NetworkNewsBreaks – Intellipharmaceutics International, Inc. (NASDAQ: IPCI) Shares Higher on FDA Approval of Two Strengths of Generic Glucophage® XR
Intellipharmaceutics International (NASDAQ: IPCI) shares were up 27% this morning following news that it has received final approval for its abbreviated new drug application (ANDA) for metformin hydrochloride extended release tablets in the 500 mg and 750 mg strengths from the U.S. Food and Drug Administration (FDA). Metformin hydrochloride extended release is a generic equivalent for the matching strengths of the branded product Glucophage® XR, which is sold in the United States by Bristol-Myers Squibb and indicated for use in the management of type 2 diabetes. "FDA approval of our application for a generic version of Glucophage® XR provides further…