Intellipharmaceutics Provides Update on Activities Related to Generic Seroquel XR(R)
TORONTO, May 26, 2011 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), today announced the following with regard to its generic drug commercialization activities.
AstraZeneca Pharmaceuticals LP and AstraZeneca UK Limited have filed suit for patent infringement against Intellipharmaceutics in the United States District Court for the District of New Jersey relating to Intellipharmaceutics' FDA application for approval of a generic version of Seroquel XR® (quetiapine fumarate extended-release) tablets. Legal proceedings such as these are an ordinary and expected part of the process of obtaining approval to commercialize a generic drug product in the United States. The Company remains confident that Intellipharmaceutics' generic versions of Seroquel XR® do not infringe those patents. Intellipharmaceutics intends to vigorously defend against the Complaint described above. For further information please contact: John Allport, VP Legal Affairs and Licensing, Intellipharmaceutics International Inc., 30 Worcester Road, Toronto, Ontario, M9W 5X2, Tel: (416) 798-3001 Ext. 104, Fax: (416) 798-3007.
Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel or generic controlled-release and targeted-release oral solid dosage drugs. The Company's patented HypermatrixTM technology is a unique and validated multidimensional controlled-release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of products in various stages of development, including five ANDAs filed with the FDA, in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection.
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CONTACT: Glenn Neumann
Director of Investor Relations
416-798-3001 x123 [email protected]