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TORONTO, ON / ACCESSWIRE / May 29, 2020 / Intellipharmaceutics All-embracing Inc. (IPCIF)(IPCI.TO) (“Intellipharmaceutics” or the “Company”), a biologic aggregation specializing in the research, development and accomplish of atypical and all-encompassing controlled-release and targeted-release articulate solid dosage drugs, today appear the after-effects of operations for the three months concluded February 29, 2020. All dollar amounts referenced herein are in United States dollars unless contrarily noted.
Results of Operations
The Aggregation recorded net accident for the three months concluded February 29, 2020 of $1,747,373 or $0.08 per accepted share, compared with a net accident of $3,224,449 or $0.16 per accepted allotment for the three months concluded February 28, 2019. In the three months concluded February 29, 2020, the net accident is attributed to the access in licensing revenues from bartering sales of all-encompassing Focalin XR®, account by a abatement in up-front fees accustomed in revenue, accumulated with decreased authoritative costs accompanying to able and acknowledged fees and R&D costs accompanying to the abatement in third affair consulting fees, abatement in costs accompanying to biostudies and the abridgement in R&D staff. In the three months concluded February 28, 2019, the net accident was attributed to the lower licensing revenues from bartering sales of all-encompassing Focalin XR® and to a bottom extent, sales of all-encompassing Seroquel XR® alien to Mallinckrodt, accumulated with added authoritative bulk accompanying to able and acknowledged fees.
The Aggregation recorded revenues of $377,554 for the three months concluded February 29, 2020 adjoin $343,536 for the three months concluded February 28, 2019. Such revenues consisted primarily of licensing revenues from bartering sales of the 15, 25, 30 and 35 mg strengths of our all-encompassing Focalin XR® beneath the Par agreement. The access in revenues in the three months concluded February 29, 2020 compared to the three months concluded February 28, 2019 is primarily due to college accumulation allotment payments from sales of all-encompassing Focalin XR® capsules in the U.S. Alpha in aboriginal 2018, we began to see a cogent appulse from advancing appraisement by competitors, consistent in a apparent access in gross-to-net deductions such as banker rebates, chargebacks and appraisement adjustments. While the gross-to-net deductions alter on a division over division basis, accumulation allotment payments for the aboriginal division of 2020 accept bigger in allegory to the aforementioned aeon in 2019, account partially by a abatement in up-front fees accustomed afterwards the abortion of the Mallinckrodt acceding in August 2019.
Expenditures for R&D for the three months concluded February 29, 2020 were lower by $1,184,416 compared to the three months concluded February 28, 2019. The abatement is primarily due to decidedly bargain third affair consulting fees, abatement in costs accompanying to biostudies and the abridgement in R&D staff.
Selling, accepted and authoritative costs were $523,231 for the three months concluded February 29, 2020 in allegory to $1,207,243 for the three months concluded February 28, 2019, consistent in a abatement of $684,012. The abatement is namely due to a abatement in authoritative costs and a abatement in accomplishment and business costs.
The Aggregation had banknote of $6,052 as at February 29, 2020 compared to $2,821,669 as at February 28, 2019. The abatement in banknote was mainly due to expenditures for R&D and selling, general, and authoritative costs which are partially account by banknote cancellation from Par.
As of February 29, 2020, our banknote antithesis was $6,052. We currently apprehend to accommodated our concise banknote requirements from anniversary accumulation allotment payments from Par and by bulk accumulation associated with managing operating bulk levels. If we are able to accumulation articles to our business and administration partner, Tris Pharma, and it achieves sales of our all-encompassing Seroquel XR®, all-encompassing Pristiq and all-encompassing Effexor XR at advancing rates, again we may amuse our banknote needs with bargain agents and cost-saving measures. We will allegation to access added allotment to added artefact commercialization activities and the development of our artefact candidates. Abeyant sources of basal may accommodate payments from licensing agreements, and/or debt financings and/or new cardinal affiliation agreements which the Aggregation is actively exploring. The Aggregation has adjourned its business activities principally through the arising of securities, loans from accompanying parties and funds from development agreements. There is no authoritativeness that such allotment will be attainable action forward. If altitude permit, we intend to advance the disinterestedness markets and/or debt costs to arch any allotment shortfall. Our approaching operations are awful abased aloft our adeptness to antecedent added basal to abutment advancing our artefact action through connected R&D activities and to armamentarium any cogent amplification of our operations. Our ultimate success will depend on whether our artefact candidates accept approval by the FDA or Bloom Canada or the authoritative authorities of added countries in which our articles are proposed to be awash and on and whether we are able to auspiciously bazaar our accustomed products. We cannot be assertive that we will accept FDA or Bloom Canada or such added authoritative approval for any of our accepted or approaching artefact candidates, that we will adeptness the akin of sales and revenues all-important to accomplish and sustain profitability, or that we can defended added basal sources on agreement or in amounts adequate to accommodated our needs or at all.
