a questionnaire to be filled out by a company executive is completed. This is reviewed by the ICCG Audit Committee. Then the Companies Executives and Board of Directors will review and in conjunction with ICCG adopt a code of ethics prepared with ICCG. If satisfactory, ICCG will then issue a certification with all details published on http://www.spencerpharmaceutical.com

“As an OTC Pinksheet listed company we have high standards in our reporting and transparency procedures corporately as well as scientifically,” stated Dr. Max Arella, President of Spencer Pharmaceutical Inc., furthermore, “we believe it is our corporate duty to continually improve our already high standards of reporting to investors with our ultimate goal being the improved value of our company to our current shareholders and future investors,” added Dr. Arella.

About The International council for Corporate Governance:

The International Council for Corporate Governance is an International membership organization that provides publicly traded companies with a practice model for Corporate Governance Disclosure. Their goal is to increase the standard of corporate transparency and corporate governance disclosure to increase investor confidence. For more information please visit: www.i2cg.org

About Spencer Pharmaceutical Inc.

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. Important Information About Forward-Looking Statements in this press release may be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above. In addition, such statements could be affected by risks and uncertainties related to the exploration for and development of mineralized material, product demand, market and customer acceptance, competition, pricing and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on the Company’s website does not constitute a part of this release.