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Intellipharmaceutics looking to raise $3.5M

Intellipharmaceutics International Inc. is looking to raise $3.5 million via the sale of 5,833,334 shares priced at 60 cents each.

The Canadian pharmaceutical company will also issue warrants to purchase up to an additional 2,916,667 shares, also at 60 cents apiece.

The offering is expected to close by March 16, with H.C. Wainwright & Co. acting as exclusive placement agent.

The company intends to use the net proceeds for general corporate purposes.

Intellipharmaceutics specializes in drug delivery systems created using its Hypermatrix technology.