IntelGenx Expands Psychedelics Collaboration with atai Life Sciences with Signing of Second Feasibility Agreement

Rhea-AI Summary

IntelGenx Corp. (TSX-V:IGX) (OTCQB:IGXT) announced a second feasibility agreement with ATAI Life Sciences AG for developing formulations of Salvinorin A, targeting treatment-resistant depression. Following a strategic partnership signed earlier in 2021, this collaboration aims to leverage IntelGenx's film technology in innovative therapeutics. CEO Dr. Horst G. Zerbe expressed confidence in maximizing shareholder value through this partnership, which has received shareholder approval.

Positive

• Collaboration with ATAI Life Sciences could enhance IntelGenx's position in the psychedelic treatment sector.
• The second feasibility agreement signifies ongoing commitment to innovative drug development in mental health.
• Potential for increased shareholder value following partnership approval and developments in Salvinorin A formulations.

Negative

• None.

SAINT LAURENT, Quebec, May 12, 2021 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX-V:IGX) (OTCQB:IGXT) (“IntelGenx”), a leader in pharmaceutical films, today announced that it has entered into a second feasibility agreement (the “SFA”) with ATAI Life Sciences AG (“atai”), a clinical-stage biopharmaceutical company developing psychedelic and non-psychedelic compounds for various mental health indications, for the development of novel formulations of Salvinorin A, a naturally occurring psychedelic compound being developed for the treatment of treatment-resistant depression and other indications.

The first feasibility agreement between the companies was signed in August 2020. That was followed in March 2021 by IntelGenx and atai announcing a strategic partnership, including a proposed equity investment in IntelGenx by atai, positioning IntelGenx as a leader within the novel therapeutics field of psychedelics and providing additional financial resources to continue to advance its robust portfolio of innovative transmucosal film product candidates towards commercialization.

Under the terms of the SFA, IntelGenx will conduct formulation development work to provide a prototype to atai for further clinical investigation.

“It was during the early SFA negotiations that we first discussed atai’s potential strategic investment,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “We continue to believe that our transformative partnership with atai, which was approved by our shareholders yesterday, is the best way forward to maximize shareholder value,” commented Dr. Horst G. Zerbe, CEO of IntelGenx.

“Today, we take another step toward realizing our goal of progressing from collaborators to partners. We look forward to making IntelGenx’s film technology an integral part of our platform,” said Florian Brand, CEO of atai. “Our commitment to developing more efficacious treatments for patients is supported by IntelGenx, and we believe its technology and expertise will be incredibly valuable in delivering on this commitment.”

About atai

atai is a clinical-stage biopharmaceutical company founded in 2018 in response to the significant unmet need and lack of innovation in the mental health treatment landscape. atai is dedicated to acquiring, incubating and efficiently developing innovative therapeutics to treat depression, anxiety, addiction, and other mental health disorders. atai's business model combines funding, technology, scientific and regulatory expertise with a focus on psychedelic compounds and other drugs with differentiated safety profiles and therapeutic potential. atai operates a decentralized model to enable scalable drug or technological development across its companies, seeking to effectively treat and ultimately heal mental health disorders. atai's vision is to bridge the gap between what the mental healthcare system currently provides and what patients need. atai is headquartered in Berlin, with offices in New York, and London. For more information, please visit www.atai.life.

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^®, VetaFilm™ and transdermal, 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 Statements:

This document may contain forward-looking information about IntelGenx' 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' 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' 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' 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.

Each of the TSX Venture Exchange and OTCQB has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Source: IntelGenx Technologies Corp.

For IntelGenx:

Stephen Kilmer
Investor Relations
(514) 331-7440 ext 232
stephen@intelgenx.com

Or

Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com

For atai Life Sciences

Investor Contact:
Greg Weaver
atai – Chief Financial Officer
Email: greg.weaver@atai.life

Media Contact:
Anne Donohoe
KCSA Strategic Communications
Phone: +1 (212) 896-1265
Email: atai@KCSA.com

FAQ

What is the latest partnership between IntelGenx and ATAI Life Sciences about?

IntelGenx and ATAI Life Sciences announced a second feasibility agreement to develop formulations of Salvinorin A for treating treatment-resistant depression.

How does the new agreement affect IntelGenx's stock IGXT?

The collaboration may positively impact IntelGenx's stock IGXT by enhancing its market position in the emerging psychedelic therapeutics space.

When did IntelGenx and ATAI Life Sciences sign their first agreement?

The first feasibility agreement was signed in August 2020, followed by a strategic partnership announced in March 2021.