IntelGenx Reports Fourth Quarter and Full-Year 2023 Financial Results

SAINT LAURENT, Quebec, March 21, 2024 (GLOBE NEWSWIRE) -- 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, 2023. 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.

"We successfully executed against key strategic priorities in 2023, the most important of which was to lay the groundwork for our product pipeline and services portfolio to start generating significant revenues in 2024,” commented Dwight Gorham, IntelGenx’s CEO. “To that end, we expect that our commercial partner for RIZAFILM¹, Gensco Pharma, will be launching the product in the United States in Q2-2024, an anticipated inflection point for our business.”

2023 Fourth Quarter Financial Summary:

• Revenue was $426,000, up from $173,000 in the 2022 fourth quarter.
• Net comprehensive loss was $1.7 million, down from $2.3 million in the fourth quarter of 2022.
• Adjusted EBITDA loss was $1.7 million, compared to $2.3 million in Q4-2022.
  

2023 Full-Year Financial Summary:

• Revenue was $1.04 million, compared to $950,000 in 2022.
• Net comprehensive loss was $10.1 million, down from $11.6 million in 2022.
• Adjusted EBITDA loss was $8.3 million, compared to $8.5 million in 2022.
  

Fourth Quarter and Recent Developments:

• Closed a non-brokered private placement financing with atai Life Sciences AG (“atai”) for aggregate gross proceeds of $750,000, and announced an amended and restated loan agreement (the “Loan Agreement”) with atai, pursuant to which IntelGenx received a first tranche of $1 million and is eligible to receive a second tranche of $1 million in future upon the achievement of a pre-defined milestone.

• Launched a Regulation A offering of up to 2 million shares of Series A Convertible Cumulative Preferred Stock, par value $0.00001 per share, at an offering price of $10.00 per share (the “Regulation A Offering”).²

• Entered into a further amendment to its November 2018 license, development and supply agreement with Tilray Brands Inc. (“Tilray”) for the co-development and commercialization of cannabinoid-infused VersaFilm products, and received an initial purchase order from Tilray for three SKUs (CBD20, THC10, THC10:CBD 10), with each SKU totalling 130,000 filmstrips.

• Entered into development and license agreements with a wholly-owned subsidiary of Covenant Animal Health Partners, LLC for VetaFilm.

• Received approvals from the Swedish Medical Products Agency, the Swedish Ethical Review Authority, and the Regional Biobank Centre to conduct the ’MONTPARK’ Montelukast VersaFilm Phase 2 clinical trial in patients with Parkinson's Disease.

• Announced positive results from a proof-of-concept study, conducted through a research collaboration with the University of Prince Edward Island, that validated the advantages of administering drugs to pets via its VetaFilm platform.

• Announced changes to its Board, appointing Sahil Kirpekar, M.D., atai’s Chief Business Officer, and Ryan Barrett, atai’s Senior Vice President and General Counsel, as atai’s new designees.