SAINT LAURENT, Quebec, Dec. 18, 2023 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or "IntelGenx") today announced that it has entered into development and license agreements (collectively the “Agreements”) with a wholly-owned subsidiary of Covenant Animal Health Partners, LLC (“Covenant Animal Health”).
Under the terms of the development agreement, Covenant Animal Health will fund development and manufacturing of a VetaFilm®-based drug (the “Product”). The license agreement will give Covenant Animal Health exclusive rights to exploit the Product in the field for non-human applications. In return, IntelGenx will receive royalties on worldwide net sales of the Product.
IntelGenx will manufacture the Product on worldwide basis for clinical development, and the parties anticipate entering into a subsequent commercial supply agreement, pursuant to which IntelGenx will supply the Product to Covenant Animal Health.
“We are delighted to expand our Animal Health business with our third collaboration in as many years since we entered the Animal Health market and are pleased to deliver on our corporate strategy,” commented Mr. Gorham. “This partnership with an industry leader like Covenant Animal Health should help open the doors to several additional commercial opportunities for our proprietary VetaFilm® drug delivery platform, and it reaffirms our belief that the technology could become a standard administration method for companion animals in the future.”
“Covenant Animal Health Partners, LLC was formed to provide products to the animal health industry which allow veterinarians to practice better medicine,” explained Dr. Thomas D. Overbay, CEO Covenant. “We are excited to work with IntelGenx and believe providing products using improved delivery systems, such as that provided by IntelGenx, will help us achieve that goal.”
Wyrick Robbins Yates & Ponton LLP acted as legal counsel to Covenant for the transaction.
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.
About Covenant Animal Health Partners
Initially formed in 2018, Covenant Animal Health Partners is dedicated to the development and registration of “revenue-ready” animal health products. Covenant addresses critical market needs across production animals and companion animals and advances new assets into industry partner portfolios. The company’s experienced team of animal health and technology development and advancement professionals brings decades of expertise in the rapid evaluation, development and partnering needed to deliver critical solutions to animal health manufacturers and distributors. In addition to proprietary programs, Covenant works with animal health industry leaders to fund, develop and accelerate external innovation initiatives. See www.CovenantAH.net.
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