Intellipharmaceutics International Inc. (IPCI)

[Amigo Mike]

Angelo,

Love your projections but 20% royalty on a generic drug ..... I don't think is reasonable to use.

Bottomline generic royalties are much lower. You said yourself you came up with 10% royalty on focalin during the exclusivity period and lower thereafter. So I'm not certain how you are starting at 20%. The high end royalties are only in play when there is licensing of groundbreaking IP involved. In the generic space of the ANDA candidates, there is no groundbreaking differentiator for IPCI IMO.

Amigo Mike