SPPH Spencer Pharmaceutical Inc (CE)

Spencer Pharmaceutical Inc. (PINKSHEETS: SPPH) announced today that is has formalized the buyout offer with the Al-Dorra Group as a successful results of meetings held in Montreal, Canada over the past week.

According to the terms of the formal buyout offer, Al-Dorra will acquire Spencer Pharmaceutical for $245 million USD on an all cash transaction to close on or before March 17, 2011. As per the terms of the formal offer, Al-Dorra reserves the right to acquire shares in the open market and Al-Dorra will deposit $500,000 in the company's account to be used to pay legal fees, and expenses associated with the ongoing business operations of Spencer Pharmaceutical.

"We are very satisfied with the terms of the buyout offer as it is very beneficial to our shareholders," said Dr. Max Arella, President of Spencer Pharmaceutical Inc. "I would personally like to thank His Excellency Hussein Al-Awaid for his time and travel commitment in formalizing the agreement with our board on behalf of our shareholders," 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.

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.

Contact: Dr. Max Arella President Spencer Pharmaceutical Inc. Tel. 1+(617) 973-5017