TORONTO, March 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 issued a general "failure to file" cease trade
order pursuant to National Policy 11-103 – Failure to File
Cease Trade Orders in Multiple Jurisdictions (the "CTO")
dated March 6, 2023 in respect of the securities of the
Company as a result of the Company's inability to
file its 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 CTO prohibits the trading, whether direct or indirect, by
any person of any securities of the Company in each jurisdiction in
Canada in which the Company is a
reporting issuer for as long as the CTO remains in effect; however,
the CTO provides an exception for beneficial securityholders of the
Company who are not (and who were not as of March 6, 2023) insiders or control persons of the
Company and who sell securities of the Company acquired before
March 6, 2023 if both of the
following criteria are met: (i) the sale is made through a "foreign
organized regulated market", as defined in section 1.1 of the
Universal Market Integrity Rules of the Investment Industry
Regulatory Organization of Canada
and (ii) the sale is made through an investment dealer registered
in a jurisdiction of Canada in
accordance with applicable securities legislation.
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. 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 "will",
"can" "should","pipeline" "anticipates", "believes",
"continue", 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.