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Intellipharmaceutics Announces Update on Its Generic Versions of Keppra XR(R) and Pristiq(R)

Intellipharmaceutics Announces Update on Its Generic Versions of Keppra XR(R)
and Pristiq(R)

TORONTO, March 13, 2013 (GLOBE NEWSWIRE) -- Intellipharmaceutics International
Inc. (Nasdaq:IPCI) (TSX:I), a pharmaceutical company specializing in the
research, development and manufacture of novel and generic controlled-release
and targeted-release oral solid dosage drugs, today announced an update on its
generic versions of the marketed drugs Keppra XR® and Pristiq®.

In September of 2012, the Company announced that it had filed with the U.S.
Food and Drug Administration ("FDA") two Abbreviated New Drug Applications
("ANDAs"), for generic versions of the marketed drugs Keppra XR®
(levetiracetam extended-release tablets), an antiepileptic product for the
treatment of partial onset seizures in patients with epilepsy and Pristiq®
(desvenlafaxine extended-release tablets), a product for the treatment of
depression.

We are pleased to announce that the FDA has accepted for filing the Company's
ANDA for generic Keppra XR®.

Based on the FDA's preliminary review and comments on the Company's ANDA for
generic Pristiq®, the Company plans to repeat one of three bioequivalence
studies for the product candidate. The Company will amend its existing
application for generic Pristiq® to include the new study upon its successful
completion.

7 ANDAs in total have now been accepted by the FDA for review. The Company is
proceeding with development of all its product candidates, including several
other ANDA and New Drug Application ("NDA") product candidates that have been
previously disclosed and described by the Company.

About Intellipharmaceutics

Intellipharmaceutics International Inc. 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,
Intellipharmaceutics has a pipeline of product candidates in various stages of
development, including filings with the FDA in therapeutic areas that include
neurology, cardiovascular, gastrointestinal tract, diabetes and pain.

Certain statements in this document constitute "forward-looking statements"
within the meaning of the United States Private Securities Litigation Reform
Act of 1995 and/or "forward-looking information" under the Securities Act
(Ontario). These statements include, without limitation, statements expressed
or implied regarding our plans, goals and milestones, status of developments
or expenditures relating to our business, plans to fund our current
activities, statements concerning our partnering activities, health regulatory
submissions, strategy, future operations, future financial position, future
sales, revenues and profitability, projected costs, and market penetration. In
some cases, you can identify forward-looking statements by terminology such as
"may," "will," "should," "expects," "plans," "anticipates," "believes,"
"estimates," "predicts," "potential," "continue," "intends," "could," or the
negative of such terms or other comparable terminology. We made a number of
assumptions in the preparation of our forward-looking statements. You should
not place undue reliance on our forward-looking statements, which are subject
to a multitude of known and unknown risks and uncertainties that could cause
actual results, future circumstances or events to differ materially from those
stated in or implied by the forward-looking statements. Risks, uncertainties
and other factors that could affect our actual results include, but are not
limited to, the effects of general economic conditions, securing and
maintaining corporate alliances, our estimates regarding our capital
requirements, and the effect of capital market conditions and other factors,
including the current status of our product development programs, on capital
availability, the potential dilutive effects of any future financing, our
programs regarding research, development and commercialization of our product
candidates, the timing of such programs, the timing, costs and uncertainties
regarding obtaining regulatory approvals to market our product candidates,
andthe timing and amount of any available investment tax credits, the actual
or perceived benefits to users of our drug delivery technologies and product
candidates as compared to others, our ability to maintain and establish
intellectual property rights in our drug delivery technologies and product
candidates, the actual size of the potential markets for any of our product
candidates compared to our marketestimates, our selection and licensing of
product candidates, our ability to attract distributors and collaborators with
the ability to fund patent litigation and with acceptable development,
regulatory and commercialization expertise and the benefits to be derived from
such collaborative efforts, sources of revenues and anticipated revenues,
including contributions from distributors and collaborators, product sales,
license agreements and other collaborative efforts for the development and
commercialization of product candidates, our ability to create an effective
direct sales and marketing infrastructure for products we elect to market and
sell directly, the rate and degree of market acceptance of our products, the
timing and amount of insurance reimbursement for our products, the success and
pricing of other competing therapies that may become available, our ability to
retain and hire qualified employees, and the manufacturing capacity of
third-party manufacturers that we may use for our products. Additional risks
and uncertainties relating to the Company and our business can be found in the
"Risk Factors" section of our latest annual information form and latest Form
20-F, as well as in our reports, public disclosure documents and other filings
with the securities commissions and other regulatory bodies in Canada and the
U.S. The forward-looking statements are made as of the date hereof, and we
disclaim any intention and have no obligation or responsibility, except as
required by law, to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.

CONTACT: Intellipharmaceutics International Inc.
         30 Worcester Road
         Toronto, ON Canada M9W 5X2
         www.intellipharmaceutics.com

         Shameze Rampertab
         Vice President Finance & CFO
         416-798-3001 x106
         investors@intellipharmaceutics.com

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