Intellipharmaceutics generic Effexor XR ANDA accepted for filing by the FDA

Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I), today announced that the Food and Drug Administration (FDA) has accepted for filing its abbreviated new drug application (ANDA) for a generic version of the antidepressant Effexor XR^® (venlafaxine hydrochloride).  

The Company's application will now proceed to full review by the FDA. Intellipharmaceutics endeavours to develop its pipeline products to an advanced stage, and will now seek a commercialization and distribution partner for this product in the United States. No assurance can be given as to when or if the FDA will approve the Company's application for the product.

"We are very pleased with the further credibility that the acceptance of the filing of this drug application provides our Company and our scientific team," stated Dr. Isa Odidi, CEO and Co-Chief Scientific Officer of Intellipharmaceutics. "This product was entirely developed and filed using our in-house laboratory, manufacturing and regulatory resources. The acceptance of this filing also fulfills one of our key milestones for the year 2010."

Intellipharmaceutics' venlafaxine hydrochloride extended release capsules utilize the Company's proprietary controlled release drug delivery technologies. It is one of 15 products that Intellipharmaceutics is developing.