TORONTO--(BUSINESS WIRE)--May 2, 2006--IntelliPharmaCeutics Corp., a Canadian specialty pharmaceutical company, the operating affiliate of IntelliPharmaCeutics Ltd. (Delaware), is pleased to announce that it has entered into a new agreement with Larasan Pharmaceutical Corporation, a Florida corporation, for the development of a controlled release analgesic product for the United States and worldwide markets.
Financial terms of the agreement were not disclosed.
Under the agreement, IntelliPharmaCeutics will develop the controlled release product, and will submit the New Drug Application (NDA) to the U.S. Food and Drug Administration. The ownership of the Product will transfer to Larasan upon approval by the FDA.
Larasan will be responsible for the R&D, manufacturing, clinical and regulatory expenses of the development. IntelliPharmaCeutics will receive technology access fees, milestone payments during the development of the product, and royalties based on net sales in each market where the Product is approved for sale.
This Agreement modifies an earlier agreement between the parties to permit Larasan to designate a second analgesic product for similar development within certain time frames, and to permit Larasan to nominate those regulatory jurisdictions in which it wishes to proceed with development.
Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of IntelliPharmaCeutics, stated, "We are pleased to commence work on this very exciting project with Larasan. The principals of Larasan have been tireless in their passion and determination to move this project forward from conception to fruition. That they selected IntelliPharmaCeutics, after careful consideration of our in-house technologies and capabilities, is a strong endorsement of our company."
About IntelliPharmaCeutics
IntelliPharmaCeutics is a drug delivery innovator and developer, specializing in the controlled and targeted once-a-day delivery of oral, solid dose pharmaceutical products. It operates from a 25,000 sq ft research laboratory and manufacturing scale-up facility located adjacent to Toronto International Airport. The Company utilizes proprietary, patented and proven drug delivery technologies, to formulate both generic and new drug products with enhanced performance characteristics. In addition to its pre-clinical portfolio, IntelliPharmaCeutics has an extensive pipeline of development products in clinical trials, in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection. For more information about IntelliPharmaCeutics, visit the Company's web site at www.intellipharmaceutics.com
This news release contains forward-looking statements, including those related to the preliminary nature of the clinical program results and the potential for further product development, that involve known and unknown risks, delays, uncertainties and other factors not under the control of Par or IntelliPharmaCeutics, which may cause actual results, performance or achievements of the Companies to be materially different from the results, performance or other expectations implied by these forward-looking statements. In particular, because substantial future clinical testing and regulatory review will be required prior to marketing approval, there can be no certainty that a successful commercial product will be developed. These risks and other factors, including the timing or results of pending and future clinical trials, regulatory reviews and approvals by the Food and Drug Administration, and intellectual property protections and defenses, are discussed in the Companies' filings with the Securities and Exchange Commission such as the 10K, 10Q and 8K reports. The Companies undertake no obligation to update any forward-looking statements. |
