IntelGenx Technologies Corp. (TSX:IGX)(OTCQB:IGXT) (the
"Company" or "IntelGenx") today reported financial results for the
three- and twelve-month periods ended December 31, 2021. All
dollar amounts are expressed in U.S. currency, unless otherwise
indicated, and results are reported in accordance with United
States generally accepted accounting principles except where
noted otherwise.
"2021 was a transformational year for IntelGenx,
during which we achieved multiple corporate milestones, entered
into important strategic partnerships and made significant progress
across our various development programs,” commented Dr. Horst
G. Zerbe, CEO of IntelGenx. “We transitioned from a
development-stage to a commercial-stage leader in pharmaceutical
films with our first shipment of CBD Filmstrips to Heritage
Cannabis; and graduated to the TSX, Canada’s most senior exchange.
We entered into a strategic partnership and signed a second
feasibility agreement with atai, solidifying our position in the
burgeoning psychedelics space; established a commercial partnership
for Tadalafil oral films in the U.S.; and partnered with an animal
healthcare company to evaluate our VetaFilmTM platform. Further,
our commercialization partner, Exeltis Healthcare S.L., launched
our migraine treatment, RIZAPORT® in Spain. On the heels of all of
that, we were pleased to start 2022 with the resumption of our
Phase 2a ‘BUENA’ clinical trial. I am thrilled with our team’s
progress, which positions us for continued success this year and
beyond.”
2021 Fourth Quarter Financial
Highlights:
- Revenue was $494,000, compared to $790,000 in the 2020
fourth quarter.
- Net comprehensive loss was $2.9 million, compared to $1.3
million in the 2020 fourth quarter.
- Adjusted EBITDA loss was $2.3 million, compared
to $0.8 million in Q4-2020.
2021 Full-Year Financial
Highlights:
- Revenue was $1.5 million, essentially unchanged from
2020.
- Net comprehensive loss was $9.8 million, compared to $7.1
million in 2020.
- Adjusted EBITDA loss was $7.1 million, compared to $5.3 million
in 2020.
Recent Developments:
- The Company’s wholly owned subsidiary, IntelGenx Corp.,
received a third term loan in the amount of $3.0 million pursuant
to its amended and restated secured loan agreement with atai Life
Sciences (“atai”).
- Resumed patient dosing in the ongoing Phase 2a ‘BUENA’ clinical
trial in patients with mild to moderate Alzheimer’s Disease under a
previously amended protocol using higher doses of Montelukast
VersaFilm®.
- Initiated an arbitration proceeding against Tilray, Inc.
related to an alleged breach of the parties’ 2018 license,
development and supply agreement, as amended, for the
co-development and commercialization of cannabis-infused VersaFilm®
products.
- Graduated to the Toronto Stock Exchange.
Financial Results:
Total revenues for the three-month period
ended December 31, 2021 amounted to $494,000, a
decrease of $296,000, or 37%, compared to $790,000 for
the three-month period ended December 31, 2020. The change is
mainly attributable to a $425,000 decrease in revenues from
licensing agreements, partially offset by increases in and R&D
revenues of $94,000 and product revenues of $35,000. Operating
costs and expenses were $3.0 million for the fourth quarter of
2021, versus $1.8 million for the corresponding three-month period
of 2020. For Q4-2021, the Company had an operating loss of $2.5
million, compared to operating loss of $1.0 million for the
comparable period of 2020. Net comprehensive loss was $2.9
million, or $0.02 per basic and diluted share, for the fourth
quarter of 2021, compared to net comprehensive loss of $1.3
million, or $0.01 per basic and diluted share, for the comparable
period of 2020.
Total revenues for the twelve-month period
ended December 31, 2021 amounted to $1.5 million,
essentially unchanged from the year ended December 31, 2020.
Operating costs and expenses were $9.5 million for the
full year 2021, versus $7.8 million for the corresponding
twelve-month period of 2020. For the twelve-month period of 2021,
the Company had an operating loss of $8.0 million, compared to
an operating loss of $6.3 million for the comparable period of
2020. Net comprehensive loss was $9.9 million,
or $0.07 per basic and diluted share, for the
twelve-month period of 2021, compared to net comprehensive loss
of $7.1 million, or $0.07 per basic and diluted
share, for the comparable period of 2020.
As at December 31, 2021, the Company's cash
and short-term investments totalled $9.9 million, which did
not include the $3.0 million secured loan granted to IntelGenx
Corp. by atai in February 2022.
Annual Filings:
The Company's annual report on Form 10-K and
financial statements for the year ended December 31,
2021, as well as the 2022 Proxy Statement, will be filed with
the United States Securities and Exchange Commission and
the Canadian Securities regulatory authorities today,
March 24, 2022.
Conference Call Details:
IntelGenx will host a conference call to
discuss these 2021 fourth quarter and full year financial results
today at 4:30 p.m. ET. The dial-in number for the conference
call is (888) 506-0058 (Canada and the United States) or (973)
528-0135 (International); access code 503612. The call will be also
be webcast live and archived on the Company's website at
www.intelgenx.com under "Webcasts" in the Investors
section.
About IntelGenx
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.
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, 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.
For IntelGenx:
Stephen KilmerInvestor Relations (647)
872-4849stephen@kilmerlucas.com
Or
Andre Godin, CPA, CAPresident and CFOIntelGenx
Corp.(514) 331-7440 ext 203andre@intelgenx.com
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