IntelGenx Technologies Corp. (OTCMKTS: 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.
The news has transformed IGXT which has not traded significant volume in a long time into one of the top most traded stocks on the OTCBB.
IntelGenx Technologies Corp. (OTCMKTS: IGXT) bills itself as 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.
Last month IGXT announced financial results for the three-month period ended June 30, 2018, revenues for the period were $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.
During the quarter the Company 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.
IGXT also recieved a “Notice of Intention to Grant” from the European Patent Office 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.
The Company published 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. IGXT also settled all Subxone® patent litigation between the Company, Par Pharmaceutical, Inc., Indivior UK Limited and Aquestive Therapeutics, Inc.
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On September 20 IGXT 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.
The LOI also contemplates that, at the time of entering into the definitive agreement, Tilray® will make a strategic investment in IntelGenx by way of a non-brokered private placement (“Private Placement”). Tilray® will purchase 1,250,000 common shares of IntelGenx at a price of USD$0.80 per share, which is equal to the five-day volume weighted average closing price of IntelGenx’ common stock on the OTCQX for the period ended September 18, 2018. IntelGenx intends to use the proceeds from the Private Placement for cannabis-infused VersaFilm™ product development in connection with the LOI. The Private Placement will be subject to the approval of the TSX Venture Exchange.
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Currently trading at a $60 million market valuation IGXT has $2.3 million in the treasury, growing debt and reported revenues of $234,000 for the three-month period ended June 30, 2018. The LOI with Tilray, Inc. whose major baker is Pot-focused private equity fund Privateer Holdings in which Peter Thiel is a big investor owns 76 percent of Tilray’s stock is colossal news for IntelGenx Technologies. The LOI to co-develop and commercialize oral film products infused with recreational and medical cannabis also serves as IGXT entry into a booming sector responsible for many of the biggest winners on the OTCBB. 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