Intellipharmaceutics (IPCI) Enters $5M Registered Direct Offering at $2.75/Share

Intellipharmaceutics International Inc. (Nasdaq: IPCI) is raising approximately US$5 million in a registered direct common share offering at a price of US$2.75 per share. In connection with the offering, the company will be issuing an aggregate of 1,818,182 common shares to the investors. After placement agent fees and estimated offering expenses, the company expects to receive net proceeds of approximately US$4.4 million. The offering is expected to close on or about March 14, 2012, subject to customary closing conditions.

Roth Capital Partners, LLC, served as sole placement agent for the offering.

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