Intellipharmaceutics International Inc.
"Intellipharmaceutics Announces That The Company And Purdue Pharma L.P. et al Have Entered Into A Stipulated Dismissal Agreement To Terminate Purdue Patent Litigation, Subject To Court Approval"
Thursday, July 2, 2020 11:00 AM
TORONTO, ON / ACCESSWIRE / July 2, 2020 / 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 parties in the cases, numbers 17-cv-392-RGA, 18-cv-404-RGA and 20-cv-515-RGA (the "Litigations") between Purdue Pharma L.P. et al ("Purdue Pharma") and Intellipharmaceutics, have entered into a stipulated dismissal of the Litigations.
The stipulated dismissal, which is subject to approval by the bankruptcy court presiding over Purdue Pharma's pending chapter 11 cases, provides for the termination of patent infringement proceedings commenced by Purdue Pharma against the Company in the United States District Court for the District of Delaware in respect of the Company's New Drug Application ("NDA") filing for Aximris XR (oxycodone hydrochloride extended release tablets) with the United States Food and Drug administration ("FDA").
The stipulated dismissal also provides for a thirty (30) day period following a final approval of the Company's Aximris XR NDA during which the parties will attempt to resolve any potential asserted patent infringement claims relating to the NDA. If the parties fail to resolve all such claims during a period of thirty (30) days following such final approval, Purdue Pharma L.P. et al will have fifteen (15) days to pursue an infringement action against the Company.
There can be no assurance that the bankruptcy court will approve the stipulated dismissal as proposed, or at all. There can be no assurance that the FDA will ultimately approve the NDA for the sale of Aximris XR in the U.S. market, or that it will ever be successfully commercialized.
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).
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Intellipharmaceutics International Inc.
Chief Executive Officer
416.798.3001 ext. 102
SOURCE: Intellipharmaceutics International Inc.