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Intellipharmaceutics to raise $4M

Intellipharmaceutics International Inc. agreed to sell 3,636,364 shares at $1.10 apiece in a registered direct offering with certain investors.

The shares come bundled with warrants to purchase up to an additional 1,818,182 shares at $1.25 apiece.

Intellipharmaceutics expects to raise about $4 million in gross proceeds, which will be used for general corporate purposes.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering, which is expected to close by Oct. 13.