IntelliPharmaCeutics Intl Inc (NASDAQ:IPCI) closed Tuesday’s trading session at $0.27 which is significantly lower than the stock price when the company announced its financial results for the fiscal year 2018.
The pharmaceutical company released the financial results as well as the operations results for its fiscal year ended November 30, 2018, a few days before the end of February this year. IntelliPharmaCeutics reported overall positive results for the fiscal year 2018 although it still went through some challenges during that time. The positive financial performance also reflects the company’s focus on development programs such as the Oxycodone IR and Oxycodone ER.
”We continue to move forward with our existing development programs, manufacturing, and commercial efforts while also considering new product candidates and markets,” stated Intellipharmaceutics CEO, Dr. Isa Odidi.
IntelliPharmaceutics’ net revenue for the fiscal year ended November 30, 2018, was $1.7 million which was significantly lower than the $5.5 million reported for the previous fiscal year. This is due to numerous reasons such as higher spending in the fiscal year 2018 which was higher than the previous year by $1.6 million.
Its R&D spending was also higher $2.3 million in FY18 compared to the previous financial year. Administrative, general and selling expenses for FY18 amounted to $3.5 million. However, its cash at hand was higher during the period at $6.6 million compared to FY17.
Intellipharmaceutics resubmits its Oxycodone ER NDA to the FDA
The company also announced recently that it has resubmitted its New Drug Application for Oxycodone to the U.S Food and Drug Administration (FDA). Intellipharmaceutics submitted the first NDA for the same treatment in February 2017, and the FDA accepted it. However, it had to resubmit the NDA submission as requested by the FDA in a Complete Response Letter (CRL) through which the regulatory authority sought more information.
The FDA has also provided the company with an extended period up until February 28, to resubmit the new NDA in accordance with section 505(b)(2) of the U.S. Federal Food, Drug, and Cosmetic Act. There is still a likelihood that the FDA might still require additional information before giving the final regulatory verdict.