TORONTO, June 21, 2011 (GLOBE NEWSWIRE) -- Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) today announced that Intellipharmaceutics and Wyeth LLC, a wholly owned subsidiary of Pfizer Inc., have settled the patent infringement litigation in the United States District Court for the Southern District of New York, relating to Intellipharmaceutics' generic version of Effexor XR® (venlafaxine hydrochloride extended release) capsules. Under the terms and conditions of the Settlement Agreement, Intellipharmaceutics has been granted a non-exclusive license to the patents in suit that will permit Intellipharmaceutics to launch a generic of Effexor XR® in the United States following U.S. Food and Drug Administration approval of this product. There can be no assurance of such approval of any product of Intellipharmaceutics.
According to Wolters Kluwer Health, sales of Effexor XR® and generic versions of Effexor XR® in the U.S. were approximately $2.8 billion for the 12 months ending May 2011.
"We are very pleased with the settlement of the litigation relating to our generic version of Effexor XR®, as this removes a significant barrier to the commercial launch of our generic product upon FDA approval," commented Dr. Isa Odidi, CEO of Intellipharmaceutics. "With five products awaiting FDA approval, we continue to work aggressively to both advance and expand the number of products in our portfolio."
For further information please contact: John Allport, VP Legal Affairs, Intellipharmaceutics International Inc., 30 Worcester Road, Toronto, Ontario, M9W 5X2, Tel: (416) 798-3001 Ext. 104, Fax: (416) 798-3007.
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, including five ANDAs filed with the FDA, in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection.
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