Saint Laurent, Quebec--(November 9, 2011) - IntelGenx Technologies Corp. (TSXV: IGX) (OTCBB: IGXT) ("IntelGenx") today announced its financial results for the three and nine month periods ended September 30, 2011. All amounts are in U.S. dollars, unless otherwise stated.
At September 30, 2011, IntelGenx had cash of $3.3 million, compared with $1.1 million at September 30, 2010. Following the successful $3.2 million (gross) fundraising activities in June 2011, the Company received a further $0.9 million from the conversion of warrants and stock options in the third quarter.
Revenue generated in the first 9 months of 2011 was $0.2 million, compared with $0.9 million in the same period last year. The decrease is primarily due to the payment of license fees of approximately $0.5 million that were received in 2010.
Research and Development ("R&D") expenses, net of R&D tax credits receivable, decreased from $1.1 million in the first 9 months of 2010 to $0.9 million in the first 9 months of 2011. The decrease reflects the varying stages of our R&D projects and the timing of expenses incurred.
General and Administrative ("G&A") expenses decreased by $1.2 million, or 53%, to $1.0 million in the first 9 months of 2011, compared with $2.2 million in the same period of 2010. The decrease is primarily attributable to the Court’s dismissal in February 2011 of the patent litigation instigated against IntelGenx by Biovail in August 2009. In the first nine months of 2010 the Company incurred legal costs of approximately $1.0 million in defence of this litigation.
The net loss in the first 9 month of 2011 decreased to $1.7 million ($0.04 per share), compared with $2.1 million ($0.06 per share) in the same period of the previous year.
U.S. $ Millions except Per Share Data
|As of the nine month period ended:|
|September 30, 2011||September 30, 2010|
|Loss Per Share||$||0.04||$||0.06|
IntelGenx is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. IntelGenx uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastrointestinal tract. IntelGenx has also developed novel delivery technologies for the rapid delivery of pharmaceutically active substances in the oral cavity based on its experience with rapidly disintegrating films. IntelGenx' research and development pipeline includes products for the treatment of severe depression, hypertension, erectile dysfunction, benign prostatic hyperplasia, migraine, insomnia, bipolar disorder, idiopathic pulmonary fibrosis, allergies and pain management. More information is available about the company at www.intelgenx.com.
Forward Looking Statements:
This document may contain forward-looking information about IntelGenx' 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' 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' 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' annual report on Form 10-K for the fiscal year ended December 31, 2010, 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 OTC Bulletin Board has neither approved nor disapproved the contents of this press release.
Dr. Horst G. Zerbe,
President and CEO
IntelGenx Technologies Corp.
T: +1 514-331-7440 (ext. 201)
F: +1 514-331-0436