SAINT LAURENT, Quebec, Nov. 08, 2018 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V: IGX) (OTCQX: IGXT) (the “Company” or “IntelGenx”) today reported financial results for the third quarter ended September 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 Third Quarter Financial Highlights:
- Total revenue was $700,000, which reflected decreases in deferred revenues on monetization of $972,000, offset by an increase in R&D revenues of $418,000 vs same period last year.
- Negative adjusted EBITDA was ($2.3 million), compared to negative adjusted EBITDA of ($340,000) in the same period last year.
- Cash and short-term investments totalled $2.2 million as at September 30, 2018, which did not include $499,000 in proceeds from the exercise of previously issued common share purchase warrants, nor gross proceeds of $12 million raised by the Company in its October 2018 equity offering, nor gross proceeds of $633,000 from the exercise of over-allotment options.
Recent Developments:
- Announced that an Abbreviated New Drug Application (“ANDA”) for a generic buccal film product was submitted to the US Food and Drug Administration (“FDA”) by its partner, Insud Pharma (formerly Chemo Group).
- Commenced patient recruitment in Phase 2a study with Montelukast VersaFilm™ in patients with mild to moderate Alzheimer’s Disease (“AD”).
- Announced successful results from a bioequivalence study for RIZAPORT®, its proprietary anti-migraine VersaFilm™ product, demonstrating that RIZAPORT® is bioequivalent to the U.S. reference, Maxalt®-MTL, as well as the European reference, Maxalt®-Lingua.
- Executed a definitive world-wide agreement with Tilray®, a global leader in cannabis research, cultivation, production and distribution, to co-develop and commercialize oral film products infused with recreational and medical cannabis (“cannabis-infused VersaFilm™”).
“This was a landmark quarter, where the Company continued to push the frontiers of oral film drug development,” commented Dr. Horst G. Zerbe, President and CEO of IntelGenx. “From the initiation of AD patient recruitment for the Phase 2a Montelukast VersaFilm™ study, to the generic buccal film product ANDA submission, to executing our definitive agreement with Tilray®, many important milestones were achieved as we continue to advance toward bringing multiple exciting VersaFilm™ products to market.”
Financial Results:
Total revenues for the three-month period ended September 30, 2018 amounted to $700,000, compared to $1.3 million for the three-month period ended September 30, 2017. The decrease for the three-month period ended September 30, 2018 compared to last year’s corresponding period is mainly attributable to a decrease in deferred revenues on monetization of $972,000 offset by an increase in R&D revenues of $418,000.
Operating costs and expenses were $3.3 million for the third quarter ended September 30, 2018, versus $1.8 million for the corresponding quarter in 2017. The increase for the three-month period ended September 30, 2018 is mainly attributable to a $874,000 increase in Research and Development expenses mainly attributable to an increase in clinical study costs and a $750,000 increase in Selling, General and Administrative expenses mainly attributable to an increase in manufacturing costs.
For the third quarter ended September 30, 2018, the Company had an operating loss of $2.6 million, compared to an operating loss of $569,000 for the comparable period of 2017.
Net comprehensive loss was $2.9 million, or $0.04 on a basic and diluted per share basis, for the three-month period ended September 30, 2018, compared to a net comprehensive loss of $586,000, or $0.01 on a basic and diluted per share basis, for the comparable period of 2017.
As at September 30, 2018, the Company’s cash and short-term investments totalled $2.2 million, which did not include $499,000 in recently reported proceeds from the exercise of previously issued common share purchase warrants, nor gross proceeds of $12 million raised by the Company in its October 2018 equity offering, nor gross proceeds of $633,000 from the exercise of over-allotment options.
Conference Call Details:
IntelGenx will host a conference call to discuss its third quarter 2018 financial results today, November 8, 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 8659745. 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's 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.