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IntelliPharmaCeutics Receives $3.1 Million From Par Pharmaceutical, Inc.


2/3/2014 8:51:16 AM

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TORONTO, Feb. 3, 2014 (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, today announced the receipt of approximately $3.1 million as its first payment relating to commercial sales of dexmethylphenidate hydrochloride extended-release capsules by its licensee Par Pharmaceutical, Inc. ("Par"). This represents the Company's share of profits for the 15 and 30 mg strengths of the drug product for the period commencing with the first commercial sales of those strengths on November 19, 2013 and ending December 31, 2013 under its License and Commercialization Agreement with Par. Future profit-share payments are expected on a quarterly basis, although the amounts of any such payments cannot now be determined and may vary significantly from time-to-time. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

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