Intellipharmaceutics Announces Results of Initial Phase I Clinical Trial of Controlled-Release Pregabalin and Product Updates
TORONTO, Nov. 27, 2012 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), 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 successful results of an initial Phase I clinical trial of a controlled-release pregabalin formulation. We also announced an update to the 2012 goals of our Rexista™ abuse-deterrent formulations for oxycodone, and an update to the development activities of our generic version of Focalin XR®.
Intellipharmaceutics successfully completed a Phase I clinical trial on our non-generic controlled-release formulation of pregabalin XR. This was the first bioavailability study of our controlled-release pregabalin versus Lyrica® (immediate release pregabalin) in 14 subjects. The results showed that our 150 mg pregabalin XR once-a-day dosage was comparable in bioavailability to Lyrica® 50 mg three-times-a-day dosage. Pregabalin is indicated for the management of neuropathic pain associated with diabetic peripheral neuropathy, postherpetic neuralgia, spinal cord injury and fibromyalgia. A controlled-release version of pregabalin should reduce the number of doses patients take, potentially improving patient compliance, and therefore potentially improving clinical outcomes. We plan to initiate additional Phase I clinical trials in 2013. According to Wolters Kluwer Health, U.S. sales for the 12 months ending October 2012 for Lyrica® (pregabalin capsules) were approximately $2.0 billion. There is no controlled-release formulation on the market at this time. There can be no assurance that additional clinical trials will meet our expectations, that we will be successful in submitting a new drug application ("NDA") 505(b)(2) filing with the United States Food and Drug Administration ("FDA"), that the FDA will approve this product candidate for sale in the U.S. market, or that it will ever be successfully commercialized.
"We are excited to announce the application of our Hypermatrix™ technology to another controlled- release product candidate," stated Dr. Isa Odidi, CEO and Co-Founder of Intellipharmaceutics. "Our formulation expertise continues to broaden the pipeline of Intellipharmaceutics' product candidates and expand our potential strategic commercial opportunities."
Intellipharmaceutics' previously announced development goals for 2012 included the completion of clinical batch manufacturing of Rexista™ oxycodone, and the initiation of Phase I studies of Rexista™ oxycodone. We are pleased to announce our manufacture of batches under current Good Manufacturing Practices has been concluded, and we are now going into clinical trials with the manufactured batches. Preliminary Phase I data from this trial is expected in early 2013. According to Wolters Kluwer Health, U.S. sales for the 12 months ending October 2012 for OxyContin® were approximately $2.4 billion.
"Our first proof-of-concept trial of Rexista™ oxycodone yielded bioavailability comparable to OxyContin®. We plan to repeat these trials using our final formulation," commented Dr. Isa Odidi. "Addicts have found ways to abuse OxyContin®. Our final Rexista™ oxycodone formula is designed to deter abuse from crushing, heating, dissolving and various extraction methods including dissolution in alcohol." There can be no assurance that clinical trials will meet our expectations, that we will be successful in submitting an NDA 505(b)(2) filing with the FDA, that the FDA will approve this product candidate for sale in the U.S. market, or that it will ever be successfully commercialized.
We continue to await receipt of potential regulatory approval from the FDA for our generic version of Focalin XR®. No additional information has been requested by the FDA in the last three months with regards to the abbreviated new drug application ("ANDA") that is currently under review. Upon receipt of regulatory approval, we may commence marketing our generic versions of 5, 10, 15 and 20 mg Focalin XR® with our commercialization partner Par Pharmaceutical, Inc. According to Wolters Kluwer Health, U.S. sales for the 12 months ending October 2012 for Focalin XR® were approximately $601 million. There can be no assurance as to when, or if at all, the FDA will approve this product candidate for sale in the U.S. market, or that it will ever be successfully commercialized.
About Intellipharmaceutics
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 the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of product candidates in various stages of development, including eight ANDAs filed with the FDA, in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes, pain and infection.
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CONTACT:
Intellipharmaceutics International Inc.
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Toronto, ON Canada M9W 5X2
www.intellipharmaceutics.com
Shameze Rampertab
Vice President Finance & CFO
416-798-3001 x106
[email protected]