TORONTO, ON / ACCESSWIRE / October 16, 2018 / Intellipharmaceutics International Inc. (NASDAQ: IPCI; TSX: IPCI) ("Intellipharmaceutics" or the "Company"), a pharmaceutical company specializing in the research, development and manufacture of novel and generic controlled-release and targeted-release oral solid dosage drugs, today announcedthe closing of its previously announced underwritten public offering in the United States, resulting in the sale of 2,775,231 common shares, pre-funded warrants exercisable for 16,563,335 common shares, at an exercise price of US$0.01 per share (the "Pre-Funded Warrants"), and warrants exercisable for 20,000,000 common shares, at an exercise price of US$0.75 per share (the "Firm Warrants"). These securities were issued in units, each consisting of either one common share and one Firm Warrant or one Pre-Funded Warrant and one Firm Warrant, and were offered at a public offering price of US$0.75 per unit.

H.C. Wainwright & Co. acted as the sole book-running manager for the offering.

Each Firm Warrant is exercisable immediately and has a term of five years and each Pre-Funded Warrant is exercisable immediately and until all Pre-Funded Warrants are exercised. The common shares (or common share equivalent) and the accompanying warrants included in the units were purchased together in the offering but were issued separately.

The Company received gross proceeds of approximately US$14.3 million, prior to deducting discounts and commissions and other offering expenses. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include working capital, capital expenditures, research and development, accounts payable, and other commercial expenditures.

A registration statement on Form F-1 relating to the public offering of the securities described above was filed with the Securities and Exchange Commission ("SEC") and was declared effective on October 11, 2018, and an additional registration statement on Form F-1 filed pursuant to Rule 462(b), became automatically effective on October 12, 2018, both of which are available on the SEC's website located at http://www.sec.gov. The offering of these securities was made only by means of a prospectus forming part of the effective registration statement. A final prospectus relating to the offering was filed with the SEC on October 15, 2018, and is available on the SEC's website at http://www.sec.gov. Copies of the final prospectus may also be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by calling (646) 975-6996 or by emailing placements@hcwco.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.