Intellipharmaceutics in patent settlement for generic Focalin XR

Intellipharmaceutics International (TSX:I; NASDAQ:IPCI) announced patent settlements over a generic version of the attention deficit hyperactivity disorder drug Focalin XR in the U.S.

In a statement, the company said Novartis Pharmaceuticals (NYSE:NVS) and Celgene (NASDAQ:CELQ) have settled their patent suit in the U.S. District Court for the District of New Jersey.  Also, Elan Pharma International (NASDAQ:ELAN) has settled its patent suit with Intellipharmaceutics and its licensee Par Pharmaceutical (NYSE:PRX) in the U.S. District Court for the District of Delaware.

Terms of the settlements are confidential and remain subject to regulatory and court approval.