has received approximately $3.1 million under its licensing agreement with Par Pharmaceutical
as its first payment relating to commercial sales of ADHD treatment dexmethylphenidate hydrochloride extended-release capsules. The payment represents its share of profits for the 15 and 30 mg strengths of the drug for the period beginning November 19, 2013 and ending December 31, 2013. Future profit-share payments are expected on a quarterly basis.
As the first-filer for the drug product in the 15 mg strength, Par currently has 180 days of exclusivity of generic sales from the November 19, 2013 date of launch in the U.S. In addition, Intellipharmaceutics has the potential to receive its share of the profits on the 5, 10, 20 and 40 mg strengths, which were also tentatively approved by FDA.