TORONTO, March 29, 2011 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), today announced the following with regard to its generic drug commercialization activities.
The Company has become aware that Elan Corporation, plc and Elan Pharma International Ltd. have filed a Complaint against Intellipharmaceutics Corp., Intellipharmaceutics Ltd., and Par Pharmaceutical, Inc., Intellipharmaceutics' development and commercialization partner for generic Focalin XR®, for alleged patent infringement in the United States District Court for the District of Delaware, relating to Intellipharmaceutics' generic version of 30mg Focalin XR® (dexmethylphenidate hydrochloride) extended-release capsules. The Complaint has not yet been served upon the Company or upon Par. Previously, in similar litigation, now settled by dismissal and the grant of licenses to Par and Intellipharmaceutics, each of Elan, Novartis Pharmaceuticals Corporation, and Celgene Corporation had filed a similar Complaint in the same court for alleged patent infringement relating to Intellipharmaceutics' and Par's development of 5mg, 10mg, 15mg and 20mg dosage strengths of Focalin XR®. In view of the previous settlement related to these four dosage strengths, the Company believes there is a reasonable prospect that the litigation relating to the 30mg strength could also be settled on terms satisfactory to the Company, although no assurance can be provided to this effect.
Lawsuits such as these are an ordinary and expected part of the process of obtaining approval to commercialize a generic drug product in the United States. Intellipharmaceutics remains confident that its generic version of 30mg Focalin XR® does not in any event infringe the patents in issue. For further information please contact: John Allport, VP Legal Affairs, Intellipharmaceutics International Inc., 30 Worcester Road, Toronto, Ontario, M9W 5X2, Tel: (416) 798-3001 Ext. 104, Fax: (416) 798-3007.About Intellipharmaceutics Intellipharmaceutics 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV