IntelGenx Reports First Quarter 2019 Financial Results

May 09, 2019

SAINT LAURENT, Quebec, May 09, 2019 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the "Company" or "IntelGenx") today reported financial results for the first quarter ended March 31, 2019. 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.

2019 First Quarter Financial Summary:

  • Revenue increased to $416,000, compared to $239,000 in the first quarter of 2018
  • Adjusted EBITDA was ($2.1 million), compared to ($1.8 million) in Q1-2018
  • Cash and short-term investments totaled $8.6 million as at March 31, 2019

Recent Developments:

  • Appointed André Godin to the position of President and Chief Financial Officer
  • Entered into a definitive worldwide agreement with Aquestive Therapeutics, Inc. for the co-development and commercialization of Tadalafil oral films for the treatment of erectile dysfunction
  • Received from the United States Patent and Trademark Office a patent covering design and manufacturing of topical oral films for the topical treatment of diseases of the oral mucosa using mucocoadhesive particles
  • Presented an overview of the Company’s business at the 2019 Bloom Burton & Co. Healthcare Investor Conference 
  • Promoted the Company’s VersaFilm® and VetaFilm™ oral film contract development and manufacturing organization, or CDMO, services capabilities at CPhI North America
  • Filed a non-provisional U.S. patent application for oil-based active ingredients
  • Promoted VetaFilm™ oral film technology at the Human Biotech & Animal Health Business Partnering Summit
  • Presented two Montelukast poster presentations at the 14th International Conference on Alzheimer's & Parkinson's Diseases
  • Received a Complete Response Letter requesting additional information, but no new bioequivalence study, from the U.S. Food and Drug Administration related to its resubmitted RIZAPORT® new drug application (“NDA”); Company’s objective is to resubmit the RIZAPORT® NDA before the end of Q3-2019
  • Received a Japanese patent for RIZAPORT® VersaFilm®
  • Announced Montreal's Douglas Mental Health University Institute as an additional Montelukast VersaFilm® Phase 2a clinical trial site in Canada
  • Appointed Dr. Rodolphe Obeid to the position of Vice President, Operations

"The agreement we secured with Aquestive represents a continuation of IntelGenx’s commitment to commercialize our pipeline of innovative oral film products with strong partners,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. "We look forward to updating our stakeholders as we execute on a number of major objectives over the next several quarters.”

Financial Results:

Total revenues for the three-month period ended March 31, 2019 amounted to $416,000, an increase of $177,000 compared to $239,000 for the three-month period ended March 31, 2018. The increase is mainly attributable to an increase in R&D milestone revenues offset by a decrease in R&D revenues.

Operating costs and expenses were $2.7 million for the first quarter 2019, versus $2.3 million for the corresponding three-month period of 2018. The increase for the three-month period ended March 31, 2019 is mainly attributable to a $424,000 increase in Selling, General and Administrative expenses.

For Q1-2019, the Company had an operating loss of $2.3 million, compared to operating loss of $2.0 million for the comparable period of 2018.

Net comprehensive loss was $2.3 million, or $0.03 on a basic and diluted per share basis, for both the three-month period ended March 31, 2019 and the comparable period of 2018.

As of March 31, 2019, the Company’s cash and short-term investments totalled $8.6 million.

Conference Call Details:

IntelGenx will host a conference call to discuss these 2019 first quarter financial results today on May 9, 2019, 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 4695936. A live and archived webcast of the call will be available on IntelGenx’s website at www.intelgenx.com under “Presentations” in the Investors section.

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® and VetaFilm™ technology platforms.

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, which was established for oral film technology platforms, offers by supporting lab-scale to pilot- and commercial-scale production. 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 and 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.

For more information, please contact:

Stephen Kilmer
Investor Relations
(514) 331-7440 ext 232
stephen@intelgenx.com

Or

Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com

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Source: IntelGenx Technologies Corp.