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TORONTO, CANADA – May 1, 2006 - IntelliPharmaCeutics
Corp., a Canadian specialty pharmaceutical company, the
operating affiliate of IntelliPharmaCeutics Ltd.,
(Delaware), is pleased to announce that it has entered
into a new agreement with Larasan Pharmaceutical
Corporation, a Florida corporation, for the development of
a controlled release analgesic product for the United
States and worldwide markets.
Financial terms of the agreement were not disclosed.
Under the agreement,
IntelliPharmaCeutics will develop the controlled release
product, and will submit each
New Drug Application (NDA) to the U.S. Food and Drug
Administration. The ownership of the Product will transfer
to Larasan upon approval by the FDA.
Larasan
will be responsible for the R&D, manufacturing, clinical
and regulatory expenses of the development.
IntelliPharmaCeutics will receive technology access fees,
milestone payments during the development of the product,
and royalties based on net sales in each market where the
Product is approved for sale.
This
Agreement modifies an earlier agreement between the
parties to permit Larasan to designate a second analgesic
product for similar development within certain time
frames, and to permit Larasan to nominate those regulatory
jurisdictions in which it wishes to proceed with
development.
Dr. Isa
Odidi, Chairman, CEO and Co-Chief Scientific Officer of
IntelliPharmaCeutics, stated, " We are pleased to commence
work on this very exciting project with Larasan. The
principals of Larasan have been tireless in their passion
and determination to move this project forward from
conception to fruition. That they selected
IntelliPharmaCeutics, after careful consideration of our
in-house technologies and capabilities, is a strong
endorsement of our company.”
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.
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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