Intellipharmaceutics Continues to Reposition as Specialty Drug Delivery Company

Intellipharmaceutics International Inc. (TSX:I,NASDAQ:IPCI) released its operational results for the year ended November 30, 2015, commenting that it incurred a net loss of $7.4 million, or $0.31 per common share. That’s up from a net loss of $3.9 million, or $0.17 per common share, the previous year.
As quoted in the press release:

The net loss for the year ended November 30, 2015, is higher than the comparable prior period primarily due to the lower revenues during the fiscal year 2015 as explained above and is also attributed to the ongoing R&D and selling, general and administrative expenses, including an increase in expenditures on bio-studies. During the year ended November 30, 2014, the net loss is attributed to the ongoing R&D and selling, general and administrative expense, and salary increases to certain non-management employees, partially offset by licensing and milestone revenue.

Strategic highlights for the year are as follows:

• Filed an Investigational New Drug (“IND”) application for our Rexista™ Oxycodone XR product candidate
• U.S. Food and Drug Administration (“FDA”) granted Fast Track designation to Rexista™ Oxycodone XR incorporating our Paradoxical OverDose Resistance Activating System (“PODRAS™”) overdose prevention technology
• Filed an IND for Regabatin™ XR, our once a day version of pregabalin (Lyrica®)

Dr. Isa Odidi, chairman and CEO of Intellipharmaceutics International, commented:

Our accomplishments in 2015 mark the repositioning and validation of Intellipharmaceutics as a specialty new drug delivery company. In light of this success, our start to 2016 looks even more promising given the positive results we announced in January demonstrating that Rexista™ Oxycodone XR tested bioequivalent to Oxycontin® and the recent news of the FDA approval of our generic version of Keppra XR®. We continue to make solid progress towards our stated objective of filing a New Drug Application (“NDA”) for Rexista™ Oxycodone XR within the next six months.

Click here to read the full Intellipharmaceutics International Inc. (TSX:I,NASDAQ:IPCI) press release.