SAINT LAURENT, Quebec, Aug. 13, 2020 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX V:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the second quarter ended June 30, 2020. All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
2020 Second Quarter Financial Summary:
- Revenue was $42,000, compared to $197,000 in the 2019 second quarter
- Adjusted EBITDA was ($1.5 million), compared to ($2.1 million) in Q2-2019
- Cash and short-term investments totaled $3.1 million as at June 30, 2020
- Received its cannabis micro-processing license from Health Canada for its Montreal facility, in accordance with the Cannabis Act and Cannabis Regulations.
- Announced that Health Canada authorized the sale of IntelGenx’s hand sanitizer product, both in liquid and gel formulations, which will be manufactured using excess capacity at the Company’s Health Canada-certified cGMP manufacturing facility in Montreal.
- Announced that it had entered into a feasibility agreement with Cybin Corp., Canada's premier mushroom life sciences company focused on advancing psychedelic and nutraceutical-based products derived from fungi, for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin.
- Announced that it had amended the exclusivity terms of its November 2018 license, development and supply agreement with Tilray, Inc. (NASDAQ:TLRY) (“Tilray®”) to allow for IntelGenx’s co-development and commercialization of CBD products with additional partners.
- Announced a performance improvement program focused on generating near-term revenue, preserving the Company’s resources, extending its cash runway and accelerating the launch of RIZAPORT® in Spain. The program also includes plans to respond to the U.S. Food and Drug Administration’s recent Complete Response Letter – which requested additional information, but no new bioequivalence study – related to IntelGenx’s resubmitted RIZAPORT® new drug application (“NDA”).
“This quarter was marked by the achievement of a very important milestone for IntelGenx: the receipt of our cannabis micro-processing license from Health Canada, which, in tandem with our amended agreement with Tilray®, enables us to pursue additional partners to commercialize CBD-containing film products,” said Dr. Horst G. Zerbe, CEO of IntelGenx. “In addition, we made significant progress on our performance improvement program by partnering with Cybin for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin and receiving Health Canada authorization to sell our liquid and gel hand sanitizer formulations.”
Total revenues for the three-month period ended June 30, 2020 amounted to $42,000, a decrease of $155,000 compared to $197,000 for the three-month period ended June 30, 2019. The decrease is mainly attributable to a $155,000 decrease in Research and Development (“R&D”) revenues.
Operating costs and expenses were $1.8 million for the second quarter of 2020, versus $2.5 million for the corresponding three-month period of 2019. The decrease for the three-month period ended June 30, 2020 is mainly attributable to a $580,000 decrease in R&D expenses and a $165,000 decrease in Selling, General and Administrative expenses.
For the second quarter of 2020, the Company had an operating loss of $1.8 million, compared to an operating loss of $2.3 million for the comparable period of 2019.
Net comprehensive loss for the three-month period ended June 30, 2020 was $1.3 million, or $0.01 per basic and diluted share, compared to net comprehensive loss of $2.5 million, or $0.03 per basic and diluted share, for the comparable period of 2019.
As at June 30, 2020, the Company's cash and short-term investments totalled $3.1 million.
Conference Call Details:
IntelGenx will host a conference call to discuss these 2020 second quarter financial results today, Thursday, August 13, 2020, at 4:30 p.m. EDT. To participate in live call, please register here. The call will be also be webcast live and archived for twelve months at www.intelgenx.com.
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm® and VetaFilm™, as well as its transdermal development and manufacturing capabilities, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.
IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.
Forward Looking Statements:
This document may contain forward-looking information about IntelGenx's operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx's plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words "may," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "would," and similar expressions, including, without limitation, anticipated commencement of commercial production of cannabis-infused VersaFilm® and how long operations can be funded based on current assets. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx's actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in IntelGenx's annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedar.com. In addition, there is uncertainty about the spread of the COVID-19 virus and the impact it will have on IntelGenx’s operations, the demand for its products, global supply chains and economic activity in general. IntelGenx assumes no obligation to update any such forward-looking statements.
Each of the TSX Venture Exchange and OTCQB has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: IntelGenx Technologies Corp.