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Star Scientific Files Annual Financial Report
Date:3/16/2009

PETERSBURG, Va., March 16 /PRNewswire-FirstCall/ -- Star Scientific, Inc. (Nasdaq: STSI) filed its Annual Report on Form 10-K today with the Securities and Exchange Commission. The company reported 2008 net sales of $0.5 million, which essentially were unchanged from net sales for 2007. However, volume sales of the company's two dissolvable smokeless tobacco products, Ariva(R) and Stonewall(R), increased 7.8% in 2008 compared to 2007. The wholesale price for 20-piece packages of the products was increased $.10 effective January 1, 2009. Star reported a net loss for 2008 of $18.3 million compared to the 2007 net loss of $41.5 million. The 2007 net loss included a $27.0 million loss from the sale of the interest stream and reversionary interest in the company's MSA escrow accounts, in addition to an operating loss of $17.1 million that was partially offset by a gain of $3.6 million on the sale of 990 tobacco curing barns.

Star reported cash and cash equivalents totaling $6.5 million at year-end 2008 as compared to $8.9 million at year-end 2007. In addition the company reported that between January 1 and early March, 2009, it had raised approximately $14.0 million in cash through the exercise of outstanding warrants and stock options.

As the company noted in a January 6, 2009 press release, its Rock Creek Pharmaceuticals subsidiary recently completed a study to determine the ability of Stonewall(R) dissolvable smokeless tobacco to relieve cigarette withdrawal symptoms when compared to an over-the-counter nicotine replacement product (NRT). Rock Creek applied to have the study results included in an abstract submission at the Society for Research in Nicotine and Tobacco (SRNT) -- Europe Conference to be held in Dublin, Ireland in April 2009, and was recently notified that the submission has been accepted. An abstract on lung cance
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SOURCE Star Scientific, Inc.
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