SAINT LAURENT, QUEBEC, Jul 29, 2009 (Marketwire via COMTEX) -- NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO ANY UNITED STATES NEWSWIRES SERVICES
IntelGenx Technologies Corp. (the "Company") (IGX)(US:IGXT) announced today that it has received receipts from the securities regulatory authorities in Ontario, British Columbia, Alberta, Manitoba and Quebec in respect of a preliminary short-form prospectus filed to qualify the distribution of units of the Company (the "Units") issuable, for no additional consideration, upon exercise or deemed exercise of previously issued special warrants of the Company (the "Special Warrants"). Each Unit comprises one common share of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of US$0.80 until July 13, 2012. The Company issued and sold approximately 10.5 million Special Warrants under its previously announced private placement offering for Cdn$0.40 per Special Warrant for gross proceeds of approximately Cdn$4.2 million on July 13, 2009.
The Company has also completed the sale and issue of 350,000 Units (the "US Units") to investors in the United States pursuant to statutory exemptions from registration requirements in the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), for gross proceeds of Cdn$140,000. The US Units and the underlying Common Shares and Warrants, as well as the Common Shares underlying the Warrants, are subject to statutory resale restrictions under applicable securities laws in Canada until November 24, 2009, and they have not been registered under the U.S. Securities Act and as such are "restricted securities" within the meaning of Rule 144 under the U.S. Securities Act and are subject to applicable resale restrictions thereunder. The issuance of the US Units is subject to acceptance by the TSX Venture Exchange.
The securities described herein have not been registered under the U.S. Securities Act, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States.
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's research and development pipeline includes products for the treatment of pain, hypertension, osteoarthritis, and depressive disorders. More information is available about the company at www.intelgenx.com.
FORWARD LOOKING 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 for the fiscal year ended December 31, 2008, 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.
SOURCE: IntelGenx Technologies Corp.
IntelGenx Technologies Corp.
Dr. Horst G. Zerbe
President and CEO
+1 514-331-7440 (ext. 201)
+1 514-331-0436 (FAX)