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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October 2016.
Commission File Number: 000-53805
Intellipharmaceutics International
Inc.
(Translation of registrant's name into English)
30 WORCESTER ROAD TORONTO, ONTARIO M9W 5X2
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F. Form 20-F [ x
] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule
101(b)(1) only permits the submission in paper of a Form 6-K if
submitted solely to provide an attached annual report to security
holders.
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Note: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report
or other document that the registrant foreign private issuer must
furnish and make public under the laws of the jurisdiction in which
the registrant is incorporated, domiciled or legally organized (the
registrant’s “home country”), or under the rules
of the home country exchange on which the registrant’s
securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been
distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form
6-K submission or other Commission filing on
EDGAR.
This
Report of Foreign Private Issuer on Form 6-K (excluding the
attached exhibit 99.1) shall be incorporated by reference into the
Company’s effective Registration Statements on Form F-3, as
amended and supplemented (Registration Statement Nos. 333-172796
and 333-196112), filed with the Securities and Exchange Commission,
from the date on which this Report is filed, to the extent not
superseded by documents or reports subsequently filed or furnished
by Intellipharmaceutics International Inc. (the
“Registrant”) under the Securities Act of 1933 or the
Securities Exchange Act of 1934.
On October 11, 2016, the Registrant entered into
a license and commercial supply
agreement with Mallinckrodt LLC ("Mallinckrodt"), by which the
Registrant has granted Mallinckrodt an exclusive license to market,
sell and distribute in the United States the following extended
release drug product candidates (the "licensed products") for which
the Registrant has abbreviated new drug applications ("ANDAs")
filed with the U.S. Food and Drug Administration
("FDA"):
- Quetiapine
fumarate extended-release tablets (generic Seroquel XR®)
– ANDA Tentatively Approved by FDA
- Desvenlafaxine
extended-release tablets (generic Pristiq®) – ANDA Under
FDA Review
- Lamotrigine
extended-release tablets (generic Lamictal® XR™) –
ANDA Under
FDA Review
Under
the terms of the 10-year agreement, the Registrant will receive a
non-refundable upfront payment of US$3 million in October 2016. In
addition, the agreement also provides for the Registrant to have a
long-term profit sharing arrangement with respect to the licensed
products (which includes up to $11 million in cost recovery
payments to the Registrant). The Registrant has agreed to
manufacture and supply the licensed products exclusively for
Mallinckrodt on a cost plus basis, and Mallinckrodt has agreed that
the Registrant will be its sole supplier of the licensed products
marketed in the U.S.
The
agreement contains customary terms and conditions for an agreement
of this kind, and is subject to early termination in the event the
Registrant does not obtain FDA approvals of the licensed products
by specified dates, or pursuant to any one of several termination
rights of each party.
There
can be no assurance as to when or if any of the licensed products
will receive final FDA approval or that, if so approved, the
licensed products will be successfully commercialized and produce
significant revenues for the Registrant.
On
October 11, 2016, the Registrant issued a news release, a copy of
which is attached hereto as Exhibit 99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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Intellipharmaceutics International Inc.
(Registrant)
/s/ Domenic Della Penna
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Date: October 11, 2016
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Domenic Della Penna
Chief Financial Officer
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EXHIBIT LIST
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Exhibit
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Description
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99.1
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News Release dated October
11, 2016 - Intellipharmaceutics Signs an Exclusive License and
Commercial Supply Agreement with Mallinckrodt
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