- Provides opportunity to address market gap, catering to growing industry demand for reliable and efficient testing services -
SAINT LAURENT, Quebec, May 17, 2023 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or "IntelGenx") a leading drug delivery company, is pleased to announce that it has received an amended Drug Establishment License (“DEL”) from Health Canada, allowing the Company to conduct third-party testing.
Analytical testing of finished products and intermediates is a significantly underserved market, which IntelGenx has decided to tap into. The Company views this as an attractive opportunity for short-term revenue generation. The amended DEL license could be of particular importance due to IntelGenx's possession of a controlled substance license. This allows IntelGenx to access a broader market for testing services, further increasing its market penetration and revenue opportunities.
"By expanding our core CDMO business to include a third-party testing services offering, our aim is to offer ‘one-stop-shopping’ to our development partners,” said Dwight Gorham IntelGenx’s CEO. “IntelGenx's testing laboratory boasts exceptional efficiency and is currently operating at under capacity. This surplus in capacity allows us to seize the opportunity to generate revenue from third-party testing without any additional investment. While testing services will not be our primary focus, the added revenue will be welcomed, while at the same time, help foster business relationships with key players in the Canadian market.”
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