Intellipharmaceutics Announces Third Quarter 2013 Results

TORONTO, Oct. 1, 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 reported the results of operations for the three and nine months ended August 31, 2013. All dollar amounts referenced herein are in United States dollars unless otherwise noted.

The Company recorded a net loss for the three months ended August 31, 2013 of $2.0 million, or $0.10 per common share, compared with a net loss of $1.5 million, or $0.08 per common share, for the three months ended August 31, 2012. The net loss for the nine months ended August 31, 2013 was $5.2 million, or $0.27 per common share, compared with a net loss of $4.8 million, or $0.28 per common share, for the nine months ended August 31, 2012. The Company's increased net loss in the three months ended August 31, 2013, can be primarily attributed to the increase in fair value adjustment of derivative liability of $0.2 million compared to a decrease in fair value adjustment of derivative liability of $0.5 million in the comparable 2012 period. After adjusting for the fair value adjustment of derivative liability, the loss for the three months ended August 31, 2013 and 2012 were both $1.9 million and are discussed below.

Loss from operations for the three months ended August 31, 2013 was $1.7 million compared with $2.1 million for the three months ended August 31, 2012. Research and development expense for the three months ended August 31, 2013 decreased to $1.0 million compared to $1.3 million in the three months ended August 31, 2012. After adjusting for stock-based compensation expense, expenditures for research and development for the three months ended August 31, 2013 were lower by $0.2 million. Selling, general and administrative expenses for the three months ended August 31, 2013 were $0.6 million versus $0.7 million in the prior period. After adjusting for stock-based compensation expense, expenditures for selling, general and administrative expenses for the three months ended August 31, 2013 were lower by $0.1 million.

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