Intellipharmaceutics International Inc. (IPCI)

[doogdilinger]

Sadly this badly listing ship is sinking and imo there's no last minute miraculous solutions coming. Odidi's just gonna continue doing what he's already been doing in the post reverse split era and stretching this story out as long as he can to stave off a potential bankruptcy next year if/when he starts receiving NAZ delisting notifications again in the post reverse split era.

I know some are hoping for a miracle solution from Boyd/Armistice but IMO only I firmly believe that if he had one...then he would've brought it to bear prior to the reverse split crucifixion en route.

I know I said my contributions to the ongoing thread here are done...but because I saw the news icon today, for fun I just quickly perused todays filing and see that the Odidi's are planning to pay themselves back for the $1.35M their still owed in October. So once again they're gonna make sure they get theirs out of the post reverse split dilutive financing en route and I wish everyone who remains vested here the best of future success on all their investments and hope they get back all their losses here playing other stocks>>>

RELATED PARTY TRANSACTIONS

In January 2013, the Company completed the private placement financing of an unsecured debenture in the original principal amount of $1.5 million (the “Debenture”). The Debenture bears interest at a rate of 12% per annum, payable monthly, is pre-payable at any time at the option of the Company, and is convertible at any time into Common Shares at a conversion price of $3.00 per Common Share at the option of the holder. Drs. Isa and Amina Odidi, our principal shareholders, directors and executive officers provided us with the original $1.5 million of the proceeds for the Debenture. In December 2016, a principal repayment of $150,000 was made on the Debenture and the maturity date was extended. Effective September 28, 2017, the maturity date for the Debenture was further extended to October 1, 2018. The Company currently expects to repay the current outstanding principal amount of $1,350,000 on or about October 1, 2018, if the Company then has cash available.

Also of interesting note regarding their 3 ANDA's with MNK...the fact that the FDA still hasn't approved Pristiq and Lamictal means that as of the end of this year both those ANDA's will no longer have licensing deals with Mallinkrodt so both will most likely get parked on the same shelf in the basement at IPCI's HQ's to collect dust with Keppra and Glucophage if/when the day arrives that the FDA does eventually get around to approving them lol>>>

It is understood by the parties that (i) none of the Products are, as of the Effective Date, approved for marketing and sale in the United States by the FDA and (ii) the value of the exclusive rights granted hereunder to Mallinckrodt is intimately related to the time when such Products can be marketed and sold. Therefore, in addition to any other rights of termination that Mallinckrodt may have hereunder, Mallinckrodt shall have the right, upon thirty (30) days advance written notice of Mallinckrodt’s intention to terminate the Agreement to Intellipharmaceutics hereunder (and, with respect to any given Product, before it has been approved by the FDA), to terminate this Agreement (i) as to Product One if the FDA has not approved the ANDA for Product One on or before December 31, 2017, (ii) as to Product Two if the FDA has not approved the ANDA for Product Two on or before December 31, 2018, (iii) as to Product Three if the FDA has not approved the ANDA for Product Three on or before December 31, 2018 and (iv) in its entirety, if any two (2) or more of the Products are not approved by the FDA on or before the dates specified in clauses (ii) or (iii) of this sentence, as such clauses may be applicable in any given case. Notwithstanding the immediately preceding sentence, prior to providing any notice of termination of this Agreement in accordance with the immediately preceding sentence, Mallinckrodt shall inform Intellipharmaceutics of any commercial or other reasons that may underlie Mallinckrodt’s decision to terminate this Agreement in whole or in part.