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 the pricing of an underwritten public offering of 3,229,814 units of common shares and warrants, at a price of US$1.61 per unit, equal to the closing price of the Company's shares on the NASDAQ on May 26, 2016. In connection with the offering, the Company will be issuing an aggregate of 3,229,814 common shares and warrants to purchase an additional 1,614,907 common shares. The warrants will be exercisable immediately, have a term of five years and an exercise price of US$1.93 per common share. After underwriting discounts and commissions and estimated offering expenses, the Company expects to receive net proceeds of approximately US$4.6 million.
Dawson James Securities, Inc. is acting as sole book-running manager for the offering, and Roth Capital Partners, LLC acted as financial advisor to the Company. The Company has granted the underwriter an option, exercisable at the offering price for a period of 45 days following the closing of the offering, to purchase up to an additional 15% of the offering to cover over-allotments, if any.
The Company expects to close the transaction, subject to customary conditions, on or about June 2, 2016.
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