IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the
"Company" or "IntelGenx") today reported financial results for the
fourth quarter and twelve-month periods ended December 31,
2018. 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.
2018 Fourth Quarter Financial
Summary:
- Revenue was $650,000, compared
to $1.5 million in the 2017 fourth quarter
- Adjusted EBITDA was ($2.0
million), compared to ($600,000) in Q4-2017
- Cash and short-term investments
totaled $11.0 million as at December 31, 2018
2018 Full-Year Financial
Summary:
- Revenue was $1.8 million,
compared to $5.2 million in 2017
- Net comprehensive loss
was $10.7 million, compared to net comprehensive loss
of $2.7 million in 2017
- Adjusted EBITDA was ($7.9 million),
compared to ($1.4 million) in 2017
Recent Operational
Highlights:
- Announced U.S. Food and Drug Administration (“FDA”) acceptance
of the RIZAPORT® New Drug Application (“NDA”) resubmission
and the Agency’s assignment of a Prescription Drug User Fee Act
(“PDUFA”) goal date of April 1, 2019
- Partnered with Gensco® Pharma to market RIZAPORT® in the United
States
- Announced FDA pre-approval inspection of IntelGenx’s facility
related to the RIZAPORT® NDA
- Granted Japanese patent for RIZAPORT® VersaFilm™
- Began Montelukast VersaFilm™ dosing in patients with mild to
moderate Alzheimer’s Disease in Phase 2a study
- Announced Montreal’s Douglas Mental Health University Institute
as ninth Montelukast VersaFilm™ Phase 2a clinical trial site
"The agreements we secured with Tilray® and
Gensco Pharma® in 2018 represented an important inflection point
for IntelGenx as we advanced our strategy to commercialize our
pipeline of innovative oral film products with strong partners,”
said Dr. Horst G. Zerbe, President and CEO of IntelGenx.
"We have a very positive outlook for 2019 and 2020 and look forward
to updating our stakeholders as we make progress towards achieving
a number of key development and commercialization milestones.”
Financial Results:
Total revenues for the three-month period
ended December 31, 2018 amounted to $650,000, a
decrease of $850,000 compared to $1.5 million for
the three-month period ended December 31, 2017. The change is
mainly attributable to a decrease in deferred revenues partially
offset by an increase in R&D revenues. Operating costs and
expenses were $2.9 million for the fourth quarter 2018, versus $2.3
million for the corresponding three-month period of 2017. For
Q4-2018, the Company had an operating loss of $2.2 million,
compared to operating income of $850,000 for the comparable period
of 2017.
Total revenues for the twelve-month period
ended December 31, 2018 amounted to $1.8 million,
compared to $5.2 million for the twelve-month period
ended December 31, 2017. Operating costs and expenses
were $10.8 million for the full year 2018,
versus $7.7 million for the corresponding 12-month period
of 2017. For the twelve-month period of 2018, the Company had
an operating loss of $9.0 million, compared to an operating
loss of $2.5 million for the comparable period of 2017. Net
comprehensive loss was $10.7 million, or $0.14 per
basic and diluted share, for the twelve-month period of 2018,
compared to net comprehensive loss of $2.7 million,
or $0.04 per basic and diluted share, for the comparable
period of 2017.
As at December 31, 2018, the Company's cash
and short-term investments totalled $11.0 million, compared
with $4.9 million as at December 31, 2017.
Annual Filings:
The Company's annual report on Form 10-K and
financial statements for the year ended December 31,
2018 as well as the 2019 Proxy Statement, will be filed with
the United States Securities and Exchange Commission and
the Canadian Securities regulatory authorities
today, Friday, March 22, 2019.
Conference Call Details:
IntelGenx will host a conference call to
discuss these 2018 fourth quarter and full year financial results
on Monday, March 25, 2019, at 8:00 a.m. EDT. The dial-in
number for the conference call is (833) 231-8269
(Canada and United States) or (647) 689-4114
(International), conference ID 1297963. The call will be also be
webcast live and archived at www.intelgenx.com.
About IntelGenx:
Established in 2003, IntelGenx is a leading oral
drug delivery company primarily focused on the development and
manufacturing of innovative pharmaceutical oral films based on its
proprietary VersaFilm™ technology platform.
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, established for the
VersaFilm™ technology platform, supports lab-scale to pilot and
commercial-scale production, offering full service capabilities to
its clients. More information about the company can be found at
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 and 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 Kilmer
Investor Relations
(514) 331-7440 ext 232
stephen@intelgenx.com
Or
Andre Godin, CPA, CA
Executive Vice-President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com
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