Intellipharmaceutics to conduct $16.8 million at-the-market offering

Sales will be conducted by agent Roth Capital to fund working capital

By Devika Patel

Knoxville, Tenn., Dec. 22 – Intellipharmaceutics International Inc. negotiated a $16.8 million at-the-market sales agreement with Roth Capital Partners, LLC, according to a prospectus supplement filed Monday with the Securities and Exchange Commission. The amount includes $6.58 million of common stock already sold under the agreement.

Roth will be paid a 2.75% commission.

Proceeds will be used for working capital, research and development and general corporate purposes.

The pharmaceutical development company is based in Toronto.

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