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Toronto, Canada, December 19, 2005 --
IntelliPharmaCeutics Corp. of Toronto, Ontario is pleased to announce that
it has entered into an agreement with ratiopharm inc. of Mississauga,
Ontario, for the development of a generic, controlled release drug product
for the Canadian market. IntelliPharmaCeutics Corp. is a Canadian specialty
drug development company, and operating affiliate of IntelliPharmaCeutics
Ltd., (Delaware). ratiopharm develops, manufactures, markets and distributes
generic pharmaceutical products in Canada.
Financial terms of the agreement were not disclosed.
Under the agreement, IntelliPharmaCeutics will develop the product using
its proprietary controlled release drug delivery technologies, and
ratiopharm will file the Abbreviated New Drug Submission (ANDS) with Health
Canada, and will manufacture and distribute the generic drug product for the
Canadian market.
Under a previous agreement, IntelliPharmaCeutics will share certain of
the proceeds of commercialization with Elite Pharmaceuticals, Inc. (Amex:
ELI).
Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of
IntelliPharmaCeutics, stated, "We are very pleased to be working with
ratiopharm, a company with international stature, on this significant
product. We believe that our expertise in developing controlled release
products and ratiopharm's regulatory and marketing experience, and
promotional reach, will ensure its commercial success in Canada."
About IntelliPharmaCeutics
IntelliPharmaCeutics is a drug delivery innovator and developer,
specializing in the controlled and targeted once-a-day delivery of oral,
solid dose pharmaceutical products. It operates from a 25,000 sq ft research
laboratory and manufacturing scale-up facility located adjacent to Toronto
International Airport. The Company utilizes proprietary, patented and proven
drug delivery technologies, to formulate both generic and new drug products
with enhanced performance characteristics. In addition to its pre-clinical
portfolio, IntelliPharmaCeutics has an extensive pipeline of development
products in clinical trials, in therapeutic areas that include neurology,
cardiovascular, GIT, pain and infection. For more information about
IntelliPharmaCeutics, visit the Company's web site at
www.intellipharmaceutics.com
This news release contains forward-looking statements, including those
related to the preliminary nature of the clinical program results and the
potential for further product development, that involve known and unknown
risks, delays, uncertainties and other factors not under the control of
IntelliPharmaCeutics, which may cause actual results, performance or
achievements of the Companies to be materially different from the results,
performance or other expectations implied by these forward-looking
statements. In particular, because substantial future clinical testing and
regulatory review will be required prior to marketing approval, there can be
no certainty that a successful commercial product will be developed. These
risks and other factors, including the timing or results of pending and
future clinical trials, regulatory reviews and approvals by the Food and
Drug Administration, and intellectual property protections and defenses, are
discussed in the Companies' filings with the Securities and Exchange
Commission such as the 10K, 10Q and 8K reports. The Companies undertake no
obligation to update any forward-looking statements. |
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