Intellipharmaceutics International Inc.
|Company Name||Intellipharmaceutics International Inc.|
|Class Period||May 21, 2015 to July 27, 2017|
|Lead Plaintiff Motion Deadline||September 29, 2017|
On July 26, 2017, Intellipharmaceutics disclosed that the Anesthetic and Analgesic Drug Products Advisory Committee and the Drug Safety and Risk Management Advisory Committee of the U.S. Food and Drug Administration (“FDA”) voted 22 to 1 against approval the Company’s New Drug Application for Rexista, an opioid painkiller. The FDA committees also voted that Rexista had not demonstrated properties than can be expected to deter abuse by the intravenous route, and that there was insufficient data to support inclusion of language regarding abuse-deterrent properties in the product label for the intravenous route of administration.
On this news, the Company’s share price fell $1.13 per share, or 45.3% on July 27, 2017, thereby injuring investors.
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