TORONTO, May 3, 2011 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) today announced the U.S. Food and Drug Administration (FDA) has accepted for filing its abbreviated new drug application (ANDA) for a generic version of Seroquel XR® (quetiapine fumarate extended-release tablets). Seroquel XR® is an oral psychotropic agent indicated for the treatment of schizophrenia, bipolar disorder, and major depressive disorder. Sales of Seroquel XR® in the U.S. were approximately $823 million in 2010.
"We were very pleased with the FDA's acceptance of our filing for a generic of Seroquel extended-release capsules," commented Dr. Isa Odidi, CEO of Intellipharmaceutics. "I believe this speaks to the quality of our application and the work that is being performed at Intellipharmaceutics."
Intellipharmaceutics has five ANDAs awaiting FDA approval. The Company develops both ANDA product candidates and new drugs through the New Drug Application (NDA) 505(b)(2) regulatory pathway.
About Intellipharmaceutics
Intellipharmaceutics International Inc. is a pharmaceutical company specializing in the research, development and manufacture of novel or generic controlled-release and targeted-release oral solid dosage drugs. The Company's patented Hypermatrix™ technology is a unique and validated 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 products in various stages of development in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection.
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CONTACT: Glenn Neumann Director of Investor Relations 416-798-3001 x123 investors@intellipharmaceutics.com