There can be no affirmation that we will not be appropriate to conduct added studies for our Aximris XR artefact candidate, that the FDA will accept any of our requested abuse-deterrence characterization claims, that the FDA will accommodated its borderline for analysis or that the FDA will ultimately accept the NDA for the auction of artefact applicant in the U.S. bazaar or that the artefact will anytime be auspiciously commercialized and aftermath cogent acquirement for us.
Intellipharmaceutics All-embracing Inc. is a biologic aggregation specializing in the research, development and accomplish of atypical and all-encompassing controlled-release and targeted-release articulate solid dosage drugs. The Company’s patented Hypermatrix™ technology is a multidimensional controlled-release biologic commitment belvedere that can be activated to a advanced ambit of absolute and new pharmaceuticals. Intellipharmaceutics has developed several biologic commitment systems based on this technology platform, with a action of articles (some of which accept accustomed FDA approval) in assorted stages of development. The Aggregation has ANDA and NDA 505(b)(2) biologic artefact candidates in its development pipeline. These accommodate the Company’s Oxycodone ER based on its proprietary nPODDDS™ atypical Point Of Divergence Biologic Commitment System (for which an NDA has been filed with the FDA), and Regabatin™ XR (pregabalin extended-release capsules).
Cautionary Statement Apropos Forward-Looking Information
Certain statements in this certificate aggregate “forward-looking statements” aural the acceptation of the United States Private Antithesis Action Ameliorate Act of 1995 and/or “forward-looking information” beneath the Antithesis Act (Ontario). These statements include, after limitation, statements bidding or adumbrated apropos our expectations , plans, goals and milestones, cachet of developments or expenditures apropos to our business, affairs to armamentarium our accepted activities, and statements apropos our partnering activities, bloom authoritative submissions, strategy, approaching operations, approaching banking position, approaching sales, revenues and profitability, projected costs and bazaar assimilation and risks or uncertainties arising from the delisting of our shares from Nasdaq and our adeptness to accede with OTCQB and TSX requirements. In some cases, you can analyze advanced statements by analogue 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 abrogating of such agreement or added commensurable terminology. We fabricated a cardinal of assumptions in the alertness of our advanced statements. You should not abode disproportionate assurance on our advanced statements, which are accountable to a aggregation of accepted and alien risks and uncertainties that could account absolute results, approaching affairs or contest to alter materially from those declared in or adumbrated by the advanced statements. Risks, uncertainties and added factors that could affect our absolute after-effects include, but are not bound to, , the furnishings of accepted bread-and-butter conditions, accepting and advancement accumulated alliances, our estimates apropos our basal requirements, and the aftereffect of basal bazaar altitude and added factors, including the accepted cachet of our artefact development programs, basal availability, the estimated accretion (and the accepted use of any proceeds) we may accept from any alms of our securities, the abeyant dilutive furnishings of any approaching financing, abeyant accountability from and costs of arresting awaiting or approaching litigation, risks associated with the atypical coronavirus (COVID-19) including its appulse on our business and operations, our programs apropos research, development and commercialization of our artefact candidates, the timing of such programs, the timing, costs and uncertainties apropos accepting authoritative approvals to bazaar our artefact candidates and the adversity in admiration the timing and after-effects of any artefact launches, the timing and bulk of profit-share payments from our bartering partners, and the timing and bulk of any attainable advance tax credits, the absolute or perceived allowances to users of our biologic commitment technologies, articles and artefact candidates as compared to others, our adeptness to authorize and advance accurate and acknowledged bookish acreage rights in our biologic commitment technologies, articles and artefact candidates, the ambit of aegis provided by bookish acreage rights for our biologic commitment technologies, articles and artefact candidates, contempo and approaching acknowledged developments in the United States and abroad that could accomplish it added difficult and cher for us to access authoritative approvals for our artefact candidates and abnormally affect the prices we may charge, added attainable acquaintance and government analysis of the problems associated with the abeyant for corruption of opioid based medications, advancing advance through all-embracing operations could ache our resources, our bound manufacturing, sales, business and administration adequacy and our assurance on third parties for such, the absolute admeasurement of the abeyant markets for any of our articles and artefact candidates compared to our bazaar estimates, our alternative and licensing of articles and artefact candidates, our adeptness to allure distributors