IntelGenx Corp.
OTC Bulletin Board : IGXT
TSX VENTURE : IGX

IntelGenx Corp.

May 13, 2009 06:00 ET

IntelGenx Reports Results for the First Quarter of 2009

SAINT LAURENT, QUEBEC--(Marketwire - May 13, 2009) - IntelGenx Technologies Corp. (TSX VENTURE:IGX) (OTCBB:IGXT) ("IntelGenx") today announced its results for the three months ended March 31, 2009.

RECENT OPERATIONAL HIGHLIGHTS

- Filed NDA with U.S. Food and Drug Administration (FDA) - IntelGenx and Cary Pharmaceuticals filed a New Drug Application (NDA) under CFR 21 section 505(b)(2) for the CPI-300 antidepressant. CPI-300 is a new strength of a leading antidepressant that will provide a more convenient dosing option to patients with major depressive disorder ("MDD").

IntelGenx and Cary Pharmaceuticals entered into a Collaborative Agreement in November 2007 to jointly develop and commercialize CPI-300 using IntelGenx's proprietary oral delivery technology. Under the terms of the Collaborative Agreement, IntelGenx raised $2 million in March 2008 to fund completion of the product development and Cary Pharmaceuticals acted as the applicant for the submission of the NDA. Upon commercialization of the product, IntelGenx and Cary Pharmaceuticals would share profits.

- Earned Royalty Revenue for the first time in Company's History - IntelGenx earned royalty revenues of approximately $42.9 thousand in Q1, 2009 in respect of commercial activities in November and December 2008. Royalty revenues were earned from commercialization of the first product fully-developed by the Company, a prenatal multivitamin supplement marketed as Gesticare® in the USA, which was commercialized in November 2008.

- Announced Positive Phase 1(b) Clinical Study Results for Relivar - IntelGenx and Cannasat Therapeutics Inc., announced positive results for the Phase 1(b) clinical trial of Relivar, the first buccal dronabinol drug delivery product, which was developed using IntelGenx' proprietary AdVersa buccal delivery technology. Buccal delivery allows for drug absorption from the mouth directly into the bloodstream as opposed to the intestinal tract absorption seen with oral tablet technologies.

In this clinical trial, Relivar delivered twice the amount of dronabinol into the bloodstream versus the reference drug Marinol (as measured by AUC) with no increase in adverse events.

- Signed New Partnership Agreement with European Pharmaceutical Company - IntelGenx announced a new partnership with Circ Pharma Limited, a specialty pharmaceutical company based in Ireland, to develop and commercialize a novel drug for the treatment of hyperlipidemia.

In accordance with the Agreement, IntelGenx will be responsible for the formulation, manufacture and supply to Circ Pharma of the drug product. Circ Pharma will be responsible for commercialization of the product. Circ Pharma will fund the development of the product and IntelGenx will receive royalties from the product's sales.

FINANCIAL HIGHLIGHTS

Total Revenue increased 27% to $201.0 thousand in Q1, 2009 (Q1, 2008: $158.1 thousand)

Royalty Revenue of $42.9 thousand earned in Q1, 2009 (Q1, 2008: $Nil)

Cash of $305.6 thousand at March 31, 2009 (December 31, 2008: $556.0 thousand).

Basic and diluted loss per common share $0.03 for Q1, 2009 (Q1 2008: $0.03)

In announcing the results, Horst Zerbe, President and Chief Executive Officer of IntelGenx, said:

"In the first few months of 2009 IntelGenx has already achieved a number of notable firsts in our corporate history: the 505(b)(2) NDA for the CPI-300 antidepressant was filed, and, for the first time, we earned sales and manufacturing royalties on the first product fully-developed by the Company. As a result of the NDA filing we are better positioned to raise additional cash to fund our working capital requirements on other projects within our pipeline."

About IntelGenx Corp.:

IntelGenx Corp. is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. The Company uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastro-intestinal tract. IntelGenx has also developed novel delivery technologies for the rapid delivery of pharmaceutically active substances in the oral cavity based on its experience with rapidly disintegrating films. The Company's research and development pipeline includes products for the treatment of pain, hypertension, osteoarthritis, and depressive disorders. More information is available about the company at www.intelgenx.com.

Cautionary Note Regarding Forward Looking Statements:

This document contains forward-looking information about the Company'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 for the fiscal year ended December 31, 2008, filed with the United States Securities and Exchange Commission and available at www.sec.gov. The Company assumes no obligation to update any such forward-looking statements.

The TSX Venture and OTCBB have neither approved nor disapproved of the information contained herein.

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