TORONTO, Dec. 29, 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 announced that the staff of the Nasdaq Stock Market (the "Staff") has granted the Company an extension of the deadline to regain compliance with Nasdaq Listing Rule 5550(b), which requires companies listed on the Nasdaq Capital Market to maintain a minimum of $2,500,000 in shareholders' equity, $35,000,000 in market value of listed securities or $500,000 in net income from continuing operations. Under the terms of the extension, the Company must complete certain transactions on or before January 31, 2011 and demonstrate compliance with Listing Rule 5550(b) prior to March 1, 2011.
The Company's ability to regain compliance with Listing Rule 5550(b) depends on the results of the Company's continuing operations and negotiations with third parties. The Company can offer no assurance that it can complete such transactions before the deadlines or that it can regain or maintain compliance even if these transactions are completed. If the Company does not meet the extension requirements or regain compliance with Listing Rule 5550(b) within the required time periods, the Staff will provide written notification that the Company's securities will be delisted. The Company may appeal the Staff's determination to a listing qualifications panel, but there can be no assurance that the Company would be successful if it were to appeal.
About IntellipharmaceuticsIntellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel or generic controlled release and targeted release oral solid dosage drugs. The Company's patented Hypermatrix™ technology is a unique and validated multidimensional controlled-release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of products in various stages of development in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection.