Intellipharmaceutics Announces Second Quarter 2010 Results
TORONTO, July 14, 2010 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), a pharmaceutical company specializing in the research, development and manufacture of novel or generic controlled release and targeted release oral solid dosage drugs, today reported the results of operations for the three and six month periods ended May 31, 2010. All comparative information is that of the predecessor company Intellipharmaceutics Ltd. ("IPC Ltd"). All dollar amounts referenced herein are in United States dollars unless otherwise noted.
The loss for the three month period ended May 31, 2010 was $0.3 million, or $0.03 per common share, compared with a loss of $0.2 million, or $0.02 per common share for the three month period ended June 30, 2009. The loss for the six month period ended May 31, 2010 was $1.7 million, or $0.16 per common share, compared with a loss of $0.8 million, or $0.09 per common share for the six month period ended June 30, 2009. The increased period-over-period loss is mainly due to increases in both research and development expenses and increases in selling, general and administrative expenses. The significant decrease in the Company's loss during the second quarter ended May 31, 2010 compared to the first quarter ended February 28, 2010, can be mainly attributed to the fact that a drug development agreement was mutually terminated by Intellipharmaceutics and another party and as a result, unearned revenue of approximately $1.4 million was brought into income.
The Company increased research and development expenditures as a result of a stronger financial position during the three and six month period ended May 31, 2010 in comparison to the three and six month period ended June 30, 2009. This stronger financial position is allowing Intellipharmaceutics to pursue its strategy of advancing its products from the formulation stage through product development, regulatory approval and manufacturing before out-licensing marketing and sales rights to established organizations.
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