IntelGenx Technologies Corp. (OTCMKTS: IGXT) continues to move higher in recent weeks on accelerating volume. The stock hit lows of $0.116 at the end of March and has been coming back strong since then.
Microcapdaily has covered IGXT before stating in September 2019 on the Company – IGXT has made a big move up after the Company announced it has executed a non-binding letter of intent with Tilray, Inc. to co-develop and commercialize oral film products infused with recreational and medical cannabis in anticipation of amended cannabis regulations which would allow adult-use consumers to purchase edible products.
IntelGenx Technologies Corp. (OTCMKTS: IGXT) is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films. IntelGenx’s superior film technologies, including VersaFilm®, VetaFilm™ and transdermal, 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.
On May 14 IGXG announced financial results for the first quarter ended March 31, 2020. Total revenues for the three-month period ended March 31, 2020 amounted to $202,000, a decrease of $214,000 compared to $416,000 for the three-month period ended March 31, 2019. The decrease is mainly attributable to a $214,000 decrease in Research and Development (“R&D”) revenues. Operating costs and expenses were $2.4 million for the first quarter of 2020, versus $2.7 million for the corresponding three-month period of 2019. The decrease for the three-month period ended March 31, 2020 is mainly attributable to a $10,000 decrease in R&D expenses and a $380,000 decrease in Selling, General and Administrative expenses.
As at March 31, 2020, the Company’s cash and short-term investments totalled $4.4 million. In recent develoipments IGXT announced a performance improvement program focused on generating near-term revenue, preserving the Company’s resources, extending its cash runway and accelerating the launch of RIZAPORT® in Spain. The program also includes plans to meet with the U.S. Food and Drug Administration to discuss its recent Complete Response Letter – which requested additional information, but no new bioequivalence study – related to IntelGenx’s resubmitted 505(b)(2) New Drug Application for RIZAPORT®.
The Company develivered on many fronts including the cl0sing of 16,317,000 units at a price of C$0.50 per Unit for gross proceeds of C$8,158,500. IGXT also recived a No Objection Letter from Health Canada in response to IntelGenx’s amended Clinical Trial Application for the ongoing Montelukast VersaFilm® Phase 2a clinical trial in patients with mild to moderate Alzheimer’s Disease.
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The Company announced a cannabis-infused VersaFilm® product has been finalized with its co-development partner, and all manufacturing scale-up work has been successfully completed as well as signed a binding term sheet with Orivas for the commercialization of RIZAPORT®
At the end of May IGXT said the U.S. Food & Drug Administration (“FDA”) has granted the Company’s request for a Type A meeting related to its RIZAPORT® VersaFilm® program. This meeting has been scheduled for June 10, 2020. Dr. Horst G. Zerbe, CEO of IntelGenx, said, “We are looking forward to meeting with the FDA to obtain clarification on its concerns regarding our resubmitted RIZAPORT® VersaFilm® NDA, so we can provide them with the additional information they require and determine the remaining steps required to obtain approval.”
On June 8 IGXT announced it has received a cannabis micro-processing license from Health Canada for the Company’s Montreal, Quebec facility, in accordance with the Cannabis Act and Cannabis Regulations.
“Receipt of this cannabis micro-processing license is an important milestone, particularly because it enables us to commence working towards commercial production of our cannabis-infused VersaFilm®, which we believe offers a discrete, precise and convenient option for adult-use and medical cannabis consumers,” said Dr. Horst G. Zerbe, CEO of IntelGenx. “In view of current market conditions we are working with our co-development partner and reviewing various options with the goal of aligning on the timing of a potential commercial launch.”
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Currently trading at a $24 million market valuation IGXT has $4 million in short term investments on the books and did $202k for the Quarter ended March 31, 2020. IGXT is an exciting story developing in small caps; IGXT is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films. IntelGenx’s superior film technologies, including VersaFilm®, VetaFilm™ and transdermal, allow for next generation pharmaceutical products that address unmet medical needs. Besides recently securing a cannabis micro-processing license from Health Canada for the Company’s Montreal, Quebec facility the Company closed on 6,317,000 units at a price of C$0.50 per Unit for gross proceeds of C$8,158,500. We will be updating on IGXT when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with IGXT.
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Disclosure: we hold no position in IGXT either long or short and we have not been compensated for this article