BUZZ-Intellipharmaceutics International Inc: FDA cancels conditions on generic drug

Thu Jul 9, 2015 12:49pm EDT
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** Canadian generic drug maker's U.S.-listed shares up 29.9 pct at $3.69

** Company said late on Wednesday that U.S. FDA canceled several conditions imposed on tentative approval for Focalin, its generic drug for attention deficit hyperactivity disorder

** FDA approved drug tentatively in November 2013 but later indicated company needs to meet certain guidelines before getting final nod

** Maxim Group raises PT to $8 from $7; median PT is $8

** More than 646,000 shares traded as of 12:44 p.m. ET, over 4 times stock's 25-day average volume

** Up to Wednesday's close, stock had risen 26 pct this year