Intellipharmaceutics International Inc.
(NASDAQ:IPCI) (TSX:IPCI) (“Intellipharmaceutics” or the “Company”),
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 months ended February 28,
2017. All dollar amounts referenced herein are in United
States dollars unless otherwise noted.
First Quarter Key Highlights
- Revenues double to $1.2 million from $0.6 million (launch of 2
new generic Focalin XR® strengths)
- FDA accepts filing of Rexista™ NDA, grants PDUFA date of
September 25, 2017
- Patents covering aspects of overdose prevention technology,
PODRAS™, issued by U.S. and Canadian patent offices
- Continued progress made towards May 2017 anticipated launch of
generic Seroquel XR®
“We are pleased with the revenue improvement
resulting from the launch of the additional generic Focalin XR®
strengths, given they reflect only 7 weeks of sales. We look
forward to Par launching the remaining four strengths in the first
half of 2017. While 2017 is off to a great start, we expect
revenues will continue to strengthen as we make progress towards
the anticipated launch of our generic Seroquel XR® tablets by
Mallinckrodt in May 2017,” stated Dr. Isa Odidi, Chairman and CEO.
“More importantly, our priorities over the next few months
will be increasingly focused on working with the FDA towards
advancing our Rexista™ NDA candidate.”
Corporate Developments
- In February 2017, we received final approval from the U.S. Food
and Drug Administration (“FDA”) for our Abbreviated New Drug
Application (“ANDA”) for metformin hydrochloride extended release
tablets in the 500 and 750 mg strengths. Our newly-approved
product is a generic equivalent for the corresponding strengths of
the branded product Glucophage® XR sold in the U.S. by
Bristol-Myers Squibb. We are actively evaluating options to realize
commercial returns from this new approval.
- In February 2017, the FDA accepted for filing our New Drug
Application (“NDA”) filed in November 2016, seeking authorization
to market our Rexista™ product candidate (abuse-deterrent
oxycodone hydrochloride extended release tablets) in the 10, 15,
20, 30, 40, 60 and 80 mg strengths. The FDA determined
that our application is sufficiently complete to permit a
substantive review, and has set a target action date under the
Prescription Drug User Fee Act (“PDUFA”) of September 25,
2017. The submission is supported by pivotal pharmacokinetic
studies that demonstrated that RexistaTM is bioequivalent to
OxyContin® (oxycodone hydrochloride extended
release). The submission also includes abuse-deterrent studies
conducted to support abuse-deterrent label claims related to abuse
of the drug by various pathways, including oral, intra-nasal and
intravenous.
- In January 2017, our U.S. marketing partner, Par Pharmaceutical
Inc. (“Par”), launched the 25 and 35 mg strengths of its generic
Focalin XR® (dexmethylphenidate hydrochloride extended-release)
capsules in the U.S., complementing the 15 and 30 mg strengths of
our generic Focalin XR® currently marketed by Par. The FDA
had recently granted final approval to Par’s ANDA for its generic
Focalin XR® capsules in the 5, 10, 15, 20, 25, 30, 35 and 40 mg
strengths. We expect sales of the 25 and 35 mg strengths to
significantly improve our revenues in 2017. As the first filer of
an ANDA for generic Focalin XR® in the 25 and 35 mg strengths, Par
has 180 days of U.S. generic marketing exclusivity for these
strengths. We believe Par is preparing to launch all the remaining
strengths in the first half of 2017.
