Spencer Pharmaceutical Provides Milestone Objectives

BOSTON, MA--(Marketwire - October 13, 2010) -

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) provided its milestone objectives for the next 12 months.

According to the company, the milestones clearly identifies the steps necessary to commercialize its “Metformin” drug delivery (Met4) as well as several other medication using its patented drug delivery technology.

Phase 1 October 2010 to February 2011

• Animal Testing of Met4
• Hire Vice-President of Regulatory Affairs
• Prepare Health Canada and FDA submission for fast Track Approval

Phase 2 March 2011 to June 2011

• Additional Animal Testing of Met4
• Fill Health Canada and FDA submissions for fast track approval request
• Sign Distribution and or Licensing Agreement in the Middle East, North Africa and various European Union countries
• Begin Commercialize the Met4 in the Middle East, North Africa and various European Union countries.

Phase 3 July 2011 to September 2011

• Begin Commercializing in Canada and USA

“We are very confident in our Met4 formulation to obtain a fast track approval and we are aiming at obtaining a share of the $4 billion Metformin market in the very near future,” said Dr. Max Arella, President of Spencer Pharmaceutical Inc. “We have already begun the development of several other formulation that can be commercialize rapidly,” further added Dr. Arella.

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.

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