atai Life Sciences (Nasdaq: ATAI) (“atai”), a clinical-stage
biopharmaceutical company aiming to transform the treatment of
mental health disorders, today announced it has entered into an
amended and restated loan agreement (“Loan Agreement”) with
strategic partner IntelGenx Technologies Corp. (“IntelGenx”) to
support IntelGenx’s conditionally approved graduation from the TSX
Venture Exchange to the Toronto Stock Exchange (“TSX”). Completion
of the uplisting and the commencement of trading of IntelGenx’s
common shares, 8% convertible debentures with a maturity date of
June 30, 2022, and share purchase warrants expiring on February 11,
2023 is subject to the satisfaction by IntelGenx of all of the
final conditions of listing.
atai has agreed to increase the principal amount of its
outstanding US$2,500,000 loan to IntelGenx by an additional
US$6,000,000, with US$3,000,000 to become available to IntelGenx in
each of January 2022 and January 2023, subject to customary
conditions. The loan is in addition to atai’s previously announced
initial equity investment of an approximately 25% interest in
IntelGenx. The loan bears interest at a rate of 8% per annum,
payable at maturity, and matures in January 2024. The borrower
under the secured loan is IntelGenx’s wholly-owned subsidiary,
IntelGenx Corp., and the loan is guaranteed by IntelGenx.
As part of the strategic partnership, IntelGenx partnered
exclusively with atai to develop formulations of compounds for the
prevention or treatment of mental health diseases or disorders,
including compounds that have psychedelic, entactogenic and/or
oneirophrenic properties (such as DMT and psilocybin, among
others). atai agreed to increase the loan principal in part on the
basis of early data generated from its ongoing feasibility studies
conducted with IntelGenx.
“We are proud to deepen our relationship with atai, while
strengthening our positions of leadership and boldly innovating
novel psychedelic therapies,” said Dr. Horst G. Zerbe, CEO of
IntelGenx. “I’m excited about our companies’ mutual efforts to
advance our robust pipelines, while finding synergistic ways to
work together to develop better compounds and modes of delivery to
benefit patients.”
“This transaction illustrates our confidence in IntelGenx’s film
technology and the potential it has in the development of product
candidates to treat mental health disorders,” said Florian Brand,
CEO of atai. “We look forward to collaborating to transition this
innovative film delivery technology into the clinic.”
About ataiatai is a clinical-stage
biopharmaceutical company aiming to transform the treatment of
mental health disorders. atai was founded in 2018 as a response to
the significant unmet need and lack of innovation in the mental
health treatment landscape. atai is dedicated to acquiring,
incubating and efficiently developing innovative therapeutics to
treat depression, anxiety, addiction, and other mental health
disorders. atai's business model combines funding, technology,
scientific and regulatory expertise with a focus on psychedelic
therapy and other drugs with differentiated safety profiles and
therapeutic potential. By pooling resources and best practices,
atai aims to responsibly accelerate the development of new
medicines across its companies, seeking to effectively treat and
ultimately heal mental health disorders. atai's mission is to
bridge the gap between what the mental healthcare system currently
provides and what patients need. atai has offices in New York,
London, and Berlin. For more information, please visit
www.atai.life.
About IntelGenxIntelGenx is a leading drug
delivery company focused on the development and manufacturing of
pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®,
DisinteQ™, VetaFilm™ and transdermal VevaDerm™, allow for next
generation pharmaceutical products that address unmet medical
needs. IntelGenx’s innovative product pipeline offers significant
benefits to patients and physicians for many therapeutic
conditions.
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 offers full service by providing lab-scale to pilot- and
commercial-scale production. For more information, visit
www.intelgenx.com.
