TORONTO, Feb. 7, 2023
/CNW/ - Intellipharmaceutics International Inc. (OTCQB: IPCIF)
(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,
announced today that the Ontario Securities Commission (the
"OSC") has denied the Company's application for a management
cease trade order (the "MCTO") in connection with its
anticipated delay in filing annual audited financial statements,
management's discussion and analysis, Chief Executive Officer and
Chief Financial Officer certificates and annual information form
for the fiscal year ended November 30,
2022 (collectively, the "Required Filings") due
February 28, 2023 (the "Filing
Deadline"). The OSC does not view the Company as having met all
of the eligibility criteria for the MCTO set out in National Policy
12-203 – Management Cease Trade Orders and informed the
Company that staff of the OSC will be issuing a failure-to-file
cease trade order (the "CTO") after February 28, 2023 pursuant to National Policy
11-207 – Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions for the failure to file the Required
Filings by the Filing Deadline. Once issued, the CTO will remain in
effect until the Required Filings are filed and will prohibit
trading in the Company's common shares by any person in each
jurisdiction in Canada in which
the Company is a reporting issuer, for as long as the CTO remains
in effect. If the default is remedied within 90 days of the date of
the CTO, including any annual or interim financial statements,
management's discussion and analysis and Chief Executive Officer
and Chief Financial Officer certificates that subsequently become
due, the filing of the Required Filings will constitute an
application to revoke the CTO.
The Company will continue to work expeditiously with its auditor
to file the Required Filings. There is no assurance that the
Company will be able to remedy its filing default and have the CTO
revoked in a timely manner or at all. Please refer to the Company's
press release dated February 6, 2023
for additional information, including reasons for the Company's
anticipated delay in filing the Required Filings by the Filing
Deadline. The Company will issue a further news release when the
Required Filings have been made.
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 a wide range of existing and new
pharmaceuticals.
Intellipharmaceutics has developed several drug delivery systems
based on this technology platform, with a pipeline of products
(some of which have received FDA approval) in various stages of
development. The Company has ANDA and NDA 505(b)(2) drug product
candidates in its development pipeline. These include the Company's
abuse-deterrent oxycodone hydrochloride extended release
formulation ("Oxycodone ER") 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).
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 expectations related to the filing of our Required
Filings and the timing thereof; the timing of the completion of the
Company's audit; the issuance, duration and subsequent revocation
of the CTO, if any, by the securities commissions or regulators and
the timing thereof; our plans, goals and milestones, status of
developments or expenditures relating to our business, plans to
fund our current activities; and statements concerning our
partnering activities, health regulatory submissions, strategy,
future operations, future financial position, future sales,
revenues and profitability, projected costs and market penetration
and risks or uncertainties related to our ability comply with OTCQB
Venture Market and TSX requirements. In some cases, you can
identify forward-looking statements by terminology such as
"appear", "unlikely", "target", "may", "will", "should", "expects",
"plans", "plans to", "anticipates", "believes", "estimates",
"predicts", "confident", "prospects", "potential", "continue",
"intends", "look forward", "could", "would", "projected", "set to",
"seeking" 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 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-1 and
Form F-3 registration statements (including any documents forming a
part thereof or incorporated by reference therein), as amended, 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.
SOURCE Intellipharmaceutics International Inc.