PharmStar to Pursue SEC Fully-Reporting Status
October 31 2011 - 9:26AM
Marketwired
PharmStar Pharmaceuticals, Inc. (PINKSHEETS: PHAR) (the "Company")
announced today that it has started the process of becoming a
fully-reporting company under U.S. Securities and Exchange
Commission (SEC) regulations, in preparation for listing its shares
on the OTC Bulletin Board (OTCBB).
Fully-reporting SEC status will allow PharmStar to pursue a
listing on NASDAQ's OTC Bulletin Board, a regulated quotation
service that displays real-time quotes, last-sale prices, and
market depth and volume information for over-the-counter
securities.
"I am committed to continuing our policy of transparency and
complete disclosure, and this process is therefore mandatory for us
if we are to achieve our goals," stated PharmStar CEO Howard
Phykitt. "I believe that a listing on the OTCBB will enhance
investor interest and confidence, lower our cost of capital, and
make our stock more attractive to institutional investors. As the
Company continues to progress toward this listing we will update
our shareholders accordingly. As a first step, we have identified
our audit firm and have begun organizing our historical corporate
operations and financial results. We will then prepare SEC filings
in anticipation of transitioning to fully-reporting status and
application to the OTCBB early next year."
The Company completed the initial step in the process of
becoming fully-reporting by retaining the accounting firm of
Labrozzi & Company, P.A. The firm will immediately initiate an
audit of PharmStar Pharmaceuticals, Inc. and its operations.
The Company's major milestones include completing its audit (4-6
weeks), the filing of a Form 10 (9-12 weeks) and 15c211, and the
probable filing of an S1 registration. The Company's management
expects the total process to take approximately 4 to 6 months.
About PharmStar Pharmaceuticals, Inc.
PharmStar Pharmaceuticals, Inc. ("PharmStar") is a U.S.-based drug
development, manufacturing and marketing company and the innovator
of the FDA-approved liquid pain reliever, Aquaprin™. In development
since 1993 with over $3 million invested to-date, Aquaprin™ is a
liquid derivative of aspirin, and is now ready for
commercialization. Aquaprin™'s unique, multiple patent-pending
formulas are designed to dissolve nearly instantly in just 1.5
ounces or more of water. This enables the product to be absorbed
into the bloodstream up to 10 times faster than traditional OTC
pain relievers, and with little to no stomach upset.
PharmStar initially plans to sell Aquaprin™ directly to nursing
homes, outpatient and health care clinics, emergency units of
hospitals nationwide, as well as retail distribution in selected
local markets and third-party websites to be announced. All package
engineering, product stability; shelf life testing and quality
control research has been completed. PharmStar's headquarters are
located in Wilson, NC.
Forward-Looking Statements Disclosure This press release
includes "forward-looking statements" within the meaning of the
federal securities laws, commonly identified by such terms as
"believes," "will," "looking ahead," "anticipates," "estimates" and
other terms with similar meaning. Although the Company believes
that the assumptions upon which its forward-looking statements are
based are reasonable, it can give no assurance that these
assumptions will prove to be correct. Important factors that could
cause actual results to differ materially from the Company's
projections and expectations are disclosed in the Company's filings
with the Securities and Exchange Commission. All forward-looking
statements in this press release are expressly qualified by such
cautionary statements and by reference to the underlying
assumptions.
Contact: PharmStar Pharmaceuticals, Inc. 919-794-7000
info@pharmstarinc.com www.pharmstarinc.com Investor Contact:
investors@pharmstarinc.com