SAINT LAURENT, QUEBEC--(Marketwire - March 25, 2009) - IntelGenx Technologies Corp. (TSX VENTURE: IGX)(OTCBB: IGXT) (“IntelGenx”), a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems, today announced financial results for the year ended December 31, 2008.
“2008 was an exciting year for IntelGenx” said Horst Zerbe, President and Chief Executive Officer of IntelGenx. ", In the fourth quarter, the first product involving the company’s proprietary “Versatab” technology, a prenatal vitamin combination was launched under the brand name Gesticare®. We also formed a strategic alliance with DAVA Pharmaceuticals Inc., and completed development of the CPI-300 anti-depressant. In addition, we completed an equity financing and received approval to list our common stock on the TSX Venture Exchange”.
Dr. Zerbe added “The achievements of the last fiscal year should provide a solid foundation in 2009 for our ongoing efforts to build shareholder value. We started to receive royalty payments for the first time with effect from the first quarter of 2009, and are preparing to file an NDA (New Drug Application) for CPI-300.”
This press release should be read in conjunction with the Audited Annual Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations set forth in IntelGenx’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission, which can be accessed at www.sec.gov or www.sedar.com. All dollar amounts in this press release are U.S. dollars.
FINANCIAL HIGHLIGHTS
Cash and cash equivalents of $833,219 as of December 31, 2008, as compared to $330,967 as of December 31, 2007.
Revenue increased 13%, or $113,879 to $976,610 from $ 862,731 in 2007.
Net loss of $2,806,387 in 2008, an increase of 155%, or $1,705,594 as compared to a net loss of $ 1,100,793 in 2007. The net loss for 2008 includes $882,915 of non-cash related expenses.
FISCAL 2008 OPERATIONAL HIGHLIGHTS
IntelGenx Proprietary Multi-Layer “VersaTab” Technology
Prenatal Vitamins - signed strategic agreement with Azur Pharma in January 2008 to develop and commercialize prenatal vitamin supplements.
Product launched in the U.S.A. in November 2008 under the brand name Gesticare® and Gesticare Plus®.
Receipt of initial royalty payments commenced in February 2009.
Anti-Depressant “CPI-300" - ratified agreement with Cary Pharmaceuticals in April 2008 to develop and commercialize oral antidepressant “CPI-300".
Allocated $2 million for completion of product development.
Completed pivotal food effect study in July 2008
Attended “End-of-Phase II meeting” with the FDA, July 2008.
Clinical trials confirmed bioequivalent to reference product in September 2008.
Preparing 505(b)(2) NDA
Antihypertensive Product - formed strategic alliance with DAVA Pharmaceuticals in April 2008 to develop and commercialize generic equivalent of major antihypertensive product.
IntelGenx Proprietary Mucoadhesive “AdVersa” Technology
Neuropathic Pain - completed formulation development and initiated clinical phase-I study.
IntelGenx Proprietary Quick Release Wafer “VersaFilm” Technology
Erectile Dysfunction and Migraine - significant progress in formulation development for both products throughout 2008.
Panic Attack - commenced formulation development in August 2008.
ADMINISTRATIVE
Private Placement - concluded in March 2008 for gross proceeds of US$2.8 million.
TSX Venture Exchange Listing - approval to list common stock and commencement of trading in May 2008 under the symbol “IGX”.
ABOUT INTELGENX CORP.:
IntelGenx Corp. is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. The Company uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastro-intestinal 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. The Company’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
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. The Company assumes no obligation to update any such forward looking statements to reflect events or circumstances occurring after the date of this press release. The risks to which the Company is subject include, but are not limited to, the risks set forth in the Company’s filings with the U.S. Securities and Exchange Commission.
The TSX Venture Exchange and OTCBB have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
Contacts:
IntelGenx Corp.
Dr. Horst G. Zerbe
President and CEO
(514) 331-7440
Email: horst@IntelGenx.com
IntelGenx Corp.
Paul Simmons
CFO
(514) 331-7440
Website: www.intelgenx.com
