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Intellipharmaceutics Announces Pricing Of Public Offering Of Common Shares And Warrants

TORONTO, July 26, 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 announced the pricing of an underwritten public offering of 1,500,000 units of common shares and warrants at a price of US$2.05 per unit. The offering is being anchored by a healthcare dedicated institutional investor. In connection with the offering, the Company will be issuing an aggregate of 1,500,000 common shares and warrants to purchase an additional 375,000 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of US$2.55 per common share. After underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately US$2,500,000.

Maxim Group LLC is acting as sole book-running manager for the offering. Brean Capital, LLC is acting as co-manager for the offering.

The Company expects to close the transaction, subject to customary conditions, on or about July 31, 2013.

A shelf registration statement relating to the public offering of these securities described above has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC"). A preliminary prospectus supplement relating to the offering has been filed with the SEC. A final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov . When available, copies of the final prospectus supplement and the accompanying base prospectus relating to these securities may also be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174 or via telephone at (800) 724-0761.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

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