Mr. Domenic Penna reports

INTELLIPHARMACEUTICS ANNOUNCES LAUNCH OF GENERIC SEROQUEL XR BY MALLINCKRODT

Mallinckrodt LLC, in its capacity as IntelliPharmaCeutics International Inc.'s marketing and distribution partner, has launched all strengths of the company's generic Seroquel XR (quetiapine fumarate extended-release tablets) in the United States. This launch follows the recent final approval from the U.S. Food and Drug Administration (FDA) for the company's abbreviated new drug application (ANDA) for quetiapine fumarate extended-release tablets in the 50-, 150-, 200-, 300- and 400-milligram strengths.

Dr. Isa Odidi, chief executive officer and co-founder of IntelliPharmaCeutics, stated: "We are pleased to share the news of our generic Seroquel XR launch by our valued partner Mallinckrodt. This is our second ANDA to be commercialized in the U.S. and follows the recent launches of four additional strengths of generic Focalin XR by Par Pharmaceutical Inc. The launch of generic Seroquel XR should enhance the significant revenue improvement we have realized thus far in 2017."

Seroquel XR, and the drug active quetiapine fumarate, are indicated for use in the treatment of schizophrenia and bipolar disorder. According to Symphony Health Solutions, sales in the United States for the 12 months ended April, 2017, of the 50, 150, 200, 300 and 400 mg strengths of Seroquel XR (branded and generic) were approximately $842-million (U.S.) (TRx MBS dollars, which represents projected new and refilled prescriptions representing a standardized dollar metric based on manufacturer's published catalogue or list prices to wholesalers, does not represent actual transaction prices, and does not include prompt pay or other discounts, rebates or reductions in price). There can be no assurance that the company's generic Seroquel XR in any of the 50, 150, 200, 300 and 400 mg strengths will be successfully commercialized.

About IntelliPharmaCeutics International Inc.

IntelliPharmaCeutics International 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 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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