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Intellipharmaceutics Announces First Quarter 2014 Results

Stocks in this article: I IPCI

TORONTO, April 14, 2014 (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, 2014. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

Revenue related to the Company's license and commercialization agreement with Par Pharmaceutical, Inc. ("Par") in the three months ended February 28, 2014 was $4.7 million versus nil in the three months ended February 28, 2013. The $4.7 million revenue in the three months ended February 28, 2014 derived principally from a full quarter of commercial sales of its first product, 15 and 30 mg strengths of dexmethylphenidate hydrochloride extended-release capsules (generic Focalin XR®), which recently received final FDA approval.

Income from operations for the three months ended February 28, 2014 was $2.2 million compared with loss from operations of $2.3 million for the three months ended February 28, 2013. Research and development ("R&D") expenditures in the three months ended February 28, 2014 increased to $1.4 million compared to $1.3 million in the three months ended February 28, 2013, primarily due to a decrease in stock-based compensation for R&D employees and the timing of certain R&D activities which were deferred. After adjusting for stock-based compensation, expenditures for R&D were higher by $0.1 million during the 2014 period. During the quarter ended February 28, 2014 we incurred increased expenses on furthering the development of several generic and NDA 505(B)(2) product candidates, and paid bonuses to certain non-management employees in R&D departments.

Selling, general and administrative expenses for the three months ended February 28, 2014 increased to $1.0 million versus $0.8 million in the prior period. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses were higher by $0.2 million during the 2014 period, primarily due to the payment of bonuses to certain non-management employees, an increase in legal expenses, and travel expenditures related to business development activities.

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