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Canada's Intellipharmaceutics closes $14.3M offering of units in US

Toronto-based Intellipharmaceutics International Inc. closed a public offering of units in the U.S. to raise about $14.3 million in gross proceeds.

The pharmaceutical company offered 2,775,231 common shares, pre-funded warrants to buy 16,563,335 common shares at 1 cents per stock and warrants to buy 20 million common shares at 75 cents apiece.

The securities were issued in the form of units at 75 cents apiece. Each unit consisted of either one common share and one warrant or one pre-funded warrant and one warrant.

Intellipharmaceutics intends to use the net proceeds for general corporate purposes, which may include working capital, capital expenditures, research and development, accounts payable, and other commercial expenditures.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

Intellipharmaceutics develops generic oral solid dosage drugs.