IntelGenx Announces Update on Private Placement and Proposed LaboVal Acquisition
March 27 2018 - 5:00PM
IntelGenx Technologies Corp. (TSX-V:IGX) (OTCQX:IGXT) (the
“Company” or “IntelGenx”) announces that, due to market conditions,
it will not be proceeding with the private placement previously
announced on March 20, 2018. As a result, IntelGenx Corp., the
Company’s operating subsidiary, will not be proceeding with the
previously announced proposed acquisition of LaboVal Inc., which
was subject to the Company obtaining satisfactory financing.
“While the cancellation of this financing is
disappointing, it provides us with the opportunity to potentially
re-enter the market at a more favorable time, with the goal of
generating less shareholder dilution,” said Horst G. Zerbe,
President and Chief Executive Officer of the Company. “We also
continue to believe in the potential strategic benefit of an
acquisition of LaboVal and hope to revisit this opportunity at a
more opportune time in the future.”
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 Information and
Statements
This document may contain forward-looking
information or forward-looking statements within the meaning of
applicable U.S. and Canadian securities laws. These statements are
statements that are not purely historical and include, but are not
limited to, statements about future plans and objectives of
IntelGenx. 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 those discussed under the
heading “Risk Factors” in the Registration Statement and 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.
Although the Company believes that the
expectations and assumptions on which Forward-Looking Information
is based are reasonable, readers of this press release are
cautioned not to rely unduly on this Forward-Looking Information
since no assurance can be given that they will prove to be correct.
The Company does not undertake any obligation to update or revise
any Forward-Looking Information, whether as a result of events or
circumstances occurring after the date of this press release,
unless so required by legislation.
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 policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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 Technologies Corp.
(514) 331-7440 ext 203
andre@intelgenx.com
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