Intellipharmaceuticals International Inc (TSE:IPCI) (OTCMKTS:IPCIF) shares were moving higher on Tuesday following last week’s news that a US Food and Drug Administration committee scheduled a meeting to review the company’s lead drug candidate.
The Toronto-based pharmaceutical firm is developing controlled-release and targeted-release oral dosage drugs manufactured under the name Aximiris XR.
The company told shareholders last Thursday that a joint meeting between the Anesthetic and Analgesic Drug Products Advisory Committee and Drug Safety and Risk Management Advisory Committee is scheduled for January 15, 2020 to review Intellipharmaceuticals’ new drug application.
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Aximiris XR is an oxycondone hydrochloride extended-release tablet which, unlike Oxycontin, is being specifically designed to prevent opioid abuse.
Intellipharmaceuticals is developing the drug to discourage common methods of tampering associated with misuse and abuse of prescription opioid analgesics such as crushing, chewing or licking the analgesic. As an example, if the drug is pulverized or reduced to particles, it will release an irritant that should make it difficult or inefficient to snort or inhale.
Aximiris is one of a number of drugs that Intellipharmaceuticals has in development. The company's patented Hypermatrix technology is a multidimensional controlled-release drug delivery platform that can be applied to a wide range of existing and new pharmaceuticals.
Intellipharmaceutics has developed several drug delivery systems based on Hypermatrix, with a pipeline of products in various stages of development.
Shares of the firm were up 10.4% in Toronto at C$0.37 and 10.3% over the counter at US$0.28 on Tuesday afternoon.
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