Intellipharmaceutics Announces Resignation of Chief Financial
Officer
Toronto, Ontario, February 5, 2020, 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 the
resignation of Greg Powell, Chief Financial Officer, for personal
and family reasons. Mr. Powell has agreed to continue to offer his
services to the Company through March 4, 2020 and is willing to
continue thereafter on a consulting basis on mutually agreeable
terms.
Dr. Isa Odidi, Chairman, Chief Executive Officer and Co-Chief
Scientist of the Company, commented "On behalf of the management
team and the Board of Directors, I would like to thank Greg for his
contributions to Intellipharmaceutics, and to wish him every future
success."
Pending the hiring of a replacement for Mr. Powell, the functions
of Chief Financial Officer for Intellipharmaceutics will be carried
out by the Company's President and former Chief Financial Officer,
Dr. Amina Odidi. Fazayill Shaideen, who has been the
Company’s Controller for the past 8 years, will continue to
handle accounting activities.
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 U.S. Food and Drug
Administration ("FDA") approval) in various stages of development.
The Company has abbreviated new drug application ("ANDA") 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. 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, 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 estimated proceeds (and the expected use of any
proceeds) we may receive from any offering of our securities, the
potential dilutive effects of any future financing, potential
liability from and costs of defending pending or future litigation,
our ability to realize any benefits from our recent reverse stock
split and our ability to comply with the OTCQB and TSX continued
listing standards, 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, the timing and amount of profit-share payments from our
commercial partners, 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 rights for our drug
delivery technologies, products and product candidates, recent and
future legal developments in the United States and elsewhere that
could make it more difficult and costly for us to obtain regulatory
approvals for our product candidates and negatively affect the
prices we may charge, increased public awareness and government
scrutiny of the problems associated with the potential for abuse of
opioid based medications, pursuing growth through international
operations could strain our resources, our limited manufacturing,
sales, marketing or distribution capability and our reliance on
third parties for such, 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/or
commercial partners 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 commercial
partners, 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 in product approvals 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 number of
competitive product entries, and the nature and extent of any
aggressive pricing and rebate activities that may follow, the
inability to forecast wholesaler demand and/or wholesaler buying
patterns, seasonal fluctuations in the number of prescriptions
written for our generic Focalin XR® capsules and our other
generic products which may produce substantial fluctuations in
revenue, 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 effect of recently-enacted changes
in U.S. federal income tax laws, including but not limited to,
limitations on the deductibility of business interest, limitations
on the use of net operating losses and application of the base
erosion minimum tax, on our U.S. corporate income tax burden, 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, potential product liability
risks, 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,
our reliance on commercial partners, and any future commercial
partners, to market and commercialize our products and, if
approved, our product candidates, 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 our oxycodone hydrochloride extended release
tablets product candidate, in particular, if a patent infringement
suit is filed against us with respect to any particular product
candidates (such as in the case of Oxycodone ER), 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 and 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-1 and Form F-3 (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.
Isa
Odidi
Chief
Executive Officer
416.798.3001
ext. 102
investors@intellipharmaceutics.com