Intellipharmaceutics International (NASDAQ: IPCI; TSX: I) is engaged in the research, development, and commercialization of controlled-release and targeted-release pharmaceutical products. Controlled-release means releasing a drug into the bloodstream or at a target site in the body, over an extended period of time or at predetermined times. In some circumstances, controlled-release drug delivery can enhance efficacy and patient compliance as compared to immediate release formats for the same drug.
Intellipharmaceutics International released their first quarter results for 2012, reporting a loss of $1.9 million. The loss is attributed to expenses in operating activities related to research and development activities which increase compared to the prior period.
As the press release stated,
"The Company's decreased net loss in the first quarter ended February 29, 2012, can be attributed to the prior period's financing expense of $2.2 million partially offset by the prior period's fair value adjustment of derivative liability of $1.0 million. There was no comparable financing expense in the 2012 period; however during the 2012 period there was a fair value adjustment of derivative liability of $1.0 million related to the private placement financing completed on February 1, 2011. After adjusting for these items, the loss for the three months ended February 29, 2012 was higher by $1.4 million..."
Read the full press release here.