IntelliPharmaCeutics International Inc. (NASDAQ: IPCI)
IntelliPharmaCeutics International is likely to have an incredibly strong day in the market today. That’s because the stock is skyrocketing in the pre-market, following news of FDA approval. Below, we’ll talk about what we’re seeing from IPCI, the FDA approval, and what we’ll be watching for ahead.
What We’re Seeing From IPCI
As mentioned above, IntelliPharmaCeutics International is having an incredibly strong time in the pre-market hours this morning. When news broke earlier of FDA approval, the stock skyrocketed upward and is going to be starting the day well into the green. At the moment (9:24), IPCI is trading at $2.70 per share after a gain of $0.55 per share (25.58%) thus far today.
Why The Stock Is Gaining
As is almost always the case, our partners at Trade Ideas were the first to inform us of the run upward on IPCI. As soon as we received the alert, the CNA Finance team started working to see why the stock was making a mad dash for the top. It didn’t take long to uncover the story. The gains are ultimately the result of an FDA approval.
Early this morning, IntelliPharmaCeutics International announced that it has received Food and Drug Administration approval to market metformin hydrochloride extended release tablets in both 500 mg and 750 mg strengths. This product is the generic equivalent to Glucophage(R) XR, which is currently being sold by Bristol-Myers Squibb. In a statement, Dr. Isa Odidi, CEO and Co-Founder of IPCI, had the following to offer:
“FDA approval for our application for a generic version of Glucophage(R) XR products provides further indication that the FDA is making progress to clear its backlog of ANDA drug candidates under review, and further validation of our core drug development and regulatory capability. We are encouraged that some of the Company’s other 8 ANDA candidates may be accorded further attention soon. We are actively evaluating options to realize commercial returns from this new approval.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IPCI. In particular, we’re interested in learning more about the company’s plans for commercialization of this newly-approved generic treatment. We’re also interested in the several ANDA’s that the company has filed and how those will turn out down the road. We’ll keep a close eye on the news and continue to bring it to you as it breaks!
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