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Intellipharmaceutics prices $13M public offering of units

Intellipharmaceutics International Inc. priced an underwritten public offering at 75 cents per unit to raise about $13 million in gross proceeds.

The Toronto-based pharmaceutical company upsized its offering to sell 17,391,305 units, each consisting of 1 common share and one warrant to buy 1 common share at 75 cents, according to an Oct. 12 press release. Intellipharmaceutics also granted the underwriter a 30-day option to buy up to an additional 2,608,695 common shares and warrants to buy up to 2,608,695 common shares.

The company 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. The offering is expected to close Oct. 16, subject to customary closing conditions.

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

The developer of generic oral solid dosage drugs regained compliance with Nasdaq's $1 minimum bid price listing rule earlier in October.