UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-KSB/A



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2006Commission file number 0-31198



| |                                                | 
| | ---------------------------------------------- | 
| | Stellar Pharmaceuticals Inc.                   | 
| | (Name of small business issuer in its charter) | 



|                                                |  |                                     
|----------------------------------------------- |  | ------------------------------------
|Ontario, Canada                                 |  | Not Applicable                      
|(Jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)



|                                            |  |              
|------------------------------------------- |  | -------------
|544 Egerton Street, London, Ontario, Canada |  | N5W 3Z8      
|(Address of principal executive offices)    |  | (Postal Code)



|                          |               
|------------------------- | --------------
|Issuers telephone number | (519) 434-1540



Securities registered under Section 12(b) of the Exchange Act:



|                    |  |                                          
|------------------- |  | -----------------------------------------
|Title of each class |  | Name of each exchange on which registered
|Not applicable      |  | Not Applicable                           



Securities registered under Section 12(g) of the Exchange Act:



| |                  |  | 
| | ---------------- |  | 
| | Common Shares    | 
| | (Title of Class) | 



Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes [ X ]  No [   ].



Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB  [  ]



State issuers revenues from all sources for its most recent fiscal year $4,377,697 (Cdn.).



As of March 26, 2007, the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the average bid and asked price of such common equity, as of such date, was $12,673,144(Cdn.).



As of March 26, 2007, 23,819,040 Common Shares were outstanding.



Transitional small business disclosure format (check one):  Yes [   ] No [ X ]



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EXPLANATORY NOTE

This amendment on form 10-KSB/A is being filed along with its exhibits to amend the previous 10-KSB filed with the Securities and Exchange Commission on April 2, 2007 for the period ended December 31, 2006, in which the company used the incorrect certification forms under the Sarbanes-Oxley act of 2002, section 906 and 302. This report should be read in conjunction with its previous filing April 2, 2007.





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