Intellipharmaceutics International is a pharmaceutical company specializing in the research, development, and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. The company’s patented Hypermatrix technology is a controlled-release drug delivery platform that can be applied to the development of a wide range of pharmaceuticals.

The company announced that it has closed its previously announced registered direct unit offering priced at $1.72 per unit. Intellipharmaceutics sold units made up of an aggregate of 1.815 common shares and warrants to purchase an additional 453,750 common shares. The warrants have a term of 5 years and an exercise price of $2.10 per common share, but are exercisable immediately.

Intellipharmaceutics received net proceeds from the offering of approximately $2.7 million. The company intends to use the proceeds to file additional Abbreviated New Drug Applications with the Food and Drug Administration, to advance clinical trials for its abuse resistant Rexista technology and/or other NDA 505 (b) (2) opportunities, to establish additional partnerships, and for working capital.

Based on its Hypermatrix technology, the company has a pipeline of product candidates in various stages of development, including filings with the FDA in therapeutic areas including neurology, cardiovascular, gastrointestinal tract, diabetes, and pain.

For further information about Intellipharmaceutics, please visit www.intellipharmaceutics.com

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