IntelGenx Reports First Quarter 2019 Financial Results
May 09 2019 - 04:00PM
IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the
"Company" or "IntelGenx") today reported financial results for the
first quarter ended March 31, 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 First Quarter Financial
Summary:
- Revenue increased to $416,000,
compared to $239,000 in the first quarter of 2018
- Adjusted EBITDA was ($2.1
million), compared to ($1.8 million) in Q1-2018
- Cash and short-term investments
totaled $8.6 million as at March 31, 2019
Recent Developments:
- Appointed André Godin to the position of President and Chief
Financial Officer
- Entered into a definitive worldwide agreement with Aquestive
Therapeutics, Inc. for the co-development and commercialization of
Tadalafil oral films for the treatment of erectile dysfunction
- Received from the United States Patent and Trademark Office a
patent covering design and manufacturing of topical oral films for
the topical treatment of diseases of the oral mucosa using
mucocoadhesive particles
- Presented an overview of the Company’s business at the
2019 Bloom Burton & Co. Healthcare Investor
Conference
- Promoted the Company’s VersaFilm® and VetaFilm™ oral film
contract development and manufacturing organization, or CDMO,
services capabilities at CPhI North America
- Filed a non-provisional U.S. patent application for oil-based
active ingredients
- Promoted VetaFilm™ oral film technology at the Human Biotech
& Animal Health Business Partnering Summit
- Presented two Montelukast poster
presentations at the 14th International Conference on Alzheimer's
& Parkinson's Diseases
- Received a Complete Response Letter
requesting additional information, but no new bioequivalence study,
from the U.S. Food and Drug Administration related to its
resubmitted RIZAPORT® new drug application (“NDA”); Company’s
objective is to resubmit the RIZAPORT® NDA before the end of
Q3-2019
- Received a Japanese patent for
RIZAPORT® VersaFilm®
- Announced Montreal's Douglas Mental
Health University Institute as an additional Montelukast VersaFilm®
Phase 2a clinical trial site in Canada
- Appointed Dr. Rodolphe Obeid to the position of Vice President,
Operations
"The agreement we secured with Aquestive
represents a continuation of IntelGenx’s commitment to
commercialize our pipeline of innovative oral film products with
strong partners,” commented Dr. Horst G. Zerbe, CEO
of IntelGenx. "We look forward to updating our stakeholders as
we execute on a number of major objectives over the next several
quarters.”
Financial Results:
Total revenues for the three-month period
ended March 31, 2019 amounted to $416,000, an
increase of $177,000 compared to $239,000 for the
three-month period ended March 31, 2018. The increase is
mainly attributable to an increase in R&D milestone revenues
offset by a decrease in R&D revenues.
Operating costs and expenses were $2.7 million
for the first quarter 2019, versus $2.3 million for the
corresponding three-month period of 2018. The increase for the
three-month period ended March 31, 2019 is mainly
attributable to a $424,000 increase in Selling, General
and Administrative expenses.
For Q1-2019, the Company had an operating loss
of $2.3 million, compared to operating loss of $2.0 million for the
comparable period of 2018.
Net comprehensive loss was $2.3 million,
or $0.03 on a basic and diluted per share basis, for both
the three-month period ended March 31, 2019 and the comparable
period of 2018.
As of March 31, 2019, the Company’s cash
and short-term investments totalled $8.6 million.
Conference Call Details:
IntelGenx will host a conference call to
discuss these 2019 first quarter financial results today
on May 9, 2019, 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 4695936. 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:
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® and VetaFilm™ technology platforms.
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, which was established for
oral film technology platforms, offers by supporting lab-scale to
pilot- and commercial-scale production. 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
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com
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