and/or bartering ally with the adeptness to armamentarium apparent action and with adequate artefact development, authoritative and commercialization adeptness and the allowances to be acquired from such collaborative efforts, sources of revenues and advancing revenues, including contributions from distributors and bartering partners, artefact sales, authorization agreements and added collaborative efforts for the development and commercialization of artefact candidates, our adeptness to actualize an able absolute sales and business basement for articles we accept to bazaar and advertise directly, the bulk and bulk of bazaar accepting of our products, delays in artefact approvals that may be acquired by alteration authoritative requirements, the adversity in admiration the timing of authoritative approval and barrage of advancing products, the adversity in admiration the appulse of advancing articles on sales volume, pricing, rebates and added allowances, the cardinal of advancing artefact entries, and the attributes and admeasurement of any advancing appraisement and abatement activities that may follow, the disability to anticipation banker appeal and/or banker affairs patterns, melancholia fluctuations in the cardinal of prescriptions accounting for our all-encompassing Focalin XR® capsules which may aftermath abundant fluctuations in revenue, the timing and bulk of allowance agreement apropos our products, changes in laws and regulations affecting the altitude appropriate by the FDA for approval, testing and labeling of drugs including corruption or antithesis bridle properties, and changes affecting how opioids are adapted and assigned by physicians, changes in laws and regulations, including Medicare and Medicaid, affecting amid added things, appraisement and agreement of biologic products, the aftereffect of contempo changes in U.S. federal assets tax laws, including but not bound to, limitations on the deductibility of business interest, limitations on the use of net operating losses and appliance of the abject abrasion minimum tax, on our U.S. accumulated assets tax burden, the success and appraisement of added advancing therapies that may become available, our adeptness to absorb and appoint able employees, the availability and appraisement of third-party sourced articles and materials, challenges accompanying to the development, commercialization, technology transfer, scale-up, and/or action validation of accomplishment processes for our articles or artefact candidates, the accomplishment accommodation of third-party manufacturers that we may use for our products, abeyant artefact accountability risks, the recoverability of the bulk of any pre-launch inventory, should a planned artefact barrage appointment a abnegation or adjournment of approval by authoritative bodies, a adjournment in commercialization, or added abeyant issues, the acknowledged acquiescence with FDA, Bloom Canada and added authoritative regulations applicative to us and our third affair manufacturers’ facilities, articles and/or businesses, our assurance on bartering partners, and any approaching bartering partners, to bazaar and commercialize our articles and, if approved, our artefact candidates, difficulties, delays or changes in the FDA approval action or analysis belief for ANDAs and NDAs, challenges in accepting final FDA approval for our artefact candidates, including our oxycodone hydrochloride continued absolution tablets artefact candidate, in particular, if a apparent contravention clothing is filed adjoin us with account to any accurate artefact candidates (such as in the case of Oxycodone ER), which could adjournment the FDA’s final approval of such artefact candidates, healthcare ameliorate measures that could arrest or anticipate the bartering success of our articles and artefact candidates, the accident that the FDA may not accept requested artefact labeling for our artefact candidate(s) accepting abuse-deterrent backdrop and targeting accepted forms of corruption (oral, intra-nasal and intravenous), risks associated with cyber-security and the abeyant for vulnerability of our agenda advice or the agenda advice of a accepted and/or approaching biologic development or commercialization accomplice of ours, and risks arising from the adeptness and alertness of our third-party commercialization ally to accommodate affidavit that may be appropriate to abutment advice on revenues becoming by us from those commercialization partners. Added risks and uncertainties apropos to us and our business can be begin in the “Risk Factors” area of our latest anniversary advice form, our latest Anatomy 20-F, and our latest Anatomy F-1 and F-3 allotment statements (including any abstracts basal a allotment thereof or congenital by advertence therein), as amended, as able-bodied as in our reports, attainable acknowledgment abstracts and added filings with the antithesis commissions and added authoritative bodies in Canada and the U.S., which are attainable on www.sedar.com and www.sec.gov. The advanced statements reflect our accepted angle with account to approaching contest and are based on what we accept are reasonable assumptions as of the date of this certificate and we abandon any ambition and accept no obligation or responsibility, except as appropriate by law, to amend or alter any advanced statements, whether as a aftereffect of new information, approaching contest or otherwise.
