TORONTO, Nov. 27, 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 an "at-the-market" offering program under which it may from time to time sell up to 5,305,484 of its common shares for up to an aggregate of US$16.8 million through at-the-market issuances on the NASDAQ Capital Market.
Roth Capital Partners, LLC ("Roth") has been engaged to act as sales agent under an equity distribution agreement, under which Intellipharmaceutics may at its discretion, from time to time, offer and sell common shares through Roth or directly to Roth for resale. Sales of common shares through Roth, if any, will be made at such time and at such price as are acceptable to Intellipharmaceutics, from time to time, by means of ordinary brokers' transactions on the NASDAQ Capital Market or otherwise at market prices prevailing at the time of sale or as determined by Intellipharmaceutics.
Intellipharmaceutics plans to use any net proceeds from this offering for working capital, research and development and general corporate purposes, and to apply up to approximately $0.8 million of any such proceeds in payment of an outstanding related party loan.In conjunction with this offering program, Intellipharmaceutics filed today a prospectus supplement pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. The prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's website at http://www.sec.gov . This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147 or email: firstname.lastname@example.org or by accessing the SEC's website, www.sec.gov . About Intellipharmaceutics Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs. The Company's patented Hypermatrix™ technology is a multidimensional controlled-release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology platform, Intellipharmaceutics has developed several drug delivery systems and has recently been granted final U.S. Food and Drug Administration ("FDA") approval for its dexmethylphenidate hydrochloride extended-release capsules for the 15 and 30 mg strengths. In addition, Intellipharmaceutics has a pipeline of product candidates in various stages of development, including Abbreviated New Drug Applications ("ANDAs") filed with the FDA in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes and pain.