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TORONTO, CANADA, January 5, 2006 -
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.
The agreement follows an earlier agreement between the same companies,
announced December 18, 2005, for the development of another drug product for
the Canadian market.
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.
Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of
IntelliPharmaCeutics, stated, "We are very enthusiastic about this
opportunity to develop a second drug for ratiopharm using our proprietary
drug delivery technologies. We believe that our expertise in developing
controlled release products and ratiopharm’s considerable 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.
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.
For IntelliPharmaCeutics Corp.
John N. Allport, V.P. - Legal Affairs and Licensing
Tel: 416-798-3001; E-mail:
jallport@intellipharmaceutics.net
Website:
www.intellipharmaceutics.net
Sharon Will, Investor Relations
Phone: 518-398-7888 E-Mail:
sharon@saggicapital.com |
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