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SAINT LAURENT, QUEBEC -- (Marketwired) -- 08/10/17 -- IntelGenx Technologies Corp. (TSX VENTURE: IGX)(OTCQX: IGXT) (the "Company" or "IntelGenx") today reported financial results for the second quarter ended June 30, 2017. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
2017 Second Quarter Financial Highlights:
"We continued to make significant progress toward advancing our clinical and commercial goals in the second quarter of 2017," said Dr. Horst G. Zerbe, President and CEO of IntelGenx. "Noteworthy among our achievements in the period was the continued rapid expansion of our intellectual property portfolio, ensuring long-term market exclusivity of our products. Subsequent to quarter-end, we strengthened our balance sheet through the completion of a convertible debenture offering, the net proceeds from which will be used for investments in leasehold improvements and equipment, clinical studies, product development and general working capital requirements."
Total revenues for the three-month period ended June 30, 2017, amounted to approximately $1.1 million, representing an increase of $454,000 or 68%, compared to $672,000 for the three-month period ended June 30, 2016. The increase for the three-month period ended June 30, 2017 compared to the last year's corresponding period is mainly attributable to the increase in upfront and deferred revenues, which were partially offset by a decrease in royalties.
Operating costs and expenses were $1.7 million for the second quarter ended June 30, 2017, versus $1.5 million for the corresponding quarter in 2016. The increase for the three-month period ended June 30, 2017 is mainly attributable to an increase in Research and Development expenses of $228,000.
For the second quarter ended June 30, 2017, the Company had an operating loss of $613,000, compared to an operating loss of $794,000 for the comparable period of 2016.
Net comprehensive loss was $550,000 or $0.01 on a basic and diluted per share basis, for the period ended June 30, 2017, compared to net comprehensive loss of $806,000, or $0.01 on a basic and diluted per share basis, for the comparable period of 2016.
As of June 30, 2017, the Company's cash, cash equivalents and short-term investments totalled $2.8 million, which did not include gross proceeds of CAD $7.6 million (USD $6.1 million) raised in two tranches in its July 2017 and August 2017 convertible debenture offering.
Conference Call Details:
IntelGenx will host a conference call to discuss its second quarter 2017 financial results today, August 10, 2017, at 4:30 p.m. EDT. The dial-in number for the conference call is (833) 231-8269. The call will be webcast live and archived for twelve months at www.intelgenx.com.
Established in 2003, IntelGenx is a leading oral drug delivery company primarily focused on the development and manufacturing of innovative pharmaceutical oral films based on its proprietary VersaFilm technology platform.
IntelGenx' highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx' state-of-the-art manufacturing facility, established for the VersaFilm technology platform, supports lab-scale to pilot and commercial-scale production, offering full service capabilities to its clients. More information about the company can be found at 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 and www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.
Each of the TSX Venture Exchange and OTCQX has neither approved nor disapproved the contents of this press release.Contacts: Source: IntelGenx Technologies Corp. Stephen Kilmer Investor Relations (514) 331-7440 ext 232 Andre Godin, CPA, CA Executive Vice-President and CFO IntelGenx Corp. (514) 331-7440 ext 203 NEXT ARTICLE
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