SAINT LAURENT, Quebec, Aug. 11, 2022 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the second quarter ended June 30, 2022. All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
2022 Second Quarter Financial Summary:
- Revenue was $398,000, compared to $162,000 in the 2021 second quarter.
- Net comprehensive loss was $3.2 million, compared to $2.5 million in Q2-2021.
- Adjusted EBITDA loss was $2.0 million, compared to $1.7 million in the 2021 second quarter.
Second Quarter and Recent Developments:
- Completed a share issuance of (i) 19,381,223 shares of common stock of the Company (the “Shares”) at a deemed price of C$0.2812 in payment of the outstanding C$5,450,000 aggregate principal amount of its convertible unsecured subordinated debentures due June 30, 2022 (the “Convertible Debentures”) and (ii) 573,684 Shares at a deemed price of C$0.38 per Share in payment of an aggregate of C$218,000 interest due on the Convertible Debentures as of June 30, 2022. The Convertible Debentures were delisted from trading on the Toronto Stock Exchange as of the close of business on June 30, 2022.
- Presented at the 2022 Bloom Burton & Co. Healthcare Investor Conference.
“We continued to make progress on our development programs this quarter,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “Of particular note, we delivered a VetaFilmTM-based clinical batch to our undisclosed animal health partner. On the commercial front, we are working to fulfill a purchase order received in May from Heritage Cannabis for their resale of our CB4 Control film to one of the top three Licensed Producers in Canada.”
Total revenues for the three-month period ended June 30, 2022 amounted to $398,000, an increase of 146% compared to $162,000 for the three-month period ended June 30, 2021. The change is mainly attributable to an increase in research and development (“R&D”) revenues of $210,000 and royalties of $28,000.
Operating costs and expenses were $2.6 million for the second quarter of 2022, versus $2.1 million for the corresponding three-month period of 2021. The change is mainly attributable to increases of $289,000 in selling, general and administrative expenses, $222,000 in R&D expense, and $4,000 in manufacturing expenses, offset partially by a $2,000 decrease in depreciation of tangible assets.
For the second quarter of 2022, the Company had an operating loss of $2.2 million, compared to an operating loss of $1.9 million for the comparable period of 2021.
Net comprehensive loss for the three-month period ended June 30, 2022 was $3.2 million, or $0.02 per basic and diluted share, compared to net comprehensive loss of $2.5 million, or $0.02 per basic and diluted share, for the comparable period of 2021.
As at June 30, 2022, the Company's cash and short-term investments totalled $7.0 million.
Conference Call Details:
IntelGenx will host a conference call to discuss these second quarter 2022 financial results today at 4:30 p.m. ET. The dial-in number for the conference call is (800) 895-3361 (Canada and the United States) and (785) 424-1062 (International), access code INTELGENX. The call will also be webcast live and archived on the Company's website at www.intelgenx.com under "Webcasts" in the Investors section.
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®, DisinteQ™, VetaFilm™ and transdermal VevaDerm™, 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. For more information, visit www.intelgenx.com.
Forward-Looking Information and 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.
Source: IntelGenx Technologies Corp.
Andre Godin, CPA, CA
President and CFO
(514) 331-7440 ext 203