Generic Focalin XR patent suit: Intellipharmaceutics International announces settlement

Intellipharmaceutics International Inc. (Nasdaq:IPCI) (TSX:I) today announced that Novartis Pharmaceuticals Corporation and Celgene Corporation have settled their patent suit in the U.S. District Court for the District of New Jersey, and Elan Pharma International Ltd. has settled its patent suit in the U.S. District Court for the District of Delaware, with Intellipharmaceutics Corp., a wholly-owned subsidiary of Intellipharmaceutics International, and its licensee Par Pharmaceutical, Inc. over a generic version of the Attention Deficit Hyperactivity Disorder drug Focalin XR® (dexmethylphenidate hydrochloride).  The terms of the settlements are confidential and remain subject to regulatory and court approval.