Aegis Capital has issued a ‘Hold’ rating and a lowered price target of $2 on shares of Intellipharmaceutics International (NASDAQ: IPCI). The news follows recent patent litigation from Purdue Pharma against Intellipharmaceutics regarding the New Drug Application (“NDA”) filing for its Rexista™ product candidate. The FDA is stayed for 30 months from granting final approval to the company’s Rexista™ as a result of these legal proceedings, unless a final declaration of the courts is entered that the patents are either invalid or are not infringed, or the matter is otherwise settled among the parties. The analyst noted the patent suit, as well as the extension of the FDA approval time it may cause, as the reason for downgrading the ‘Buy’ rating to ‘Hold’, as well as the lower price target.
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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 platform, Intellipharmaceutics has developed several drug delivery systems and a pipeline of products (some of which have received FDA approval) and product candidates in various stages of development, including Abbreviated New Drug Application (“ANDAs”) filed with the FDA (and one Abbreviated New Drug Submission filed with Health Canada) in therapeutic areas that include neurology, cardiovascular, gastrointestinal tract, diabetes and pain.
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