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Intellipharmaceutics Announces Third Quarter 2010 Results

TORONTO, Oct. 15, 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 nine months ended August 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 months ended August 31, 2010 was $2.1 million, or $0.19 per common share, compared with a loss of $0.2 million, or $0.02 per common share for the three months ended September 30, 2009. The loss for the nine months ended August 31, 2010 was $3.9 million, or $0.35 per common share, compared with a loss of $1.0 million, or $0.10 per common share for the nine months ended September 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 Company increased research and development expenditures as a result of a stronger financial position during the three and nine months ended August 31, 2010 in comparison to the three and nine months ended September 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.

The increase in selling, general and administrative expenses for the three months ended August 31, 2010 is due to an increase in expenses related to wages and marketing costs incurred during the period which were not incurred in the comparable period, as Intellipharmaceutics was not a publicly traded company. For the nine months ended August 31, 2010 the increase in selling, general and administrative expenses is due to an increase in expenses related to legal fees, wages, and marketing costs incurred during the period which were not incurred in the comparable period, as Intellipharmaceutics was not a publicly traded company.

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