- In December 2016, U.S. Patent No. 9,522,119 and Canadian Patent
No. 2,910,865 were issued by the U.S. Patent and Trademark Office
and the Canadian Intellectual Property Office in respect of
“Compositions and Methods for Reducing Overdose”. The issued
patents cover aspects of our Paradoxical OverDose Resistance
Activating System (“PODRAS™”) delivery technology, which is
designed to prevent overdose when more pills than prescribed are
swallowed intact. Preclinical studies of prototypes of oxycodone
with PODRAS™ technology suggest that, unlike other third-party
abuse-deterrent oxycodone products in the marketplace, if more
tablets than prescribed are deliberately or inadvertently
swallowed, the amount of drug active released over 24 hours may be
substantially less than expected. However, if the prescribed number
of pills is swallowed, the drug release should be as expected. The
issuance of these patents provides us with the opportunity to
accelerate our PODRAS™ development plan in 2017 by pursuing proof
of concept studies in humans. We intend to incorporate this
technology in an alternate Rexista™ product candidate.
We cannot provide any assurance that any target
launch date will be met for the remaining strengths of Par’s
generic Focalin XR® or for our generic Seroquel XR®. Also, there
can be no assurance that we will not be required to conduct further
studies for RexistaTM, that the FDA will ultimately approve the NDA
for the sale of RexistaTM in the U.S. market, or that it will ever
be successfully commercialized, that our approved generic versions
of Keppra XR® or Glucophage XR® will be successfully
commercialized, that we will be successful in submitting any
additional ANDAs or NDAs with the FDA or Abbreviated New Drug
Submissions (“ANDSs”) with Health Canada, that the FDA or Health
Canada will approve any of our current or future product candidates
for sale in the U.S. market and Canadian market, or that they will
ever be successfully commercialized and produce significant revenue
for us.
Recently Commenced Litigation
In connection with our NDA filed in November 2016
for our RexistaTM product candidate (abuse-deterrent oxycodone
hydrochloride extended release tablets), we relied on the 505(b)(2)
regulatory pathway and referenced data from Purdue Pharma L.P.'s
file for its OxyContin® extended release oxycodone hydrochloride.
Our RexistaTM application was accepted by the FDA for further
review in February 2017. We certified to the FDA that we
believed that our RexistaTM product candidate would not infringe
any of sixteen (16) patents associated with the branded product
Oxycontin® (the “Oxycontin® patents”) listed in the FDA’s Approved
Drug Products with Therapeutic Equivalence Evaluations, commonly
known as the Orange Book (the “Orange Book”), or that such patents
are invalid, and so notified Purdue Pharma L.P. and the other
owners of the subject patents listed in the Orange Book of such
certification. On April 7, 2017, we received notice that
Purdue Pharma L.P., Purdue Pharmaceuticals L.P., The P.F.
Laboratories, Inc., Rhodes Technologies, and Grünenthal GmbH
(collectively, "Purdue litigation plaintiffs") had commenced patent
infringement proceedings against us in the U.S. District Court for
the District of Delaware in respect of our NDA filing for Rexista™,
alleging that Rexista™ infringes six (6) out of the sixteen (16)
patents. The complaint seeks injunctive relief as well as
attorneys' fees and costs and such other and further relief as the
Court may deem just and proper.
As a result of the commencement of these legal
proceedings, the FDA is stayed for 30 months from granting final
approval to our RexistaTM product candidate. That time period
commenced on February 24, 2017, when the Purdue litigation
plaintiffs were notified of our certification concerning the
patents, and will expire on August 24, 2019, unless the stay is
earlier terminated by a final declaration of the courts that the
patents are invalid, or are not infringed, or the matter is
otherwise settled among the parties. We are confident that we do
not infringe the subject patents, and will vigorously defend
against these claims.
