IntelliPharmaCeutics and Par Pharmaceutical Agree to Second Controlled Release Generic Drug Development Collaboration

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IntelliPharmaCeutics Corp., a Canadian specialty pharmaceutical company, the operating affiliate of IntelliPharmaCeutics Ltd., (Delaware), is pleased to announce that on December 21, 2006, the Company concluded an agreement with Par Pharmaceutical Companies, Inc. for the development of a generic, controlled release drug product for the United States market. This is the second such agreement between Par and IntelliPharmaCeutics, following upon an earlier agreement announced on November 29, 2005.

IntelliPharmaCeutics Corp. (http://www.intellipharmaceutics.net), a Canadian specialty pharmaceutical company, the operating affiliate of IntelliPharmaCeutics Ltd., (Delaware), is pleased to announce that on December 21, 2006, the Company concluded an agreement with Par Pharmaceutical Companies, Inc. for the development of a generic, controlled release drug product for the United States market. This is the second such agreement between Par and IntelliPharmaCeutics, following upon an earlier agreement announced on November 29, 2005.

Under the agreement, IntelliPharmaCeutics will develop the controlled release product, and Par will submit the Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration as the U.S. filing agent on behalf of IntelliPharmaCeutics Corp., and will provide regulatory and legal support for the application.

IntelliPharmaCeutics will receive milestone payments during the development of the product, and filing incentives. The companies will share in the net profits from sales of the resulting products, and Par will retain all U.S. marketing rights.

Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of IntelliPharmaCeutics, stated, "We are extremely pleased and proud that Par has selected IntelliPharmaCeutics to work with Par on a second significant controlled release product. We look upon this further agreement as a strong endorsement of our delivery technologies, and of our ability to solve difficult drug delivery problems efficiently, while meeting the needs of an important client. We believe that our expertise in developing controlled release products and Par's support, marketing experience, and promotional reach will provide the best chance for the commercial success of this product."

"Par is pleased to expand its collaboration with IntelliPharmaCeutics to now include a second product," said Paul Campanelli, Executive Vice President, Business Development and Licensing for Par. "IntelliPharmaCeutics' expertise in drug delivery technology and formulation has already contributed to a very productive partnership."

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 http://www.intellipharmaceutics.com

About Par

Par Pharmaceutical Companies, Inc. develops, manufactures and markets generic drugs and innovative branded pharmaceuticals for specialty markets. For press release and other company information, visit http://www.parpharm.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.

For IntelliPharmaCeutics Corp.

John N. Allport, V.P. - Legal Affairs and Licensing

Tel: 416-798-3001 Ext. 104

Website: http://www.intellipharmaceutics.net

Sharon Will, Investor Relations

Phone: 352-595-1391

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