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, reports, as required by TSX rules, that the six
nominees, each of whom was an incumbent director of the Company,
identified in the Management Information Circular dated March 8,
2017 (the “Circular”) were elected as directors of the Company at
the annual meeting of shareholders of the Company held today (the
“Meeting”). The voting results, as set out in the
scrutineer’s report for the Meeting, were as follows:
Name of Nominee
|
Votes For |
Votes Withheld |
Dr. Isa Odidi |
8,536,724 |
1,628,780 |
Dr. Amina Odidi |
8,531,494 |
1,634,010 |
John Allport |
8,700,998 |
1,464,506 |
Bahadur Madhani |
8,848,148 |
1,317,356 |
Dr. Kenneth Keirstead
|
8,861,388 |
1,304,116 |
Dr. Eldon R. Smith |
8,855,937 |
1,309,567 |
All other resolutions tabled for consideration
at the Meeting, as set out in the Circular, were also approved by
shareholders of the Company. See the Company’s Report on Voting
Results filed under the Company’s profile on SEDAR at www.sedar.com
for additional details.
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 United States Food and Drug
Administration (“FDA”) approval) and product candidates in various
stages of development, including Abbreviated New Drug Application
(“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 New Drug
Application (“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, if a patent
infringement suit is filed against us with respect to any
particular product candidates (such as in the case of RexistaTM),
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.
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
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