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. Maxim Group LLC acted as sole book-running manager for the offering. Brean Capital, LLC acted as co-manager for the offering. The Company intends to use the net proceeds for expenses related to bioequivalence studies and clinical trials for the advancement of product development, and for working capital, research and development and general corporate purposes. The securities described above were offered by the Company through a prospectus supplement and accompanying base prospectus pursuant to a shelf registration statement previously filed with and subsequently declared effective by the Securities and Exchange Commission. The prospectus supplement and accompanying base prospectus relating to the offering 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 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. Copies of the prospectus supplement and 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.