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Intellipharmaceutics closes $3.5M offering

Intellipharmaceutics International Inc. closed a previously announced registered direct offering for gross proceeds of about $3.5 million.

The Canadian pharmaceutical company issued 5,833,334 shares at 60 cents each and unregistered 30-month warrants to buy 2,916,667 shares, also at 60 cents each.

Intellipharmaceutics plans to use net proceeds of about $3 million for general corporate purposes.

H.C. Wainwright & Co. acted as exclusive placement agent for the offering.

Intellipharmaceutics develops drugs and drug delivery systems using its Hypermatrix technology, a drug delivery platform.