Receives first purchase order from Gensco® Pharma
SAINT LAURENT, Quebec, Sept. 21, 2023 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today announced that it has received the first purchase order (“PO”) for RIZAFILM®1 from its commercial partner in the United States, Gensco Pharma (“Gensco®”).
The PO triggers an upfront order deposit payment. A pre-specified milestone payment to IntelGenx from Gensco® is also payable upon transfer of NDA. Both payments will be reflected in the Company’s Q3-2023 financial results. IntelGenx expects to ship the ordered RIZAFILM® product to Gensco® in Q1-2024 for immediate launch.
“We have been impressed with the progress Gensco® has made, and remain convinced that it is the right partner to help us bring this innovative migraine therapeutic to U.S. patients seeking convenient administration and quick pain relief,” commented Dwight Gorham, IntelGenx’s CEO. “We are also pleased that our balance sheet will be strengthened in the current quarter by the deposit and milestone payments triggered by Gensco®’s PO for RIZAFILM®.”
Gensco®’s Chairman and CEO, Paul Zimmerman, MD, commented, “Our team has been working closely with its talented colleagues at IntelGenx to lay the groundwork for what we believe will be a very successful commercial launch of RIZAFILM®, the first oral thin film approved for the treatment of acute migraines in the U.S. Beyond that, we continue to look forward to building a successful long-term partnership with IntelGenx.”
1 RIZAFILM® is a Registered Trademark of Gensco® Pharma Corporation
2 Reports and Data, Migraine Drugs Market, https://www.reportsanddata.com/sample-enquiry-form/2515
RIZAFILM® (U.S. market name for RIZAPORT®) is a proprietary oral thin film formulation of rizatriptan benzoate. RizaFilm® oral soluble film does not require a drink for swallowing and has ease of use which facilitates rapid administration and relief from migraine symptoms. RizaFilm®’s active ingredient has been clinically proven to be effective for migraine associated nausea, photophobia and phonophobia. The global migraine drugs market was valued at nearly $3 billion in 2021 and is expected to reach nearly $11 billion by 2030, representing a compound annual growth rate of 15.6%.2 According to the American Migraine Foundation, 39 million or 12% of Americans suffer from migraine, which is the second leading cause of disability nationwide.
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, as well as other CDMO services. 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
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