Mr. Isa Odidi reports

INTELLIPHARMACEUTICS INTERNATIONAL INC. ANNOUNCES STOCK OPTION GRANT

IntelliPharmaCeutics International Inc. has issued 1.91 million common share purchase options pursuant to the company's stock option plan. The company issued 1.91 million options to certain directors, officers and employees of the company, who are eligible to receive the options under the plan. Each option grants the holder the right to purchase one common share at a purchase price of 9.4 cents per common share for a period of 10 years from the date of issue. Accordingly, the options expire Feb. 5, 2034. The options will vest: (i) 50 per cent immediately; (ii) 25 per cent on the first anniversary of the grant; and (iii) 25 per cent on the second anniversary of the grant.

About IntelliPharmaCeutics International Inc.

IntelliPharmaCeutics 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 a wide range of existing and new pharmaceuticals.

IntelliPharmaCeutics has developed several drug delivery systems based on this technology platform, with a pipeline of products (some of which have received Food and Drug Administration approval) in various stages of development. The company has abbreviated new drug application and new drug application 505(b)(2) candidates in its development pipeline. These include the company's abuse-deterrent oxycodone hydrochloride extended-release formulation based on its proprietary nPODDDS; a novel point-of-divergence drug delivery system (for which an NDA has been filed with the FDA); and regabatin XR (pregabalin extended-release capsules).

We seek Safe Harbor.