IntelGenx Corp.
OTC Bulletin Board : IGXT

IntelGenx Corp.

August 29, 2007 10:23 ET

IntelGenx Technologies Corp. Reports Revenues Increased by More Than 124% for the First Six Months of 2007

SAINT LAURENT, QUEBEC--(Marketwire - Aug. 29, 2007) - IntelGenx Technologies Corp. (OTCBB:IGXT), a drug delivery company creating new delivery technologies for generic pharmaceutical markets, reported that revenues increased by more than 124% for the six months ended June 30, 2007, compared to the same period in 2006.

According to the Company's Form 10QSB, revenues rose to $423,378 for the first six months of 2007 from $188,686 for the six months ended June 30, 2006, an increase of 124.4%.

The Company posted a net loss of $207,575 for the six months ended June 30, 2007, compared to a loss of $127,577 for the same period in 2006. This was largely attributable to the increases in General and Administrative costs and professional fees resulting from increased costs of doing business as a public corporation. IntelGenx began trading on the OTCBB in January 2007.

Horst G. Zerbe, President and CEO of IntelGenx, said, "We are very pleased with the growing revenues from our R&D services. We anticipate that revenue from development contracts already in place will reach approximately $750,000 for the fiscal year 2007. In addition, we expect revenue from research and development service contracts that we are presently discussing with potential clients, and we have a diversified and growing product pipeline for our two technology platforms. We are one of only a handful of companies that are developing drug formulations with oral film and combination technologies. There is great demand for our products, and we believe we can achieve profitability in the next fiscal year."

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

IntelGenx Technologies Corp.
Consolidated Statement of Operations and Comprehensive Loss
For Three Months and Six Months ended June 30, 2007 and 2006
(Expressed in U.S. Funds)

For the three- For the six-
month period month period

ended June 30 ended June 30
2007 2006 2007 2006
Revenue $ 335,923 $ 93,168 $ 423,378 $ 188,686
Research and development 152,776 156,683 256,641 239,701
Research and development
tax credits (28,547) (23,916) (49,887) (46,099)
Management salaries 42,390 15,585 66,991 30,154
General and administrative 30,391 23,378 62,869 39,579
Professional fees 153,943 697 217,803 6,644
Depreciation 8,474 9,113 17,752 17,565
Foreign exchange (1,680) 837 (892) 842
Interest and financing fees 45,909 24,136 59,676 27,877
403,656 206,513 630,953 316,263
Net Loss (67,733) (113,345) (207,575) (127,577)
Other Comprehensive Loss
Foreign currency translation
adjustment 31,850 35 33,140 301
Comprehensive Loss $ (35,883) $(113,310) $ (174,435) $ (127,276)
Basic Weighted Average
Number of Shares
Outstanding 16,007,489 14,463,954 16,007,489 12,737,071
Basic and Diluted Loss Per
Common Share - (0.01) (0.01) (0.01)

Forward-Looking Statements

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)
    Investor Relations:
    Consulting for Strategic Growth 1
    Stanley Wunderlich, CEO
    (212) 337-8089 (FAX)
    Media Relations:
    Consulting for Strategic Growth 1
    Daniel Stepanek
    (212) 896-1202
    (212) 697-0910 (FAX)