IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI) issued an update to shareholders, stating that it was unaware of any corporate developments that might be responsible for the recent change in its stock price. The company noted that it issued the release on the request of the Investment Industry Regulatory Organization, Canada and the Toronto Stock Exchange. You need to read the rest of this article if you own this stock.
Earlier on September 13, the company CFO, Domenic Della Penna, delivered an investor presentation, at the Rodman & Renshaw Global Investment Conference, at the Lotte New York Palace Hotel. The presentation provided an overview of business activities at IPCI, as well as an assessment of opioid drug abuse in the country. IntelliPharmaCeutics has a proprietary controlled-release drug delivery system and abuse deterrent technology platforms. During the presentation, Mr. Penna also updated that a new drug application, for Rexista XR, would be filed with the FDA, during the 4Q2016.
During the presentation, the CFO also identified some factors, which would serve as value drivers for the company, in the near future. This included the re-prioritization of IPCI’s focus on 502(b)(2) filings and developing new NDA candidates. In addition to this, the company also plans to leverage its proprietary technology for the development of Rexista and Regabatin, during the current year. Mr. Penna also revealed that IPCI’s main focus would be to increase the number of NDA level products, while also focusing on ANDA products, for low burden revenues.
IPCI last filed its financial report on July 13, for the 2Q2016. The company reported that it had revenues of $556,000, less than half of the revenue for the 2Q2015. The company’s expenses declined by approximately $200,000, whereas its net loss surged by approximately $550,000, on a year-over-year basis. Another red flag highlighted in the report was the fact that IntelliPharmaCeutics consumed approximately $1.6 million cash, during the 1H2016. Currently, IPCI has just over $173,000 in cash. Added to this, over 813,000 of company shares had been issued, during the 1H2016.
IntelliPharmaCeutics Intl Inc (USA) (NASDAQ:IPCI) completed the September 22 trading session, with a gain of 23.44% to its share value, on a trade volume of 1.52 million, to reach a close at $2.3 per share.