Blueprint
Intellipharmaceutics Announces Receipt of Cannabis Drug License
from Health Canada
Toronto, Ontario May 30, 2019 Intellipharmaceutics International
Inc. (OTCQB:
IPCIF and 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 announced that the Company’s pre-existing
license to conduct activities with Cannabidiol (“CBD”)
has been migrated by Health Canada to a Cannabis Drug License
(“CDL”) under the Cannabis Regulations.
Intellipharmaceutics’
new CDL allows the Company to continue to possess cannabis, produce
a drug containing cannabis and sell a drug containing cannabis in
Canada.
The CDL
is unique from other forms of cannabis licenses in Canada as,
according to Health Canada, it is a requirement for any company
that intends to produce and sell a prescription drug containing
cannabis or cannabinoids. Only companies, such as
Intellipharmaceutics, with a Health Canada issued Drug
Establishment License are eligible to apply for a CDL.
“Our
receipt of a Cannabis Drug License from Health Canada demonstrates
Intellipharmaceutics’ commitment to the research and
development of a pipeline of pharmaceutical CBD-based products, but
also shows why we believe we are uniquely positioned to bring
cannabinoid based, prescription drugs to the Canadian and global
markets,” commented Intellipharmaceutics’ CEO, Dr. Isa
Odidi.
There
can be no assurance that we will be able to develop cannabis-based
products or that any cannabis-based product candidates we develop
will ever be successfully commercialized or produce significant
revenue for us.
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 United States Food and Drug
Administration ("FDA") approval) in various stages of development.
The Company has Abbreviated New Drug Application and New Drug
Application ("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 regarding 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 to comply with OTCQB 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", "goals",
"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.
CONTACT INFORMATION
Company
Contact:
Intellipharmaceutics
International Inc.
Greg
Powell
Chief
Financial Officer
416.798.3001
ext. 106
investors@intellipharmaceutics.com
Investor
Contact:
PCG
Advisory
Kirin
Smith
646.863.6519
ksmith@pcgadvisory.com