Intellipharmaceutics Prices Offering Common Shares And Warrants At US$2.05/unit

(RTTNews) - Intellipharmaceutics International Inc. (IPCI, I.TO), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, announced the pricing of an underwritten public offering of 1.50 million units of common shares and warrants at a price of US$2.05 per unit.

The offering is being anchored by a healthcare dedicated institutional investor.

In connection with the offering, the Company will be issuing an aggregate of 1.50 million common shares and warrants to purchase an additional 375,000 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of US$2.55 per common share. After underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately US$2.50 million.

Maxim Group LLC is acting as sole book-running manager for the offering. Brean Capital, LLC is acting as co-manager for the offering.

The company said it expects to close the transaction, subject to customary conditions, on or about July 31, 2013.