IntelGenx Technologies Corp.
OTC Bulletin Board : IGXT

IntelGenx Technologies Corp.

November 21, 2007 06:00 ET

IntelGenx Technologies Corp. Reports Financial Results for the First Nine Months of 2007

SAINT LAURENT, QUEBEC--(Marketwire - Nov. 21, 2007) - IntelGenx Technologies Corp. (OTCBB:IGXT), a drug delivery company creating novel oral delivery technologies for generic pharmaceutical markets, announced today it has filed its quarterly report ("the report") on Form 10-QSB for the three and nine months ended September 30, 2007. The report, filed with the SEC and the OSC (Ontario Securities Commission) on November 14, 2007, can be found on www.sec.gov and www.sedar.com.

According to the Company's Form 10QSB, revenues rose to $602,113 for the first nine months of 2007 from $205,984 for the nine months ended September 30, 2006. The Company posted a net loss of $741,055 or $0.05 per share for the nine months ended September 30, 2007, compared to a loss of $376,851 or $0.03 for the same period in 2006. The net loss increase was largely attributable to increased Research and Development expenses due to the start up of new development projects and the continuation of projects begun in 2005 and 2006. IntelGenx began trading on the OTCBB in January 2007.

Horst G. Zerbe, President and CEO of IntelGenx, said, "We are very pleased with our growing revenue base generated from our R&D services, which represents the increasing demand for our products. We are one of only a handful of companies that are developing drug formulations with oral film and tablet combination technologies. As such, we believe we are well positioned to achieve profitability in the next fiscal year as planned."

IntelGenx develops novel oral, immediate-release and controlled-release products for the generic pharmaceutical market. Its proprietary drug delivery technologies include a tri-layer tablet that allows multiple drugs to be released at different rates, and an oral film technology that allows instant release of a drug into the bloodstream through the mouth cavity.

The Company's current, well diversified pipeline consists of 10 products addressing large pharmaceutical markets such as osteoarthritis, pain management, erectile dysfunction, hypertension and smoking cessation. Five of these products are in clinical studies, and the Company expects its first product to be on the market in second quarter of 2008.

Recent highlights announced by the Company include:

- In November, IntelGenx announced the signing of a Definitive Agreement with Cary Pharmaceuticals to jointly develop and commercialize Cary Pharma's novel treatment for depression using IntelGenx's proprietary oral delivery technology.

- In October, the Company presented at the Rodman & Renshaw 9th Annual Healthcare Conference in New York City, which was attended by hundreds of professional investment managers.

- In September, IntelGenx announced that its proprietary oral delivery technology is being included in a Phase 1 study of a potential new treatment for neuropathic pain, being developed by Cannasat Therapeutics Inc., a Canada-based early stage pharmaceutical R&D company.

About IntelGenx Technologies

IntelGenx 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 osteoarthritic, pain management, hypertension and smoking cessation. Since January 2007, IntelGenx has been trading on the OTCBB.

To learn more about IntelGenx, please visit the Company's website at http://www.intelgenx.com.



IntelGenx Technologies Corp.

Consolidated Statement of Operations and Comprehensive Loss
Expressed in U.S. Funds
(Unaudited)

For the Three-Month Period For the Nine-Month
Ended September 30 Period Ended
September 30
---------------------------- --------------------------
2007 2006 2007 2006
---------------------------------------------------------------------------
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Revenue $ 178,735 $ 17,298 $ 602,113 $ 205,984
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Expenses

Research and
development 292,056 128,937 548,697 368,638
Research and
development
tax credits (31,577) (25,434) (81,464) (71,533)
Management salaries 150,692 80,100 217,683 110,254
General and
administrative 52,161 21,656 115,030 61,235
Professional fees 75,678 47,492 293,481 54,136
Depreciation 12,659 9,339 30,411 26,904
Foreign exchange 407 55 (485) 897
Interest and
financing fees 160,139 4,427 219,815 32,304
---------------------------------------------------------------------------
712,215 266,572 1,343,168 582,835
---------------------------------------------------------------------------

Net Loss (533,480) (249,274) (741,055) (376,851)
---------------------------------------------------------------------------

Other Comprehensive
Income (Loss)
Foreign currency
translation
adjustment 65,368 (358) 98,508 (57)
---------------------------------------------------------------------------

Comprehensive Loss $ (468,112)$ (248,916) $ (642,547) $ (376,794)
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Basic Weighted
Average Number of
Shares Outstanding 16,032,375 16,007,489 16,015,78 13,777,938
---------------------------------------------------------------------------

Basic and Diluted
Loss Per Common
Share $ (0.03)$ (0.02) $ (0.05) $ (0.03)
---------------------------------------------------------------------------
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Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.

Pursuant to a June 1, 2007 contract, Consulting For Strategic Growth1, Ltd. ("CFSG1") provides IntelGenx Corp. ("the Company") with consulting, business advisory, investor relations, public relations and corporate development services. Independent of CFSG1's receipt of cash compensation from the Company, CFSG1 may choose to purchase the Company's common stock and thereafter liquidate those securities at any time it deems appropriate to do so.

Contact Information

  • IntelGenx Corp.
    Dr. Horst G. Zerbe
    President and CEO
    (514) 331-7440, Ext. 201
    (514) 331-0436 (FAX)
    Email: horst@IntelGenx.com
    Website: www.intelgenx.com
    or
    Investor Relations:
    Consulting for Strategic Growth 1
    Stanley Wunderlich, CEO
    1-800-625-2236
    (212) 337-8089 (FAX)
    Email: info@cfsg1.com
    or
    Media Relations:
    Consulting for Strategic Growth 1
    Daniel Stepanek
    (212) 896-1202
    (212) 337-8089 (FAX)
    Email: dstepanek@cfsg1.com
    Website: www.cfsg1.com