IntelliPharmaCeutics Surges After Company Reports Successful Bioequivalence Results

Shares of IntelliPharmaCeutics Intl Inc IPCI, a micro-cap pharmaceutical company that manufacturers novel and generic controlled-release oral solid dosage drugs, surged higher by more than 15 percent on Thursday.

IntelliPharmaCeutics announced that a bioequivalence trial of its Rexista Oxycodone XR demonstrated bioequivalence to Oxycontin, a drug that is manufactured and sold in the U.S. by Purdue Pharma.

IntelliPharmaCeutics noted its study was rated on FDA recommendations and compared the lowest and highest strengths of exhibit batches of Rexista Oxycodone XR to the same strengths of Oxycontin.

"We take great pride in being the first pharmaceutical company, to the best of our knowledge, to have demonstrated bioequivalence in both fasted and fed conditions to the brand reference drug Oxycontin. This enables us to accelerate the development and commercialization of our abuse deterrent Rexista Oxycodone XR product candidate without the need for costly and time-consuming Phase III efficacy trials," stated Dr. Isa Odidi, CEO and co-founder of Intellipharmaceutics. "We look forward to filing an NDA within the next six months, which we hope will lead to a positive contribution in addressing an unmet need in opioid abuse and addiction."

Shares traded recently at $2.45, up 15.5 percent.