IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the
"Company" or "IntelGenx"), a leader in pharmaceutical films, today
reported financial results for the third quarter
ended September 30, 2019. All dollar amounts are expressed in
U.S. currency and results are reported in accordance
with United States generally accepted accounting
principles except where noted otherwise.
2019 Third Quarter Financial
Summary:
- Revenue was $61,000, compared
to $700,000 in the third quarter of 2018
- Adjusted EBITDA was ($2.3 million),
unchanged from Q3-2018
- Cash and short-term investments
totaled $4.3 million as at September 30, 2019
compared to $2.2 million as at September 30, 2018
Recent Developments:
- Received approval for prototype cannabis-infused VersaFilm®
product from co-development partner, Tilray® (NASDAQ:TLRY), and
initiated manufacturing scale-up work
- Announced that its 505(b)(2) New Drug Application (“NDA”) for
RIZAPORT® VersaFilm® for the treatment of acute migraines was
accepted for review by the U.S. Food and Drug Administration
(“FDA”) and that the FDA assigned a March 26, 2020, Prescription
Drug User Fee Act (“PDUFA”) goal date for completion of the
review
- Received a positive Data Safety Monitoring Board recommendation
that the Company’s Montelukast VersaFilm® Phase 2a (BUENA) clinical
trial in patients with mild to moderate Alzheimer’s Disease
continue
- Presented an overview of the Company’s business at the H.C.
Wainwright 21st Annual Global Investment Conference
“In many respects, we are now just nearing the
starting line with the anticipated commercialization of our two
lead VersaFilm® products,” commented Dr. Horst G. Zerbe, CEO
of IntelGenx. “The initiation of scale-up work for the
cannabis-infused VersaFilm® product we are co-developing with our
worldwide partner, Tilray®, and receipt of a PDUFA goal date for
completion of the FDA’s review of the RIZAPORT® NDA, mark important
milestones. We are looking forward to unveiling details about our
cannabis-infused oral film as we approach product launch, and as
always, to updating our stakeholders as we continue to make
progress toward bringing our VersaFilm® products to market.”
Financial Results:
Total revenues for the three-month period
ended September 30, 2019 amounted to $61,000,
compared to $700,000 for the three-month period
ended September 30, 2018. The decrease is mainly attributable
to a $639,000 decrease in Research and Development (“R&D”)
revenues.
Operating costs and expenses were $2.6 million
for the third quarter of 2019, versus $3.3 million for the
corresponding three-month period of 2018. The decrease for the
three-month period ended September 30, 2019 is mainly
attributable to a $610,000 decrease in R&D expenses and a
$153,000 decrease in Selling, General and Administrative
expenses.
For the third quarter of 2019, the Company had
an operating loss of $2.5 million, compared to an operating loss of
$2.6 million for the comparable period of 2018.
Net comprehensive loss for the three-month
period ended September 30, 2019 was $2.9 million,
or $0.03 on a basic and diluted per share basis, compared
to $3.0 million, or $0.04 on a basic and diluted per share
basis, for the comparable period of 2018.
As of September 30, 2019, the Company’s
cash and short-term investments totalled $4.3 million.
Conference Call Details:
IntelGenx will host a conference call to
discuss these 2019 third quarter financial results today
at 4:30 p.m. ET. The dial-in number for the conference
call is (833) 231-8269 (Canada and United States) or
(647) 689-4114 (International), conference ID 5068946. A live and
archived webcast of the call will be available on IntelGenx’s
website at www.intelgenx.com under “Presentations” in the Investors
section.
About IntelGenx:
IntelGenx is a leading drug delivery company
focused on the development and manufacturing of pharmaceutical
films.
IntelGenx’s superior film technologies,
including VersaFilm®, VetaFilm™ and transdermal, allow for next
generation pharmaceutical products that address unmet medical
needs. IntelGenx’s innovative product pipeline offer 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. 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.
IntelGenx assumes no obligation to update any such forward-looking
statements.
Each of the TSX Venture Exchange and OTCQX 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.
For more information, please
contact:
Stephen KilmerInvestor Relations (514) 331-7440
ext 232stephen@intelgenx.com
Or
Andre Godin, CPA, CAPresident and CFOIntelGenx
Corp.(514) 331-7440 ext 203andre@intelgenx.com
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