IntelliPharmaCeutics Announces Proposed Convertible Debenture Financing

TORONTO, Jan. 7, 2013 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, is pleased to announce that it intends to complete a private placement financing (the "Financing") of US$1.5 million aggregate principal amount of unsecured convertible debentures (the "Debentures"), which will mature January 1, 2015.