IntelGenx Technologies Corp. (OTCMKTS: IGXT) is on the move since reversing off $0.3219 lows. GNBT has a long history of big moves making a huge run at the end of 2018 to over $1.75 per share.
IGXTIntelGenx bills itself a drug delivery company focused on the development and manufacturing of pharmaceutical films. IntelGenx’s film technologies, including VersaFilm®, VetaFilm™ and transdermal, allow pharmaceutical products that address unmet medical needs. IntelGenx’s product pipeline offer benefits to patients and physicians for many therapeutic conditions. IntelGenx’s team provides pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’s manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production.
IntelGenx Technologies Corp. (OTCMKTS: IGXT) announced in November financial results for the third quarter ended September 30, 2019. Total revenues for the three-month period ended September 30, 2019 amounted to $61,000, compared to $700,000 for the three-month period ended September 30, 2018. The decrease is mainly attributable to a $639,000 decrease in Research and Development (“R&D”) revenues.
In January IGXT said it provided a commercial update on its two lead product candidates, cannabis-infused VersaFilm® and RIZAPORT®. IntelGenx is providing this information ahead of its planned participation in investment community meetings to be held in connection with, among other investor events, the 38th Annual J.P. Morgan Healthcare Conference in San Francisco. Cannabis-Infused VersaFilm® Remains on Track for Commercial Launch in Q1-2020
IntelGenx announced that a cannabis-infused VersaFilm® product has been finalized with its co-development partner, Tilray®, and all manufacturing scale-up work has been successfully completed.
“Because we believe this is an exciting product that will meet, if not exceed, consumer expectations, we think that we’re well positioned to become a significant player in this expanding market as new product formats come online,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “We continue to work with Health Canada in the pursuit of our requisite micro-processing license – the last step before commercial production can commence.”
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IntelGenx also announced the signing of a binding term sheet with Orivas for the commercialization of RIZAPORT®, a unique oral thin film for the treatment of acute migraines, pursuant to which Orivas will obtain exclusive rights to market and sell RIZAPORT® in Lithuania, Latvia, Estonia and Poland, with the right of first refusal for a predefined term to include the Republic of Belarus and/or Republic of Ukraine, as well as any of the Scandinavian countries (Finland, Denmark, Sweden and Norway). Financial terms of the agreement were not disclosed.
On February 7 IGXT announced the pricing of an agency offering (the “Offering”) of up to 20,000,000 units, subject to a minimum offering of 10,000,000 units (the “Units”), for gross proceeds of between $5,000,000 and $10,000,000, assuming no exercise of the over-allotment option granted to the Agent (as defined below), at a price of $0.50 per Unit. Each Unit will consist of one share (each, an “Offered Share”) of common stock of the Company (“Common Stock”) and one warrant (each, a “Warrant”) to purchase one share of Common Stock at an exercise price of $0.75 per share (a “Warrant Share”). The Warrants will be exercisable immediately and will expire on the third anniversary of the date of their issuance. The Offering is being conducted on a commercially reasonable best efforts basis by Echelon Wealth Partners Inc. (the “Agent”) in the provinces of British Columbia, Alberta, Manitoba and Ontario. Closing of the Offering is expected to occur on or about February 11, 2020.
The net proceeds from the Offering will be used for the Company’s Phase 2A Montelukast Study and general working capital requirements. The Company has applied to list the Offered Shares, the Warrants and the Warrant Shares underlying the Units on the TSX Venture Exchange (the “TSXV”). The approval is subject to fulfillment by the Company of customary closing conditions of the TSXV.
given after the effective date.
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Currently trading at a $35 million market valuation IGXT has $3.7 million in the treasury, growing debt and reported revenues of $61k for the three-month period ended September 30, 2019, compared to $700,000 for the three-month period ended September 30, 2018. The decrease is mainly attributable to a $639,000 decrease in Research and Development (“R&D”) revenues. GNBT recently announced an equity offering for gross proceeds of between $5,000,000 and $10,000,000 the net proceeds of which will be used for the Company’s Phase 2A Montelukast Study and general working capital requirements. 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