IntelliPharmaCeutics Closes US$5,000,000 Registered Direct Offering of Common Shares

Published: Mar 16, 2012

TORONTO, March 15, 2012 (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 that it has closed its previously announced registered direct common share offering for gross proceeds of approximately US$5 million. The company sold an aggregate of 1,818,182 shares to U.S. institutional investors at a price of US$2.75 per share. After placement agent fees and estimated offering expenses, the company received net proceeds from the offering of approximately US$4.4 million.

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