2017 First Quarter Financial
Results
The Company recorded revenues of $1.2 million for
the three months ended February 28, 2017 versus $0.6 million for
the three months ended February 29, 2016. For the three months
ended February 28, 2017, we recognized licensing revenue of $1.2
million from commercial sales of 15, 25, 30 and 35 mg strengths of
generic Focalin XR® capsules under the Par agreement. The increase
in revenues is due to Par’s January 2017 launch of the 25 and 35 mg
strengths of generic Focalin XR® capsules in the U.S. Based on the
most recent information available to us, our overall market share
on the combined 15 and 30 mg strengths of generic Focalin XR®
capsules is approximately 34%. It is too soon for us to
estimate our market share for the recently launched 25 and 35 mg
strengths. Revenue under the Par agreement represents the
commercial sales of the generic product in those strengths and may
not be representative of future sales. In addition, in the
fourth quarter of 2016, the Company received a non-refundable
up-front payment of $3,000,000 from Mallinckrodt LLC
(“Mallinckrodt”) pursuant to the Mallinckrodt agreement, of which
$75,000 was recognized as revenue during the three months ended
February 28, 2017. Such up-front fees are recognized over the
expected 10 year term of the contract. There were no up-front
fees recognized in the three months ended February 29, 2016.
The Company recorded net loss for the three months
ended February 28, 2017 of $2.0 million, or $0.07 per common share,
compared with a net loss of $2.1 million, or $0.09 per common
share, for the three months ended February 29, 2016. The lower net
loss is primarily attributed to higher licensing revenues from
commercial sales of generic Focalin XR®, as discussed above, in the
first quarter of 2017 partially offset by an increase in
performance-based options expense and legal and other professional
fees. For the three months ended February 29, 2016, the net
loss was attributed to lower licensing revenues and an increase in
performance-based options expense compared to the prior
period. Stock option expense is a non-cash item.
Research and development (“R&D”) expenditures
for the three months ended February 28, 2017 were $2.0 million in
comparison to $1.8 million in the three months ended February 29,
2016. The increase is primarily due to higher stock option
compensation expense as a result of certain performance-based stock
options vesting upon FDA approval of our generic Glucophage XR®
tablets. After adjusting for the stock-based compensation expenses,
expenditures for R&D for the three months ended February 28,
2017 were higher by $53,245 compared to the three months ended
February 29, 2016. This is primarily due to higher compensation
expense.
Selling, general and administrative expenses were
$1.0 million for the three months ended February 28, 2017 in
comparison to $0.8 million for the three months ended February 29,
2016, an increase of $0.2 million. The increase is due to higher
corporate legal activities and other professional fees, as well as
higher compensation expenses.
The Company had cash of $2.4 million as at February
28, 2017 compared to $4.1 million as at November 30, 2016. The
decrease in cash during the three months ended February 28, 2017
was mainly a result of our ongoing expenditures in R&D and
selling, general, and administrative expenses, and an increase in
purchases of production equipment to support our anticipated
generic Seroquel XR® launch, which were only partially offset by
cash receipts from commercialized sales of our generic Focalin XR®
and cash receipts provided from financing activities derived from
common share sales under the Company’s at-the-market offering
program.
As of April 11, 2017, our cash balance was $1.7
million. We currently expect to satisfy our operating cash
requirements until July 2017 from cash on hand and higher quarterly
profit share payments from Par. Should the Company secure final FDA
approval on its generic Seroquel XR® ANDA and, in collaboration
with its marketing and distribution partner Mallinckrodt,
successfully launch all or some of the strengths in May 2017, then
the Company may be cash flow positive in the third quarter of
2017. Failing this, the Company may need to obtain additional
funding prior to that time as we further the development of our
product candidates and if we accelerate our product
commercialization activities. There can be no assurance as to when
or if Par will launch the additional strengths of its generic
Focalin XR® and, if launched, whether they will be successfully
commercialized, or if generic Seroquel XR® will be approved or
successfully commercialized. If necessary, we expect to utilize our
at-the-market offering program to bridge any funding shortfall in
the second quarter of 2017.
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a
pharmaceutical company specializing in the research, development
and manufacture of novel and generic controlled-release and
targeted-release oral solid dosage drugs. The Company’s patented
Hypermatrix™ technology is a multidimensional controlled-release
drug delivery platform that can be applied to the efficient
development of a wide range of existing and new pharmaceuticals.
