IntelliPharmaCeutics And Par Pharmaceutical Agree To Controlled Release Generic Drug Development

Toronto, Canada - IntelliPharmaCeutics Corp., a Canadian specialty pharmaceutical company, the operating affiliate of IntelliPharmaCeutics Ltd., (Delaware), is pleased to announce that it has entered into an agreement with Par Pharmaceutical Companies, Inc. (NYSE: PRX) for the development of a generic, controlled release drug product for the United States market.

Financial terms of the agreement were not disclosed.

Under the agreement, IntelliPharmaCeutics will develop the controlled release product, and Par will submit the Abbreviated New Drug Application (ANDA) to the U.S. Food and Drug Administration as the U.S. filing agent on behalf of IntelliPharmaCeutics Corp., and will provide regulatory and legal support for the applications.

IntelliPharmaCeutics will receive milestone payments during the development of the product and filing incentives. The companies will share in the net profits from sales of the resulting products, and Par will retain all U.S. marketing rights.

Dr. Isa Odidi, Chairman, CEO and Co-Chief Scientific Officer of IntelliPharmaCeutics, stated, "We are very happy to be working with Par on this significant product. We believe that our expertise in developing controlled release products and Par's support, marketing experience, and promotional reach will ensure its commercial success."

"IntelliPharmaCeutics' innovative approach to drug delivery technologies and their expertise in formulation make them an ideal partner for Par," said Michael Graves, President, Generic Products Division of Par Pharmaceutical. "This agreement provides Par with another controlled release product opportunity, and we look forward to a very successful collaboration."

SOURCE: IntelliPharmaCeutics