Aegis Capital has reiterated a ‘Hold’ rating and price target of $2 on shares of Intellipharmaceutics International (NASDAQ: IPCI). The company recently reported first quarter 2017 results with revenue of $1.2 million compared to $0.6 million in the same period of 2016. The increase in revenue is attributed to Focalin XR, per the company’s agreement with Par Pharmaceutical. The analyst expects the company to continue making progress throughout the year, with the recent launch of Par’s generic Focalin XR driving revenues.
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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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