Based on this technology platform, Intellipharmaceutics has
developed several drug delivery systems and a pipeline of products
(some of which have received FDA approval) and product candidates
in various stages of development, including ANDAs filed with the
FDA (and one Abbreviated New Drug Submission filed with Health
Canada) in therapeutic areas that include neurology,
cardiovascular, gastrointestinal tract, diabetes and pain.
Intellipharmaceutics also has NDA 505(b)(2)
specialty drug product candidates in its development pipeline.
These include Rexista™, an abuse deterrent oxycodone based on its
proprietary nPODDDS™ novel Point Of Divergence Drug Delivery System
(for which an NDA has been filed with the FDA), and Regabatin™ XR
(pregabalin extended-release capsules). Our current development
effort is increasingly directed towards improved
difficult-to-develop controlled-release drugs which follow an NDA
505(b)(2) regulatory pathway. The Company has increased its
research and development emphasis towards new product development,
facilitated by the 505(b)(2) regulatory pathway, by advancing the
product development program for both Rexista™ and Regabatin™. The
505(b)(2) pathway (which relies in part upon the approving agency's
findings for a previously approved drug) both accelerates
development timelines and reduces costs in comparison to NDAs for
new chemical entities. An advantage of our strategy for development
of NDA 505(b)(2) drugs is that our product candidates can, if
approved for sale by the FDA, potentially enjoy an exclusivity
period which may provide for greater commercial opportunity
relative to the generic ANDA route.
Cautionary Statement Regarding
Forward-Looking Information
Certain statements in this document constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and/or
"forward-looking information" under the Securities Act (Ontario).
These statements include, without limitation, statements expressed
or implied regarding our plans, goals and milestones, status of
developments or expenditures relating to our business, plans to
fund our current activities, statements concerning our partnering
activities, health regulatory submissions, strategy, future
operations, future financial position, future sales, revenues and
profitability, projected costs, and market penetration. In some
cases, you can identify forward-looking statements by terminology
such as “may,” “will,” “should,” “expects,” “plans,” “plans to,”
“anticipates,” “believes,” “estimates,” “predicts,” “confident”,
“potential,” “continue,” “intends,” "look forward," “could,”
or the negative of such terms or other comparable terminology. We
made a number of assumptions in the preparation of our
forward-looking statements. You should not place undue reliance on
our forward-looking statements, which are subject to a multitude of
known and unknown risks and uncertainties that could cause actual
results, future circumstances or events to differ materially from
those stated in or implied by the forward-looking statements.
Risks, uncertainties and other factors that could affect our actual
results include, but are not limited to, the effects of general
economic conditions, securing and maintaining corporate alliances,
our estimates regarding our capital requirements, and the effect of
capital market conditions and other factors, including the current
status of our product development programs, on capital
availability, the potential dilutive effects of any future
financing and the expected use of any proceeds from any offering of
our securities, our ability to maintain compliance with the
continued listing requirements of the principal markets on which
our securities are traded, our programs regarding research,
development and commercialization of our product candidates, the
timing of such programs, the timing, costs and uncertainties
regarding obtaining regulatory approvals to market our product
candidates and the difficulty in predicting the timing and results
of any product launches, and the timing and amount of any available
investment tax credits, the actual or perceived benefits to users
of our drug delivery technologies, products and product candidates
as compared to others, our ability to establish and maintain valid
and enforceable intellectual property rights in our drug delivery
technologies, products and product candidates, the scope of
protection provided by intellectual property for our drug delivery
technologies, products and product candidates, the actual size of
the potential markets for any of our products and product
candidates compared to our market estimates, our selection and
licensing of products and product candidates, our ability to
attract distributors and collaborators with the ability to fund
patent litigation and with acceptable product development,
regulatory and commercialization expertise and the benefits to be
derived from such collaborative efforts, sources of revenues and
anticipated revenues, including contributions from distributors and
