IntelGenx Technologies Corp. (TSX-V:IGX) (OTCQX:IGXT) (the
“Company” or “IntelGenx”) today reported financial results for the
second quarter ended June 30, 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 Second Quarter Financial
Highlights:
- Total revenue was $234,000, which reflected decreases in
deferred revenues on monetization of $915,000.
- Negative adjusted EBITDA was ($1.9 million), compared to
negative adjusted EBITDA of ($390,000) in the same period last
year.
- Cash and short-term investments totalled $3.7 million as at
June 30, 2018.
Recent Developments:
- Received a Notice of Allowance from the Canadian Intellectual
Property Office for the Company’s Canadian Patent Application
Number 2,998,223 entitled “Loxapine Film Oral Dosage Form”,
covering the use of loxapine in an oral transmucosal film for the
treatment of schizophrenia or bipolar 1 disorder. This was
the Company’s first patent allowed in Canada and the first Canadian
patent for its VersaFilm™ technology.
- Announced that the European Patent Office issued a “Notice of
Intention to Grant” for the Company’s European Patent Application
Number 14832172.2 entitled, “Instantly Wettable Oral Film Dosage
Form Without Surfactant or Polyalcohol.” This was the first
key patent allowed in Europe for the Company’s VersaFilm™
technology and covers the formulation of its Rizaport®
product.
- Announced the publication of a peer-reviewed paper in the March
2018 issue of Alzheimer's & Dementia: The Journal of the
Alzheimer's Association, which highlighted one of the most
significant unmet medical needs that may be addressed by
IntelGenx’s Montelukast VersaFilm™ product candidate.
- Announced the settlement of all Subxone® patent litigation
between the Company, Par Pharmaceutical, Inc., Indivior UK Limited
and Aquestive Therapeutics, Inc.
“The advancement of our product pipeline
toward commercialization continued to be a key priority in the 2018
second quarter,” commented Dr. Horst G. Zerbe, President and CEO of
IntelGenx. “To that end, we were pleased that two patent
allowances - one in Canada and the other in Europe – imparted
protection for our proprietary VersaFilm™ technology platform in
those jurisdications for the first time, providing additional
validation of the innovative work being carried out by our talented
R&D team. More recently, we were also excited to learn
from our Spanish marketing partner, Grupo Juste (now Exeltis
Healthcare), that the Committee for Medicinal Products for Human
Use has included RIZAPORT® in the list of medicines within
the Informative Note from its
July 2018 meeting, one of the final steps needed before marketing
authorization can be obtained from the Spanish Agency of Medicines
and Medical Devices.”
Financial Results:
Total revenues for the three-month period ended
June 30, 2018 amounted to $234,000, compared to $1.1 million for
the three-month period ended June 30, 2017. The decrease for
the three-month period ended June 30, 2018 compared to last year’s
corresponding period is mainly attributable to a decrease in
deferred revenues on monetization of $915,000.
Operating costs and expenses were $2.4 million
for the second quarter ended June 30, 2018, versus $1.7 million for
the corresponding quarter in 2017. The increase for the
three-month period ended June 30, 2018 is mainly attributable to a
$203,000 increase in Research and Development expenses and a
$496,000 increase in Selling, General and Administrative
expenses.
For the second quarter ended June 30, 2018, the
Company had an operating loss of $2.1 million, compared to an
operating loss of $613,000 for the comparable period of 2017.
Net comprehensive loss was $2.4 million, or
$0.04 on a basic and diluted per share basis, for the three-month
period ended June 30, 2018, compared to a net comprehensive loss of
$550,000, or $0.01 on a basic and diluted per share basis, for the
comparable period of 2017.
As of June 30, 2018, the Company’s cash and
short-term investments totalled $3.7 million.
Conference Call Details:
IntelGenx will host a conference call to discuss
its second quarter 2018 financial results today, Aug 9, 2018, 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 5888143. The call will 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'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' 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 at 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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