IntelGenx Reports Second Quarter 2020 Financial Results

SAINT LAURENT, Quebec, Aug. 13, 2020 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX V:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the second quarter ended June 30, 2020. 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.

2020 Second Quarter Financial Summary:

• Revenue was $42,000, compared to $197,000 in the 2019 second quarter
• Adjusted EBITDA was ($1.5 million), compared to ($2.1 million) in Q2-2019
• Cash and short-term investments totaled $3.1 million as at June 30, 2020

Recent Developments:

• Received its cannabis micro-processing license from Health Canada for its Montreal facility, in accordance with the Cannabis Act and Cannabis Regulations.
• Announced that Health Canada authorized the sale of IntelGenx’s hand sanitizer product, both in liquid and gel formulations, which will be manufactured using excess capacity at the Company’s Health Canada-certified cGMP manufacturing facility in Montreal.
• Announced that it had entered into a feasibility agreement with Cybin Corp., Canada's premier mushroom life sciences company focused on advancing psychedelic and nutraceutical-based products derived from fungi, for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin.
• Announced that it had amended the exclusivity terms of its November 2018 license, development and supply agreement with Tilray, Inc. (NASDAQ:TLRY) (“Tilray”) to allow for IntelGenx’s co-development and commercialization of CBD products with additional partners.
• Announced a performance improvement program focused on generating near-term revenue, preserving the Company’s resources, extending its cash runway and accelerating the launch of RIZAPORT in Spain. The program also includes plans to respond to the U.S. Food and Drug Administration’s recent Complete Response Letter – which requested additional information, but no new bioequivalence study – related to IntelGenx’s resubmitted RIZAPORT new drug application (“NDA”).

“This quarter was marked by the achievement of a very important milestone for IntelGenx: the receipt of our cannabis micro-processing license from Health Canada, which, in tandem with our amended agreement with Tilray, enables us to pursue additional partners to commercialize CBD-containing film products,” said Dr. Horst G. Zerbe, CEO of IntelGenx. “In addition, we made significant progress on our performance improvement program by partnering with Cybin for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin and receiving Health Canada authorization to sell our liquid and gel hand sanitizer formulations.”