collaborators, product sales, license agreements and other
collaborative efforts for the development and commercialization of
product candidates, our ability to create an effective direct sales
and marketing infrastructure for products we elect to market and
sell directly, the rate and degree of market acceptance of our
products, delays that may be caused by changing regulatory
requirements, the difficulty in predicting the timing of regulatory
approval and launch of competitive products, the difficulty in
predicting the impact of competitive products on volume, pricing,
rebates and other allowances, the inability to forecast wholesaler
demand and/or wholesaler buying patterns, the seasonal fluctuation
in the numbers of prescriptions written for our Focalin XR®
(dexmethylphenidate hydrochloride extended-release) capsules which
may produce substantial fluctuations in revenues, the timing and
amount of insurance reimbursement regarding our products, changes
in laws and regulations affecting the conditions required by the
FDA for approval, testing and labeling of drugs including abuse or
overdose deterrent properties, and changes affecting how opioids
are regulated and prescribed by physicians, changes in laws and
regulations, including Medicare and Medicaid, affecting among other
things, pricing and reimbursement of pharmaceutical products, the
success and pricing of other competing therapies that may become
available, our ability to retain and hire qualified employees, the
availability and pricing of third party sourced products and
materials, challenges related to the development,
commercialization, technology transfer, scale-up, and/or process
validation of manufacturing processes for our products or product
candidates, the manufacturing capacity of third-party manufacturers
that we may use for our products, the recoverability of the cost of
any pre-launch inventory should a planned product launch encounter
a denial or delay of approval by regulatory bodies, a delay
in commercialization, or other potential issues, the successful
compliance with FDA, Health Canada and other governmental
regulations applicable to us and our third party manufacturers’
facilities, products and/or businesses, difficulties, delays or
changes in the FDA approval process or test criteria for ANDAs and
NDAs, challenges in securing final FDA approval for our product
candidates, including RexistaTM in particular, as a patent
infringement suit has been filed against us, which could delay the
FDA’s final approval of such product candidates, healthcare reform
measures that could hinder or prevent the commercial success of our
products and product candidates, the FDA may not approve requested
product labeling for our product candidate(s) having
abuse-deterrent properties, targeting common forms of abuse (oral,
intra-nasal and intravenous), risks associated with cyber-security
and the potential for vulnerability of our digital information or
the digital information of a current and/or future drug
development or commercialization partner of ours, and risks arising
from the ability and willingness of our third-party
commercialization partners to provide documentation that may be
required to support information on revenues earned by us from those
commercialization partners. Additional risks and uncertainties
relating to us and our business can be found in the “Risk Factors”
section of our latest annual information form, our latest Form
20-F, and our latest Form F-3 (including any documents forming a
part thereof or incorporated by reference therein), as well as in
our reports, public disclosure documents and other filings with the
securities commissions and other regulatory bodies in Canada and
the U.S., which are available on www.sedar.com and
www.sec.gov. The forward-looking statements reflect our current
views with respect to future events and are based on what we
believe are reasonable assumptions as of the date of this document,
and we disclaim any intention and have no obligation or
responsibility, except as required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Trademarks used herein are the property of their
respective holders.
Unless the context otherwise requires, all
references to “we,” “us,” “our,” “Intellipharmaceutics,” and the
“Company” refer to Intellipharmaceutics International Inc. and its
subsidiaries. Nothing contained in this document should be
construed to imply that the results discussed herein will
necessarily continue into the future or that any conclusion reached
herein will necessarily be indicative of our actual operating
results.
The audited consolidated financial statements,
accompanying notes to the audited consolidated financial
statements, and Management Discussion and Analysis for the three
months ended February 28, 2017 will be accessible on
Intellipharmaceutics’ website at
www.intellipharmaceutics.com and will be available on SEDAR
and EDGAR.
Summary financial tables are provided
below.
