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Intellipharmaceutics Announces First Quarter 2013 Results

Stocks in this article: IPCI

TORONTO, April 3, 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 three months ended February 28, 2013. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

The Company recorded a loss for the three months ended February 28, 2013 of $1.3 million, or $0.07 per common share, compared with a loss of $1.9 million, or $0.12 per common share, for the three months ended February 29, 2012. The Company's decreased net loss in the first quarter ended February 28, 2013, can be attributed to lower overall expenses in research and development and selling, general and administrative expenses, and a larger fair value adjustment of derivative liabilities compared to the prior period.

Loss from operations for the three months ended February 28, 2013 was $2.3 million compared with $3.1 million for the three months ended February 29, 2012. Research and development expense for the three months ended February 28, 2013 decreased to $1.3 million compared to $2.0 million in the three months ended February 29, 2012. After adjusting for stock-based compensation expense, expenditures for research and development for the three months ended February 28, 2013 were higher by $0.3 million. Selling, general and administrative expenses for the three months ended February 28, 2013 decreased to $0.8 million versus $1.1 million in the prior period. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses for the three months ended February 28, 2013 were higher by $0.1 million.

At February 28, 2013, Intellipharmaceutics' cash and cash equivalents totaled $0.5 million, compared with $0.5 million at November 30, 2012. Cash during the three months ended February 28, 2013 remained effectively the same as a result of cash used in operating activities offset by cash provided from financing activities related to the Company's January 10, 2013 private placement financing of an unsecured convertible debenture (the "debenture") in the principal amount of $1.5 million, described more fully below.

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