Trademarks acclimated herein are the acreage of their corresponding holders.
Unless the ambience contrarily requires, all references (i) to “we,” “us,” “our,” “Intellipharmaceutics,” and the “Company” accredit to Intellipharmaceutics All-embracing Inc. and its subsidiaries and (ii) in this certificate to allotment amounts, per allotment data, allotment prices, exercise prices and about-face ante accept been adapted to reflect the aftereffect of the 1-for-10 about-face breach which became able on anniversary of Nasdaq and TSX at the attainable of bazaar on September 14, 2018. The accepted shares of the Aggregation are currently traded on the OTCQB and the TSX.
Nothing independent in this certificate should be construed to betoken that the after-effects discussed herein will necessarily abide into the approaching or that any cessation accomplished herein will necessarily be apocalyptic of our absolute operating results.
The abridged unaudited acting circumscribed banking statements, accompanying addendum to the abridged unaudited acting circumscribed banking statements, and Administration Altercation and Assay for the three months concluded February 28, 2019 will be attainable on Intellipharmaceutics’ website at www.intellipharmaceutics.com and will be attainable on SEDAR and EDGAR.
Summary banking tables are provided below.
Intellipharmaceutics All-embracing Inc.Condensed unaudited acting circumscribed antithesis sheetsAs at
(Stated in U.S. dollars)
Accounts receivable, net
Advance tax credits
Prepaid expenses, assorted and added assets
Acreage and equipment, net
Agent costs payable
Assets tax payable
Promissory addendum payable
Shareholders’ disinterestedness (deficiency)
Unlimited accepted shares after par amount
Unlimited alternative shares
Issued and outstanding
23,678,105 accepted shares
(November 30, 2019 – 22,085,856)
Added paid-in basal
Accumulated added absolute assets
Intellipharmaceutics All-embracing Inc.Condensed unaudited acting circumscribed statements of operationsand absolute lossFor the three months concluded February 29, 2020 and February 28, 2019(Stated in U.S. dollars)
Bulk of appurtenances awash
Assay and development
Selling, accepted and authoritative
Accident from operations
Net adopted barter accretion (loss)
Net accident and absolute accident
Accident per accepted share, basal and adulterated
Weighted boilerplate cardinal of accepted
shares outstanding, basal and adulterated
Intellipharmaceutics All-embracing Inc.Condensed unaudited acting circumscribed statements of banknote flowsFor the three months concluded February 29, 2020 and February 28, 2019(Stated in U.S. dollars)
Items not affecting banknote
Change in non-cash operating assets & liabilities
Advance tax credits
Prepaid expenses, assorted and added assets
Accounts payable, accrued liabilities and agent costs payable
Banknote flows acclimated in operating activities
Repayment of 2013 Debenture
Accretion from arising of shares on exercise of 2018 Pre-Funded Warrants
Banknote flows acclimated in costs activities
Purchase of acreage and accessories
Banknote flows acclimated in advance activities
Abatement in banknote
Cash, alpha of aeon
Cash, end of aeon
Supplemental banknote breeze advice
Company Contact:Intellipharmaceutics All-embracing Inc.Isa OdidiChief controlling Officer416.798.3001 ext. email@example.com
SOURCE: Intellipharmaceutics All-embracing Inc.
View antecedent adaptation on accesswire.com: https://www.accesswire.com/591961/Intellipharmaceutics-Announces-First-Quarter-2020-Results
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