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Intellipharmaceutics Announces Third Quarter 2012 Results

Stocks in this article: IPCI

TORONTO, Oct. 2, 2012 (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 three and nine months ended August 31, 2012. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

The Company recorded a net loss for the three months ended August 31, 2012 of $1.5 million, or $0.08 per common share, compared with net income of $1.1 million, or $0.05 per diluted common share for the three months ended August 31, 2011. The net loss for the nine months ended August 31, 2012 was $4.8 million, or $0.28 per common share, compared with a net loss of $3.6 million, or $0.24 per common share for the nine months ended August 31, 2011. The Company's net loss in the three months ended August 31, 2012, when compared to the net income in the three months ended August 31, 2011, can be attributed to the prior period's fair value adjustment of the derivative liability, as described below, and revenue from the amendment of the existing development and commercialization agreement between the Company and Par Pharmaceutical, Inc. to include additional strengths of Focalin XR® generic products. The fair value adjustment of the derivative liability for the three months ended August 31, 2012 was $0.5 million versus $2.5 million in the comparable prior period. There was nil revenue in the current period and revenue of $0.5 million was recognized in the prior period from the $0.6 million cash payment received on the amendment of the existing development and commercialization agreement with Par Pharmaceutical, Inc.

Loss from operations for the three months ended August 31, 2012 was $2.1 million compared with $1.4 million for the three months ended August 31, 2011. Research and development expense for the three months ended August 31, 2012 increased to $1.3 million compared to $1.2 million in the three months ended August 31, 2011. After adjusting for stock-based compensation expense, expenditures for research and development for the three months ended August 31, 2012 were lower by $0.1 million. Selling, general and administrative expenses for the three months ended August 31, 2012 increased to $0.7 million versus $0.6 million in the prior period. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses for the three months ended August 31, 2012 were higher by $0.1 million in comparison to the prior period.

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