SAINT LAURENT, Quebec, Nov. 12, 2020 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX V:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the third quarter ended September 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 Third Quarter Financial Summary:
- Revenue was $510,000, compared to $61,000 in the 2019 third quarter
- Adjusted EBITDA loss was ($1.2 million), compared to ($2.3 million) in Q3-2019
- Issued U.S. Patent 10,828,254 entitled “Oral film formulation for modulating absorption profile,” which covers a novel oral film dosage technology platform for modulating the in vivo absorption profile of a sublingually- or buccally-administered active ingredient.
- Announced the publication of a study in the peer-reviewed International Journal of Clinical Pharmacy evaluating Montelukast’s effect on neurological aging.
- Closed a private placement in two tranches, raising a total of $1.8 million principal amount of 8% convertible notes due October 15, 2024.
- Signed a binding letter of intent (“LOI”) with Heritage Cannabis Holdings Corp. (CSE:CANN; OTCQX:HERTF) (“Heritage”) for the supply of filmstrip products containing CBD for the Canadian and Australian markets.
- Entered into an amended and restated license agreement, granting Tetra Bio-Pharma (TSX:TBP; OTCQB:TBPMF) (“Tetra”) additional exclusive worldwide rights, including the right to manufacture, IntelGenx’s Adversa® mucoadhesive delivery technology.
- Expanded its RIZAPORT® commercialization agreement with Exeltis Healthcare S.L. (“Exeltis”) to include the European Union.
- Entered into a feasibility agreement with ATAI Life Sciences (“ATAI’) for the development of novel formulations of pharmaceutical-grade psychedelics.
- Amended the exclusivity terms of its November 2018 license, development and supply agreement with Tilray, Inc. to allow for IntelGenx’s co-development and commercialization of CBD products with additional partners.
- Entered into a feasibility agreement with Cybin Corp. for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin.
“We began to see the results of our performance improvement program being reflected in our financial results this quarter,” said Dr. Horst G. Zerbe, CEO of IntelGenx. “We have also continued to execute on our business development strategy by granting Tetra additional exclusive worldwide rights to our Adversa® technology, and entering into a feasibility agreement and a LOI with ATAI and Heritage, respectively, related to our filmstrip technology. In addition, we added 26 European countries to our existing RIZAPORT® commercialization partnership with Exeltis, and are looking forward to their launch of the product in at least one major market early next year.”
Total revenues for the three-month period ended September 30, 2020 amounted to $510,000, an increase of $449,000, or 736%, compared to $61,000 for the three-month period ended September 30, 2019. The increase is mainly attributable to a $308,000 and $141,000 increase in licensing agreement and research and development revenues, respectively.
Operating costs and expenses were $1.9 million for the third quarter of 2020, versus $2.6 million for the corresponding three-month period of 2019. The decrease for the three-month period ended September 30, 2020 is mainly attributable to a $691,000 decrease in selling, general and administrative expenses.
For the third quarter of 2020, the Company had an operating loss of $1.4 million, compared to an operating loss of $2.5 million for the comparable period of 2019.
Net comprehensive loss for the three-month period ended September 30, 2020 was $1.6 million, or $0.01 per basic and diluted share, compared to net comprehensive loss of $2.9 million, or $0.03 per basic and diluted share, for the comparable period of 2019.
As at September 30, 2020, the Company's cash and short-term investments totalled $1.5 million, which did not include gross proceeds of $1.8 million raised by the Company in its October 2020 convertible notes offering.
Conference Call Details:
IntelGenx will host a conference call to discuss these 2020 third quarter financial results today, Thursday, November 12, 2020, at 4:30 p.m. ET.
|Live Call:||1-800‑459‑5346 (Canada and the United States)|
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.
(514) 331-7440 ext 232
Andre Godin, CPA, CA
President and CFO
(514) 331-7440 ext 203