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Intellipharmaceutics Announces Second Quarter 2013 Results

TORONTO, July 2, 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 and six months ended May 31, 2013. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

The Company recorded a net loss for the three months ended May 31, 2013 of $1.8 million, or $0.09 per common share, compared with a net loss of $1.4 million, or $0.08 per common share, for the three months ended May 31, 2012. The net loss for the six months ended May 31, 2013 was $3.1 million, or $0.17 per common share, compared with a net loss of $3.3 million, or $0.20 per common share, for the six months ended May 31, 2012. The Company's increased net loss in the three months ended May 31, 2013, can be primarily attributed to a reduction in the fair value adjustment of derivative liability of $0.2 million compared to $0.8 million in the comparable 2012 period, and the timing of certain research and development activities. After adjusting for the fair value adjustment of derivative liability the loss for the three months ended May 31, 2013 was lower by $0.2 million and is discussed below.

Loss from operations for the three months ended May 31, 2013 was $1.8 million compared with $2.0 million for the three months ended May 31, 2012. Research and development expense for the three months ended May 31, 2013 decreased to $0.9 million compared to $1.1 million in the three months ended May 31, 2012. After adjusting for stock-based compensation expense, expenditures for research and development for the three months ended May 31, 2013 were lower by $0.2 million. Selling, general and administrative expenses for the three months ended May 31, 2013 were $0.8 million versus $0.8 million in the prior period. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses for the three months ended May 31, 2013 were lower by $0.1 million.

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