IntelGenx Clarifies Recent Preliminary 2018 Proxy Statement Filing
March 12 2018 - 1:12PM
In response to investor inquiries received about its
preliminary proxy statement, filed with the U.S. Securities
and Exchange Commission on March 7, 2018, particularly with respect
to Proposal 5 asking shareholders to give its Board of Directors
authority to consider a stock consolidation, commonly referred to
as a ‘reverse stock split, at some unspecified future date within a
12-month period, IntelGenx Technologies Corp. (TSX-V:IGX)
(OTCQX:IGXT) (the “Company” or “IntelGenx”), today provided the
following clarification.
“Many of the questions and concerns about a
reverse split raised by shareholders indicate a clear
misunderstanding about the Company's immediate intentions and
appear to have been a major factor in the recent sharp decline in
the Company’s stock price,” said Dr. Horst G. Zerbe,
President and CEO of IntelGenx. “Shareholder approval of this
proposal would not in any way compel us to complete a reverse stock
spit. Rather, the Company is merely seeking
permission for the Board to act on a reverse split at some point in
future, if deemed appropriate. The Board will always have the
best interests of the Company and its shareholders in mind when
making that decision. Further, the primary goal of any reverse
stock split would be to prepare for a potential uplisting to a
national U.S. stock exchange, such as the NASDAQ Capital Market or
the NYSE AMEX. But, we would only pursue an uplisting if and
when the conditions were right for that.”
Andre Godin, IntelGenx Executive Vice President
and CFO, commented, “Our philosophy has always been to build the
Company’s business, with the hope that the value created would be
reflected by our share price. A potential future uplisting,
at the right time, could advance that by positioning IntelGenx with
a much wider spectrum of investors and analysts. Potential
institutional investors who are currently unable to consider
participation in an investment in IntelGenx, and some sell-side
analysts who are currently restricted from covering the Company,
could then have the opportunity to do so.”
Dr. Zerbe concluded, “We look forward to having
an informed dialogue about this proposal. To that end, we
encourage our shareholders to participate in our upcoming fourth
quarter and full-year 2017 results conference call, the details of
which will be announced shortly.”
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' highly skilled team provides
comprehensive pharmaceuticals services to pharmaceutical partners,
including R&D, analytical method development, clinical
monitoring, IP and regulatory services. IntelGenx' 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' 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' 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' 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' 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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