Intellipharmaceutics: A Nigerian owned Company at NASDAQ

This is cheering news to Nigerians as Dr. Isa Odidi and his wife, Dr. Amina Odidi based in Canada were recently honoured by NASDAQ. They were invited by a stock exchange based in the United States of America (NASDAQ) to ring the opening bell before trading begins in New York City. They are top pharmaceutical scientists and prolific inventors in Canada whose pharmaceutical company Intellipharmaceutics, has become a success story.

 

 The NASDAQ invitation highlights the achievements of these two scientists and their pharmaceutical company. They are the first Nigerian couples and Nigerian owned pharmaceutical company to ring the opening bell at NASDAQ. It seems these renowned scientists turned pharmaceutical business moguls will never seize to impress and amaze. They were the first Nigerians to found and own a company (a technology based pharmaceutical company for that matter) that is publicly traded on the two international stock exchanges i.e., NASDAQ in the United States of America and TSX in Canada.

In 1998, Dr. Isa Odidi and Dr. Amina Odidi co-founded the publicly-traded Canadian based Intellipharmaceutics International Inc. Dr. Isa Odidi received his B.Sc. degree in Pharmacy from Ahmadu Bello University, Zaria, and his M.Sc. in Pharmaceutical Technology and his Ph.D. in Pharmaceutics from the University of London. He is also a graduate of the Western Executive Management Program and obtained his MBA from the Rotman School of Management at the University of Toronto. Dr. Amina Odidi received her B.Sc. degree in Pharmacy from Ahmadu Bello University, Zaria, and her M.Sc. in Biopharmacy and her Ph.D. in Pharmaceutics from the University of London. Although these entrepreneurs are now Canadian citizens, they are originally from Kano, Nigeria

Their company, Intellipharmaceutics International Inc. specializes in the research, development and manufacture of novel or generic controlled release and targeted release oral solid dosage drugs. The Company’s patented Hypermatrix(tm) technology is a unique and validated multidimensional controlled-release drug delivery platform that can be applied to the efficient development of a wide range of existing and new pharmaceuticals. Based on this technology, Intellipharmaceutics has a pipeline of products in various stages of development in therapeutic areas that include neurology, cardiovascular, GIT, pain and infection. The Company has three products under review with the FDA for the purpose of obtaining regulatory approval. These represent a 6 billion dollars in brand sales.

Intellipharmaceutics’ lead generic product under development is Dexmethylphenidate XR (dexmethylphenidate hydrochloride), a generic version of Focalin XR(r), which is an extended-release capsule for the treatment of Attention Deficit Hyperactivity Disorder. In 2008, Focalin(r), including Focalin XR(r), had U.S. sales of approximately U.S. $350 million.

Intellipharmaceutics’ lead non-generic product under development is Rexista(tm) oxycodone, an abuse- and alcohol-deterrent controlled-release oral formulation of controlled-release oxycodone hydrochloride for the relief of pain. Rexista(tm) oxycodone is a unique dosage form designed to be deterrent to some of the well-documented abuses associated with currently marketed oxycodone products, such as abuse of these drugs by nasal inhalation when crushed or powdered and by injection when combined with solvents. Rexista(tm) oxycodone is also designed to resist release of the entire dose when consumed with alcohol, a significant problem with some opioid drugs. In 2008, oxycodone had U.S. sales of approximately U.S. $2 billion.

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