TORONTO, Feb. 28, 2011 (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 reported the results of operations for the year ended November 30, 2010 with the comparative eleven month period ended November 30, 2009. All comparable information for the 2008 year end is that of Intellipharmaceutics International Inc.'s predecessor company IntelliPharmaCeutics Ltd., which had a December 31 year end. All dollar amounts referenced herein are in United States dollars unless otherwise noted.
The loss for the year ended November 30, 2010 was $5.8 million, or $0.53 per common share, compared with a loss of $1.8 million, or $0.19 per common share for the eleven month period ended November 30, 2009. The increased loss is mainly due to increased research and development activities to develop and advance the Company's product pipeline, which now includes four products filed with the U.S. Food and Drug Administration for the purpose of obtaining regulatory approval and additional products that are in various stages of development. The increased loss is also a result of increased costs of being a public company, an increase in overall staffing levels, and an increase in wages and benefits for both administrative and research and development staff.
At November 30, 2010, Intellipharmaceutics' cash totaled $0.8 million, compared with $8.0 million at November 30, 2009. The decrease in cash during the year ended November 30, 2010 is mainly a result of cash used in research and development activities, the increased costs of being a public company, and the repayment of C$910,000 to an amount due to a related party. Subsequent to year end, on February 1, 2011, Intellipharmaceutics completed the sale of common stock and warrants to institutional investors that resulted in net proceeds to the Company of an estimated $10.5 million.