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,
2017. 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.
2017 Fourth Quarter Financial
Highlights:
- Revenue was $1.5 million,
compared to $1.9 million in the fourth quarter of 2016
- Adjusted EBITDA
was ($600,000), compared to $640,000 in Q4-2016
- Cash and short-term investments
totalled $4.9 million as at December 31, 2017
2017 Full-Year Financial
Highlights:
- Revenue was $5.2 million,
unchanged from $5.2 million in 2016
- Net comprehensive loss
was $2.7 million, compared to net comprehensive loss
of $1.5 million over the same period last year
- Adjusted EBITDA was ($1.4 million),
compared to ($280,000) in 2016
Recent Operating
Highlights:
- Regained exclusive worldwide rights to develop and
commercialize RIZAPORT®
- Received a Notice of Allowance from the United States Patent
and Trademark Office for a formulation specific orange book
eligible patent for Montelukast VersaFilm™
- Site obtained GMP compliant rating from Health Canada for
manufacturing and packaging activities
- Initiated Phase 2a proof of concept Montelukast VersaFilm™
clinical trial in Alzheimer’s patients
"2017 was an important year, as we continued
down the path to clinical and commercial success," said
Dr. Horst G. Zerbe, President and CEO of IntelGenx. "We
have taken many important steps to support our efforts in
pharmaceutical oral film development, manufacturing and
commercialization, and remain on track for bringing our products to
market. Moving forward, we believe that 2018 will represent a
landmark period for IntelGenx, as we continue to advance our
product pipeline, and begin clinical testing of our potentially
groundbreaking Montelukast VersaFilm™ in Alzheimer’s patients."
Financial Results:
Total revenues for the three-month period
ended December 31, 2017 amounted to $1.5 million,
representing a decrease of $400,000 compared to $1.9
million for the three-month period ended December 31,
2016. The decrease is mainly attributable to upfront payments
received in Q4-2016, partially offset by an increase in R&D
revenues. Operating costs and expenses were $2.3 million for the
fourth quarter of 2017, versus $1.5 million for the corresponding
three-month period of 2016. For Q4-2017, the Company had an
operating loss of $850,000, compared to operating income of
$430,000 for the comparable period of 2016. Net comprehensive loss
was $1.1 million, or $0.02 on a basic and diluted per share basis,
for the fourth quarter of 2017, compared to net comprehensive loss
of $22,000 or $0.00 on a basic and diluted per share basis, for the
comparable period of 2016.
Total revenues for the twelve-month period
ended December 31, 2017 amounted to $5.2 million,
compared to $5.2 million for the twelve-month period
ended December 31, 2016. Operating costs and expenses
were $7.7 million for the full year 2017,
versus $6.2 million for the corresponding 12-month period
of 2016. For the twelve-month period of 2017, the Company had an
operating loss of $2.5 million, compared to an operating loss
of $980,000 for the comparable period of 2016. Net
comprehensive loss was $2.7 million, or $0.04 on a
basic and diluted per share basis, for the twelve-month period of
2017, compared to net comprehensive loss of $1.5 million,
or $0.02 on a basic and diluted per share basis, for the
comparable period of 2016.
As at December 31, 2017, the Company's cash
and short-term investments totalled $4.9 million, compared
with $4.5 million as at December 31, 2016.
Annual Filings:
The Company's annual report on Form 10-K and
financial statements for the year ended December 31,
2017 as well as the 2018 Proxy Statement, will be filed with
the United States Securities and Exchange Commission and
the Canadian Securities regulatory authorities March 29,
2018 at 4:00 p.m. EDT.
Conference Call Details:
IntelGenx will host a conference call to
discuss these 2017 fourth quarter and full year financial results
March 29, 2018, at 4:30 p.m. EDT. The dial-in number for the
conference call is (833) 211-3233 (Canada and United
States) or (647) 689-3955 (International), conference ID 6786519.
The call will be also be webcast live and archived for twelve
months 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' 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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