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On June 14, 2024, Intellipharmaceutics announced that its stock (OTCQB:IPCIF, TSX:IPCI.H) will be downgraded to the OTC Expert Market on June 17, 2024, due to the failure to file Form 20-F for the fiscal year ending November 30, 2023.
The Expert Market quotes are 'Unsolicited Only,' restricting public viewings to broker-dealers and sophisticated investors. The company is also under a cease trade order from the Ontario Securities Commission since March 5, 2024, due to non-filing of important financial statements and forms.
There is no assurance that Intellipharmaceutics will rectify these issues promptly or at all.
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Intellipharmaceutics International Inc. (OTCQB:IPCIF) reported its operational results for the three and nine months ending August 31, 2022. The company achieved revenues of $19,068, attributed to a license agreement with Taro Pharmaceuticals, compared to $Nil in Q3 2021. Net loss decreased to $296,043 per share, from $1,264,305 in the previous year. R&D expenses declined to $626,069, while SG&A expenses fell to $(292,296). As of the reporting date, cash balance stood at $79,649. The company highlighted the need for additional funding for continued R&D and product commercialization.