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated balance sheets |
As at |
(Stated in U.S. dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28, |
|
November
30, |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
Current |
|
|
|
|
|
Cash |
|
2,384,624 |
|
|
4,144,424 |
|
|
Accounts
receivable, net |
|
1,069,551 |
|
|
472,474 |
|
|
Investment
tax credits |
|
743,605 |
|
|
681,136 |
|
|
Prepaid
expenses, sundry and other assets |
|
443,549 |
|
|
400,642 |
|
|
Inventory |
|
402,974 |
|
|
- |
|
|
|
|
|
|
5,044,303 |
|
|
5,698,676 |
|
|
|
|
|
|
|
|
|
Deferred
offering costs |
|
394,741 |
|
|
386,375 |
|
Property and equipment, net |
|
2,520,572 |
|
|
1,889,638 |
|
|
|
|
|
|
7,959,616 |
|
|
7,974,689 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current |
|
|
|
|
|
Accounts
payable |
|
1,018,352 |
|
|
807,295 |
|
|
Accrued
liabilities |
|
624,825 |
|
|
384,886 |
|
|
Employee
costs payable |
|
1,077,091 |
|
|
1,044,151 |
|
|
Capital
lease obligations |
|
9,497 |
|
|
14,829 |
|
|
Convertible
debenture |
|
1,321,032 |
|
|
1,494,764 |
|
|
Deferred revenue |
|
450,000 |
|
|
450,000 |
|
|
|
|
|
|
4,500,797 |
|
|
4,195,925 |
|
|
|
|
|
|
|
|
|
Deferred
revenue |
|
2,587,500 |
|
|
2,662,500 |
|
|
|
|
|
|
7,088,297 |
|
|
6,858,425 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
|
|
Capital
stock |
|
|
|
|
|
Authorized |
|
|
|
|
|
|
Unlimited
common shares without par value |
|
|
|
|
|
|
Unlimited
preference shares |
|
|
|
|
|
Issued and
outstanding |
|
|
|
|
|
|
30,155,837
common shares |
|
30,733,030 |
|
|
29,830,791 |
|
|
|
|
(November 30, 2016 -
29,789,992) |
|
|
|
|
Additional
paid-in capital |
|
34,860,748 |
|
|
34,017,071 |
|
Accumulated
other comprehensive income |
|
284,421 |
|
|
284,421 |
|
Accumulated deficit |
|
(65,006,880 |
) |
|
(63,016,019 |
) |
|
|
|
|
|
871,319 |
|
|
1,116,264 |
|
Contingencies |
|
|
|
|
|
|
|
|
|
7,959,616 |
|
|
7,974,689 |
|
|
|
|
|
|
|
|
|
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated statements of
operations |
and comprehensive loss |
for the three months ended February 28, 2017 and February 29,
2016 |
|
|
|
|
|
|
|
|
|
(Stated in U.S. dollars) |
|
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
$ |
|
|
$ |
|
Revenue |
|
|
|
|
|
Licensing |
|
1,160,366 |
|
|
566,937 |
|
|
Up-front
fees |
|
75,000 |
|
|
- |
|
|
|
|
|
|
|
1,235,366 |
|
|
566,937 |
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Research
and development |
|
2,031,192 |
|
|
1,812,608 |
|
|
Selling,
general and administrative |
|
961,578 |
|
|
756,428 |
|
|
Depreciation |
|
91,508 |
|
|
92,235 |
|
|
|
|
|
|
|
3,084,278 |
|
|
2,661,271 |
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(1,848,912 |
) |
|
(2,094,334 |
) |
Net foreign
exchange (loss) gain |
|
(16,588 |
) |
|
29,895 |
|
Interest
income |
|
5 |
|
|
140 |
|
Interest
expense |
|
(125,366 |
) |
|
(55,741 |
) |
Net loss and comprehensive loss |
|
(1,990,861 |
) |
|
(2,120,040 |
) |
|
|
|
|
|
|
|
|
|
Net loss
per common share, basic and diluted |
|
|
|
|
