IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the
"Company" or "IntelGenx") today reported financial results for the
first quarter ended March 31, 2022. 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.
2022 First Quarter Financial
Summary:
- Revenue was $237,000, compared
to $286,000 in the 2021 first quarter.
- Net comprehensive loss was $3.0
million, compared to $2.3 million in Q1-2021.
- Adjusted EBITDA loss was $2.1
million, compared to $1.7million in the 2021 first
quarter.
- Cash and short-term investments
totaled $10.2 million as at March 31, 2022 compared to $2.0 million
as at March 31, 2021.
First Quarter and Recent
Developments:
- Presented at the 2022 Bloom Burton
& Co. Healthcare Investor Conference.
- 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®.
“We continued to advance our portfolio of
innovative film products and product candidates this quarter, and
were pleased to have achieved a significant milestone in that
regard with the resumption of patient screening in our ongoing
‘BUENA’ Montelukast VersaFilm® Phase 2a clinical trial in patients
with mild to moderate AD,” commented Dr. Horst G. Zerbe, CEO
of IntelGenx.
Financial Results:
Total revenues for the three-month period
ended March 31, 2022 amounted to $237,000, a
decrease of 17%, compared to $286,000 for the three-month
period ended March 31, 2021. The change is mainly attributable
to a decrease in product revenues of $160,000, partially offset by
increases in Research and Development (“R&D”) revenues of
$99,000 and royalties of $12,000.
Operating costs and expenses were $2.6 million
for the first quarter of 2022, versus $2.2 million for the
corresponding three-month period of 2021. The increase for the
three-month period ended March 31, 2022 is mainly attributable to
increases of $327,000 in R&D expense, $155,000 in selling,
general and administrative expenses, and $3,000 in depreciation of
tangible assets, offset partially by a $151,000 decrease in
manufacturing expenses.
For the first quarter of 2022, the Company had
an operating loss of $2.3 million, compared to an operating loss of
$1.9 million for the comparable period of 2021.
Net comprehensive loss for the three-month
period ended March 31, 2022 was $3.0 million, or $0.02 per basic
and diluted share, compared to net comprehensive loss of $2.3
million, or $0.02 per basic and diluted share, for the comparable
period of 2021. The increase for the 2022 first quarter was
primarily attributable to higher R&D expenses and a reduction
in fair value of short-term investments.
As at March 31, 2022, the Company's cash
and short-term investments totalled $10.2 million.
Conference Call Details:
IntelGenx will host a conference call to
discuss these first quarter 2022 financial results today
at 4:30 p.m. ET. The dial-in number for the conference call is
(888) 506-0062 (Canada and the United States) and (973) 528-0011
(International), access code 546214. The call will 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 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.
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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