Forward-Looking Information
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. The words “believe,” “may,” “will,” “estimate,”
“continue,” “anticipate,” “intend,” “expect,” “anticipate,”
“initiate,” “could,” “would,” “project,” “plan,” “potentially,”
“preliminary,” “likely,” and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these words. Forward-looking
statements include express or implied statements relating to, among
other things, the uplisting of IntelGenx to the TSX and continued
strategic cooperation between atai and IntelGenx. The
forward-looking statements in this press release are neither
promises nor guarantees, and you should not place undue reliance on
these forward-looking statements because they involve known and
unknown risks, uncertainties, and other factors, many of which are
beyond our control and which could cause actual results, levels of
activity, performance or achievements to differ materially from
those expressed or implied by these forward-looking statements.
We have based these forward-looking statements largely on our
current expectations and projections about future events and trends
that we believe may affect our financial condition, results of
operations, business strategy, short-term and long-term business
operations and objectives, and financial needs. These
forward-looking statements are subject to a number of risks,
uncertainties, and assumptions, including without limitation: we
are a clinical-stage biopharmaceutical company and have incurred
significant losses since our inception, and we anticipate that we
will continue to incur significant losses for the foreseeable
future; we will require substantial additional funding to achieve
our business goals, and if we are unable to obtain this funding
when needed and on acceptable terms, we could be forced to delay,
limit or terminate our product development efforts; our limited
operating history may make it difficult to evaluate the success of
our business and to assess our future viability; we have never
generated revenue and may never be profitable; our product
candidates contain controlled substances, the use of which may
generate public controversy; clinical and preclinical development
is uncertain, and our preclinical programs may experience delays or
may never advance to clinical trials; we currently rely on
qualified therapists working at third-party clinical trial sites to
administer certain of our product candidates in our clinical trials
and we expect this to continue upon approval, if any, of our
current or future product candidates; if third-party sites fail to
recruit and retain a sufficient number of therapists or effectively
manage their therapists, our business, financial condition and
results of operations would be materially harmed; we cannot give
any assurance that any of our product candidates will receive
regulatory approval, which is necessary before they can be
commercialized; research and development of drugs targeting the
central nervous system, or CNS, is particularly difficult, and it
can be difficult to predict and understand why a drug has a
positive effect on some patients but not others; we face
significant competition in an environment of rapid technological
and scientific change; third parties may claim that we are
infringing, misappropriating or otherwise violating their
intellectual property rights, the outcome of which would be
uncertain and may prevent or delay our development and
commercialization efforts; a change in our effective place of
management may increase our aggregate tax burden; we identified
material weaknesses in connection with our internal control over
financial reporting; and a pandemic, epidemic, or outbreak of an
infectious disease, such as the COVID-19 pandemic, may materially
and adversely affect our business, including our preclinical
studies, clinical trials, third parties on whom we rely, our supply
chain, our ability to raise capital, our ability to conduct regular
business and our financial results. Other risk factors include the
important factors described in the section titled “Risk Factors” in
our final prospectus, filed with the Securities and Exchange
Commission (“SEC”) on June 21, 2021 pursuant to Rule 424(b) under
the Securities Act, and in our other filings with the SEC, that may
cause our actual results, performance or achievements to differ
materially and adversely from those expressed or implied by the
forward-looking statements.
Any forward-looking statements made herein speak only as of the
date of this press release, and you should not rely on
forward-looking statements as predictions of future events.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee that
the future results, performance, or achievements reflected in the
forward-looking statements will be achieved or will occur. Except
as required by applicable law, we undertake no obligation to update
any of these forward-looking statements for any reason after the
date of this press release or to conform these statements to actual
results or revised expectations.
Contact Information
For atai Life Sciences:
Investor Contact:Greg WeaverATAI – Chief
Financial OfficerEmail: greg.weaver@atai.life
Media Contact:Anne DonohoeKCSA Strategic
CommunicationsPhone: +1 (212) 896-1265Email: atai@KCSA.com
For IntelGenx:Stephen KilmerInvestor
Relations(514) 331-7440 ext 232stephen@intelgenx.com
Or
Andre Godin, CPA, CAPresident and CFOIntelGenx Technologies
Corp.(514) 331-7440 ext 203andre@intelgenx.com
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