Basic and diluted |
|
(0.07 |
) |
|
(0.09 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares outstanding |
|
|
|
Basic and diluted |
|
29,966,330 |
|
|
24,431,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intellipharmaceutics International Inc. |
Condensed unaudited interim consolidated statements of cash
flows |
for the three months ended February 28, 2017 and February 29,
2016 |
(Stated in U.S. dollars) |
|
|
|
|
|
2017 |
|
|
2016 |
|
|
|
|
|
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
(1,990,861 |
) |
|
(2,120,040 |
) |
|
Items not
affecting cash |
|
|
|
|
|
Depreciation |
91,508 |
|
|
92,235 |
|
|
|
Stock-based
compensation |
822,925 |
|
|
660,109 |
|
|
|
Deferred
share units |
7,261 |
|
|
8,051 |
|
|
|
Accreted
interest on convertible debenture |
83,230 |
|
|
8,831 |
|
|
|
Unrealized
foreign exchange gain |
(37,871 |
) |
|
(18,046 |
) |
|
|
|
|
|
|
|
|
|
|
Change in
non-cash operating assets & liabilities |
|
|
|
|
|
Accounts
receivable |
(597,077 |
) |
|
192,329 |
|
|
|
Investment
tax credits |
(62,469 |
) |
|
(82,562 |
) |
|
|
Prepaid
expenses, sundry and other assets |
(42,907 |
) |
|
(69,576 |
) |
|
|
Inventory |
(402,974 |
) |
|
- |
|
|
|
Accounts
payable, accrued liabilities and employee costs payable |
483,936 |
|
|
(455,398 |
) |
|
|
Deferred
revenue |
(75,000 |
) |
|
- |
|
|
Cash flows used in operating activities |
(1,720,299 |
) |
|
(1,784,067 |
) |
|
|
|
|
|
|
|
|
|
|
Financing activities |
|
|
|
|
|
Repayment
of principal on convertible debenture |
(150,000 |
) |
|
- |
|
|
|
Issuance of
common shares on exercise of options |
12,465 |
|
|
- |
|
|
|
Repayment
of capital lease obligations |
(5,332 |
) |
|
(5,322 |
) |
|
|
Issuance of
common shares on at-the-market financing |
577,023 |
|
|
397,244 |
|
|
|
Financing
cost for shares issued |
(16,565 |
) |
|
(11,142 |
) |
|
|
Proceeds
from issuance of common shares on exercise of warrants |
265,350 |
|
|
122,092 |
|
|
Cash flows provided from financing activities |
682,941 |
|
|
502,872 |
|
|
|
|
|
|
|
|
|
|
|
Investing activity |
|
|
|
|
|
Purchase of
property and equipment |
(722,442 |
) |
|
(49,317 |
) |
|
Cash flows used in investing activities |
(722,442 |
) |
|
(49,317 |
) |
|
|
|
|
|
|
|
|
|
|
Decrease in
cash |
(1,759,800 |
) |
|
(1,330,512 |
) |
|
Cash,
beginning of period |
4,144,424 |
|
|
1,755,196 |
|
|
|
|
|
|
|
|
|
|
|
Cash, end of period |
2,384,624 |
|
|
424,684 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information |
|
|
|
|
|
Interest
paid |
30,062 |
|
|
15,277 |
|
|
|
Taxes
paid |
- |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
Company Contact:
Intellipharmaceutics International Inc.
Domenic Della Penna
Chief Financial Officer
416-798-3001 ext. 106
investors@intellipharmaceutics.com
Investor Contact:
ProActive Capital
Kirin Smith
646-863-6519
ksmith@proactivecapital.com
IntelliPharmaCeutics (QB) (USOTC:IPCIF)
Historical Stock Chart
From Mar 2024 to Apr 2024
IntelliPharmaCeutics (QB) (USOTC:IPCIF)
Historical Stock Chart
From Apr 2023 to Apr 2024