LONDON--(BUSINESS WIRE)--Dec. 22, 2005--Stellar Pharmaceuticals Inc. (TSX VENTURE:SLX)(OTCBB:SLXCF), a Canadian pharmaceutical developer and marketer of high quality, cost-effective products for select health care markets, announced today that, subject to receipt of all necessary regulatory approvals, it has granted a total of 165,000 options to three directors and three officers of the corporation. The options are exercisable at CN $0.91 per share, with 145,000 of these options having an expiry period of three years and the remaining 20,000 options having an expiry period of two years. 165,000 of the options vest quarterly over the 18 month period following grant. One half of the remaining 20,000 options vest quarterly over the 12 month period following the date of grant and the remaining half will only vest in the event that certain financial objectives are achieved for the 2006 fiscal year. If such objectives are achieved the remaining options will vest equally at the end of the first and second quarters of the 2007 fiscal year.
