TORONTO, ON / ACCESSWIRE / November 20, 2018 / Intellipharmaceutics International Inc. (NASDAQ: IPCI; 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 it has entered into two exclusive licensing and distribution agreements with pharmaceutical distributors in Malaysia and Vietnam.
"We are extremely pleased to announce our entry into agreements for non-US generics in these markets," commented Dr. Isa Odidi, CEO of the Company. "Intellipharmaceutics has a strong portfolio of U.S. FDA approved generics and is committed to monetizing them by aggressively pursuing global partnerships. We believe Malaysia and Vietnam represent just the first step in achieving distribution for Intellipharmaceutics' products outside the United States."
A Malaysian pharmaceutical distribution company has been granted the exclusive right, subject to regulatory approval, to import and market Intellipharmaceutics' generic Seroquel XR® (quetiapine fumarate extended-release) in Malaysia. Under the terms of the agreement, four strengths (50, 200, 300 and 400mg) of generic Seroquel XR® will be manufactured and supplied by Intellipharmaceutics for distribution in Malaysia. Intellipharmaceutics is also in discussions to include other products in the agreement with said distributor, who will be required to purchase a minimum yearly quantity of all products included in the agreement.
Similarly, a Vietnamese pharmaceutical distributor, has been granted the exclusive right, subject to regulatory approval, to import and market Intellipharmaceutics' generic Seroquel XR®, Glucophage® XR, and Keppra XR® in Vietnam. Under the terms of the agreement, two strengths (500 and 750mg) of generic Glucophage® XR, three strengths (50, 150 and 200mg) of generic Seroquel XR® and one strength (500mg) of generic Keppra XR® will be manufactured and supplied by Intellipharmaceutics for distribution in Vietnam. The Vietnamese distributor will be required to purchase a minimum yearly quantity of all products included in the agreement.
Malaysia and Vietnam have a combined population of approximately 127 million.
The multi-year agreements with these distributors are each subject to early termination. Financial terms of the agreements have not been disclosed.
There can be no assurance as to when or if any of our products will receive regulatory approval for sale in Malaysia or Vietnam or that, if so approved, the products will be successfully commercialized there and produce significant revenues for the Company.
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).
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Intellipharmaceutics International Inc.
Chief Financial Officer
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SOURCE: Intellipharmaceutics International Inc.
Released November 20, 2018