Intellipharmaceutics International Inc. (IPCI)

[wimuskyfisherman]

Fabius- The reason the approvals collect dust is during bankruptcy proceedings Odidi will likely claim they are worth the same as what the company owes him. He will then likely take all those ANDAs and off to China he goes to manufacture and keep all profits for himself.

About 1 year ago Odidi called me after I sent him an email saying I thought that his new China business was an opportunistic venture on his part to unjustly personally capitalize on IPCI generic approvals. He felt the need to defend himself and he told me the following:

1. Smart Pharma was set up to make drugs for African ailments. I told him he I thought he was breaching his agreement with IPCI and competing with them. He said he can start as many companies as he wants as long as they do not compete with IPCI. He also said Smart Pharma was not competing with IPCI.
2. He also said IPCI went to China to investigate 1. sourcing cheaper raw materials 2. investigate if generics could be manufactured by another party at lower cost. He said Smart Pharma would play no role in these items.

In my opinion, what I got from the whole thing was he went to China on IPCI's dime and set up a competing company. He got caught doing so, so he made a minimal statement about IPCI business in China to justify his personal endeavor that was likely paid for by IPCI shareholders.