IntelGenx Announces Changes to its Board of Directors

Rhea-AI Summary

IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT) announces the resignation of Frank Stegert and Srinivas Rao from the Board of Directors and the appointment of Sahil Kirpekar, M.D. and Ryan Barrett as the new atai Board designees.

SAINT LAURENT, Quebec, Dec. 04, 2023 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT) (the “Company” or “IntelGenx”) announces the resignation of Frank Stegert and Srinivas Rao from the Board of Directors of the Company (the “Board”) effective December 2, 2023.

Mr. Stegert and Dr. Rao were the Board designees for atai Life Sciences AG (“atai”) pursuant to the purchaser rights agreement by and between the Company and atai (the “Rights Agreement”).

On December 2, 2023, the Board appointed Sahil Kirpekar, M.D. and Ryan Barrett as the new atai Board designees pursuant to the Rights Agreement, to serve until the 2024 annual meeting of the Company’s stockholders, or until their respective successors are duly elected and qualified.

Dr. Kirpekar has served as atai’s Chief Business Officer since 2022 and Mr. Barrett has served as atai’s Senior Vice President and General Counsel since August 2020.

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.sedarplus.ca. IntelGenx assumes no obligation to update any such forward-looking statements.

Source: IntelGenx Technologies Corp.

For more information, please contact:

Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com

Or

Dr. Horst G. Zerbe
Chairman of the Board
IntelGenx Technologies Corp.
(514) 331-7440 ext 201
horst@intelgenx.com

FAQ

Who resigned from the Board of Directors of IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT)?

Frank Stegert and Srinivas Rao resigned from the Board of Directors.

Who were appointed as the new atai Board designees for IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT)?

Sahil Kirpekar, M.D. and Ryan Barrett were appointed as the new atai Board designees.

When did the resignation of Frank Stegert and Srinivas Rao from the Board of Directors of IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT) become effective?

The resignation became effective on December 2, 2023.

What is the Rights Agreement mentioned in the press release by IntelGenx Technologies Corp. (TSX: IGX) (OTCQB: IGXT)?

The Rights Agreement is the purchaser rights agreement between the Company and atai Life Sciences AG.

What are the roles of Dr. Kirpekar and Mr. Barrett at atai?

Dr. Kirpekar serves as atai’s Chief Business Officer since 2022 and Mr. Barrett serves as atai’s Senior Vice President and General Counsel since August 2020.