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Intellipharmaceutics Announces 2012 Year End Results

Stocks in this article: IPCI

TORONTO, Jan. 31, 2013 (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, 2012. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

The Company recorded a net loss for the year ended November 30, 2012 of $6.1 million, or $0.36 per common share, compared with a loss of $4.9 million, or $0.33 per common share for the year ended November 30, 2011. The increased loss can be attributed to an increase in stock-based compensation, a reduction in the fair value adjustment of derivative liability, and a reduction in revenue in the year ended 2012 compared to the prior year. This was partially offset by a nil financing expense in the year ended November 30, 2012 compared to financing expense of $2.4 million in the prior year related to the Company's February 2011 private placement financing. Stock-based compensation expense in the year ended 2012 was $2.4 million versus $0.7 million in the prior year. The fair value adjustment of derivative liability in the year ended November 30, 2012 was $3.8 million versus $5.3 million in the prior year. Revenues related to the amendment of the development and commercialization agreement with Par Pharmaceutical, Inc. ("Par") in the year ended November 30, 2012 was $0.1 million versus $0.5 million in the prior year.

Loss from operations for the year ended November 30, 2012 was $10.1 million compared with loss from operations of $7.8 million for the year ended November 30, 2011. Research and development ("R&D") expenditures in the year ended November 30, 2012 increased to $6.0 million versus $5.1 million for the prior year, primarily due to the increase in stock-based compensation for R&D employees. After adjusting for stock-based compensation expense, expenditures for R&D were effectively the same in both years. Selling, general and administrative expenses in the year ended November 30, 2012 increased to $3.7 million versus $2.9 million in the prior year. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses were effectively the same in both years.

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