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Intellipharmaceutics to Raise US$3.1 Million



Intellipharmaceutics to Raise US$3.1 Million

TORONTO, March 19, 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 that it is
raising approximately US$3.1 million in a registered direct unit offering at a
price of US$1.72 per unit. In connection with the offering, the Company will
be issuing to the investors an aggregate of 1,815,000 common shares and
warrants to purchase an additional 453,750 common shares. The warrants will be
exercisable immediately, have a term of five years and an exercise price of
US$2.10 per share of common stock. After placement agent fees and estimated
offering expenses, the Company expects to receive net proceeds of
approximately US$2.7 million. The offering is expected to close on or about
March 22, 2013, subject to customary closing conditions.

Roth Capital Partners, LLC, served as lead placement agent for the offering.
Brean Capital and Maxim Group, LLC served as co-placement agents for the
transaction.

Intellipharmaceutics intends to use the net proceeds to file additional
Abbreviated New Drug Applications (ANDAs) with the Food and Drug
Administration, to advance clinical trials for its abuse resistant Rexista™
technology and/or other NDA 505(b)(2) opportunities, to establish additional
partnerships, and for working capital, research, product development and
general corporate purposes.

The securities described above are being offered by Intellipharmaceutics
through a prospectus supplement pursuant to a shelf registration statement
previously filed with and subsequently declared effective by the Securities
and Exchange Commission. A prospectus supplement relating to the offering will
be filed with the SEC and will be available on the SEC's website at
http://www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy any of the securities described herein, nor shall there be
any sale of these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction. Copies of the
prospectus supplement (once filed) and accompanying base prospectus relating
to this offering may be obtained from Roth Capital Partners, LLC, 888 San
Clemente, Newport Beach, CA 92660, (800) 678-9147 or email: rothecm@roth.com
or by accessing the SEC's website, www.sec.gov.

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,
and the 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 market estimates, 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
         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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