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TORONTO, CANADA – Nov. 29, 2005 -
IntelliPharmaCeutics Corp., a Canadian specialty pharmaceutical company, the
operating affiliate of IntelliPharmaCeutics Ltd., (Delaware), is pleased to
announce that it has entered into an agreement with Par Pharmaceutical
Companies, Inc. (NYSE: PRX) for the development of a generic, controlled
release drug product for the United States market.
Financial terms of the agreement were not disclosed.
Under the agreement, IntelliPharmaCeutics will develop the controlled
release product, and Par will submit the Abbreviated New Drug Application (ANDA)
to the U.S. Food and Drug Administration as the U.S. filing agent on behalf
of IntelliPharmaCeutics Corp., and will provide regulatory and legal support
for the applications.
IntelliPharmaCeutics will receive milestone payments during the development
of the product and filing incentives. The companies will share in the net
profits from sales of the resulting products, and Par will retain all U.S.
marketing rights.
Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of
IntelliPharmaCeutics, stated, "We are very happy to be working with Par on
this significant product. We believe that our expertise in developing
controlled release products and Par’s support, marketing experience, and
promotional reach will ensure its commercial success.”
“IntelliPharmaCeutics’ innovative approach to drug delivery technologies
and their expertise in formulation make them an ideal partner for Par,” said
Michael Graves, President, Generic Products Division of Par Pharmaceutical.
“This agreement provides Par with another controlled release product
opportunity, and we look forward to a very successful collaboration.”
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.
About Par
Par Pharmaceutical Companies, Inc. develops, manufactures and markets
generic pharmaceuticals through its principal subsidiary, Par
Pharmaceutical, Inc. The company is also developing an additional line of
branded pharmaceutical products, the first of which is Megace® ES, for
specialty markets. Par currently manufactures, markets or licenses more than
90 prescription drugs. For press releases and other company information,
visit http://www.parpharm.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 Par
or 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.
For IntelliPharmaCeutics Corp.
John N. Allport, V.P. - Legal Affairs and Licensing
Tel: 416-798-3001;
jallport@intellipharmaceutics.net
Website:
www.intellipharmaceutics.ne t
Sharon Will, Investor Relations
Phone: 518-398-7888 E-Mail:
sharon@saggicapital.com |
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