TORONTO, ON / ACCESSWIRE / May 30, 2019 / Intellipharmaceutics International Inc. (OTCQB: IPCIF and 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 that the Company's pre-existing license to conduct activities with Cannabidiol ("CBD") has been migrated by Health Canada to a Cannabis Drug License ("CDL") under the Cannabis Regulations.
Intellipharmaceutics' new CDL allows the Company to continue to possess cannabis, produce a drug containing cannabis and sell a drug containing cannabis in Canada.
The CDL is unique from other forms of cannabis licenses in Canada as, according to Health Canada, it is a requirement for any company that intends to produce and sell a prescription drug containing cannabis or cannabinoids. Only companies, such as Intellipharmaceutics, with a Health Canada issued Drug Establishment License are eligible to apply for a CDL.
"Our receipt of a Cannabis Drug License from Health Canada demonstrates Intellipharmaceutics' commitment to the research and development of a pipeline of pharmaceutical CBD-based products, but also shows why we believe we are uniquely positioned to bring cannabinoid based, prescription drugs to the Canadian and global markets," commented Intellipharmaceutics' CEO, Dr. Isa Odidi.
There can be no assurance that we will be able to develop cannabis-based products or that any cannabis-based product candidates we develop will ever be successfully commercialized or produce significant revenue for us.
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 United States Food and Drug Administration ("FDA") approval) in various stages of development. The Company has Abbreviated New Drug Application 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.