October 10, 2016 / 4:11 PM / 9 months ago

BUZZ-Intellipharmaceutics International: 7-mnth high as generic gets tentative nod

1 Min Read

** Generic drug maker's U.S.-listed shares up 20.5 pct at $2.87; soars 32 pct to more than 7 months high earlier

** Stock in midst of four-day rally, gains as much as 46 pct at day's high from Tuesday's close of $2.14

** Receives tentative U.S. approval for marketing generic version of AstraZeneca's psychiatric drug, Seroquel XR

** Company's agreement with AstraZeneca allows for generic versions of some doses of Seroquel XR from Nov. 1, subject to FDA approval

** Currently no generics of drug available in U.S. as AstraZeneca enjoys patent protection until Nov. 1, 2017

** More than 6.1 mln shares traded, 22.7x their 30-day moving avg; Third-busiest day ever

** Up to Friday's close, stock had gained about 18 pct YTD

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