IntelGenx Unveils Short-Term Commercial Objectives
SAINT LAURENT, Quebec, May 31, 2023 (GLOBE NEWSWIRE) -- IntelGenx Corp. (TSX:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today announced that it is executing on a plan focussed on near-term revenue generation.
“There is no question in my mind that IntelGenx has great science, services, assets, and people," said Dwight Gorham, the Company’s recently appointed CEO. "However, there is also a clear gap between that and how the investment community currently sees and values the Company's potential.
“Over the past few weeks, my first priority has been to lead a full review of the commercial strategy for our CDMO business and our pharmaceutical product development pipeline, with the aim of maximizing long-term shareholder value. While there is still more work to do on that front, and we will of course keep investors apprised of our progress, I am pleased to be able to take this opportunity now to outline some of the potential opportunities we see to generate more meaningful revenue in the near-term.”
The core of IntelGenx’s strategy to drive additional revenue in the short-term is centered on three key objectives:
- Continue to Expand our Core CDMO Business: Earlier in May, IntelGenx received an amended Drug Establishment License from Health Canada, allowing the Company to further expand its CDMO business to include a third-party testing services. IntelGenx’s business development team is currently in negotiations to provide these and other services to both end-to-end CDMO services clients as well as on a stand-alone project basis to key players in the Canadian and U.S. markets.
- Take Next Steps to Commercialize VetaFilm®: As players in the global veterinary health space have increasingly recognized the numerous clinical advantages of administering drugs to companion animals via IntelGenx’s VetaFilm® platform, such as overcoming dose acceptance and compliance issues, avoiding potential mucosal damage associated with ‘dry-pilling’, and potentially decreasing the overall amount of drug required, the Company anticipates entering into one or more commercial partnership agreements for the technology before the end of 2023.
- Support Commercial Launch of RIZAFILM®1 in the United States and Continued Commercialization of RIZAPORT® in Spain: The U.S. Food and Drug Administration’s (“FDA”) recent approval of RIZAFILM® (U.S. market name for RIZAPORT®) for the treatment of acute migraine marked the achievement of a major milestone for the Company, as it was its first FDA approval for an oral film product based on IntelGenx’s proprietary VersaFilm® technology, which was fully developed and manufactured in-house at its Montreal facility. Gensco Pharma®, IntelGenx’s commercial partner for RIZAFILM® in the U.S., is targeting the manufacturing of validation batches, which would be the first saleable product, for later in 2023, followed by full commercialization in early 2024. The Company is also continuing to work with Exeltis Healthcare S.L., its commercialization partner in the European Union for RIZAPORT®, to expand sales in Spain.
Mr. Gorham concluded, “While the IntelGenx team has developed a portfolio of valuable technologies and services that we will leverage to build shareholder value over the coming quarters and years, we are also fortunate to have several of these assets at the commercial or near-commercial stage so we can simultaneously pursue multiple near-term revenue-generating opportunities.”
1 RIZAFILM® is a Registered Trademark of Gensco® Pharma Corporation
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.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.
Source: IntelGenx Technologies Corp.
For IntelGenx:
Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com
Or
Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com
