TORONTO, July 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, announced today the closing of its previously announced underwritten public offering of 1,500,000 units of common shares and warrants at a price of US$2.05 per unit for gross proceeds of approximately US$3.1 million. The Company sold units comprised of an aggregate of 1,500,000 common shares and warrants to purchase an additional 375,000 common shares. The warrants are 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 received net proceeds of approximately US$2,500,000.
Intellipharmaceutics Closes Public Offering For US$3.1 Million
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