INTELLIPHARMACEUTICS AND PAR PHARMACEUTICAL AGREE TO CONTROLLED RELEASE GENERIC DRUG DEVELOPMENT

IntelliPharmaCeutics Corp., a Canadian specialty pharmaceutical company, the operating affiliate of IntelliPharmaCeutics Ltd., (Delaware), is pleased to announce that it has entered into an agreement with Par Pharmaceutical Companies, Inc. (NYSE: PRX) for the development of a generic, controlled release drug product for the United States market. Financial terms of the agreement were not disclosed.

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