SAINT LAURENT, Quebec, Aug. 11, 2022 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT) (the “Company” or “IntelGenx”) today announced its financial results for the second quarter ended June 30, 2022. All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are presented in accordance with United States generally accepted accounting principles, unless otherwise indicated.
Financial summary for the second quarter of 2022:
- Revenue was $398,000, compared to $162,000 in the second quarter of 2021.
- Overall net loss was $3.2 million, compared to $2.5 million in Q2-2021.
- Adjusted EBITDA loss was $2.0 million, compared to $1.7 million in the second quarter of 2021.
Second quarter and recent developments:
- Completion of a share issue of (i) 19,381,223 common shares of the Company (the “Shares”) at a deemed price of C$0.2812 in payment of the aggregate principal amount outstanding of $5,450,000 CA of its convertible unsecured subordinated debentures due June 30, 2022 (the “Convertible Debentures”) and (ii) 573,684 shares at a deemed price of CA$0.38 per share in payment of an aggregate interest of 218 C$000 due on the convertible debentures as of June 30, 2022. The convertible debentures were delisted from trading on the Toronto Stock Exchange at the close of business on June 30, 2022.
- Presented at Bloom Burton & Co. Healthcare Investor Conference 2022.
“We continued to make progress on our development programs this quarter,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “It should be particularly noted that we delivered a VetaFilmMT-clinical batch to our undisclosed animal health partner. Commercially, we are working to fulfill a purchase order received in May from Heritage Cannabis for their resale of our CB4 Control film to one of the top three licensed producers in Canada.
Total revenue for the three-month period ended June 30, 2022 amounted to $398,000, an increase of 146% compared to $162,000 for the three-month period ended June 30, 2021. The variation is mainly attributable to an increase in research and development (R&D revenues of $210,000 and royalties of $28,000.
Operating costs and expenses were $2.6 million for the second quarter of 2022, compared to $2.1 million for the corresponding three-month period of 2021. The variation is mainly attributable to increases in $289,000 in selling, general and administrative expenses, $222,000 in R&D expenses and $4,000 in manufacturing expenses, partially offset by a $2,000 decrease in amortization of property, plant and equipment.
For the second quarter of 2022, the Company recorded an operating loss of $2.2 million, compared to an operating loss of $1.9 million for the comparable period of 2021.
Comprehensive net loss for the three-month period ended June 30, 2022 was $3.2 million, or $0.02 per basic and diluted share, compared to comprehensive net loss of $2.5 million. dollars, or $0.02 per basic and diluted share, for the comparable period of 2021.
As of June 30, 2022, the Company’s cash and short-term investments totaled $7.0 million.
Conference call details:
IntelGenx will host a conference call to discuss these second quarter 2022 financial results today at 4:30 p.m. ET. The dial-in number for the conference call is (800) 895-3361 (Canada and United States) and (785) 424-1062 (international), access code INTELGENX. The call will also be webcast live and archived on the Company’s website at www.intelgenx.com under “Webcasts” in the Investors section.
IntelGenx is a leading drug delivery company specializing in the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®DisinteQ™VetaFilm™ and transdermal VevaDerm™, enable next-generation pharmaceuticals that address unmet medical needs. IntelGenx’s portfolio of innovative products provides significant benefits to patients and physicians for numerous therapeutic conditions.
IntelGenx’s highly skilled team provides comprehensive pharmaceutical services to pharma partners, including R&D, analytical method development, clinical oversight, intellectual property, and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab scale, pilot scale 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, goals, 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 such forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’s actual results could differ materially from those expressed or implied. implied by such 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 the Canadian securities regulators at www.sedar.com. IntelGenx undertakes no obligation to update these forward-looking statements.
Source: Intel Genx Technologies Corp.
For Intel Genx:
André Godin, CPA, CA
President and Chief Financial Officer
(514) 331-7440 ext. 203