Intellipharmaceutics International Inc. (IPCI)

[Seventh]

Dawson James Securities initiated coverage on June 12th. Their Conclusion:

Despite a recent litigation-related setback to a pending PDUFA date for proprietary pain-relief product Rexista, investors have much to look forward to with IPCI, including recent and upcoming new product launches from two large partners, additional products under partnerships with one of these partners, additional proprietary product development programs addressing large markets (Regabatin XR in the $5 billion neuropathic pain area) and additional generic R&D programs yet to be partnered, including two already approved products, generics Glucophage XR and Keppra XR. We believe these shares continue to be under-valued relative to drug delivery peers, perhaps due to IPCI’s more modest origins on foreign stock exchanges, but with recent positive news flow on new product launches and potential additional news flow expected related to R&D programs, we believe IPCI shares can bounce-back from some near-term disappointment related to Rexista, and thus we are initiating coverage on IPCI shares with a BUY rating and 2-3-year price target of $7.30 per share.