You are here
IntelGenx Announces Exercise of Over-Allotment Option
SAINT LAURENT, Quebec, Oct. 26, 2018 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSXV:IGX) (OTCQX:IGXT) (the “Company” or “IntelGenx”) announces that in connection with its previously announced public offering (the “Offering”) of units of the Company (the “Units”) for aggregate gross proceeds of approximately US$12 million, Echelon Wealth Partners Inc. (“Echelon”), who acted as the Company’s exclusive placement agent in Canada in connection with the Offering, has exercised its option to place a further 903,610 Units pursuant to its over-allotment option (the “Over-Allotment Option”), resulting in additional gross proceeds to the Company of US$632,527.
Each Unit was issued at a price of US$0.70 and was comprised of one share of common stock (the “Offered Shares”) and one half of one warrant (a “Warrant”), each whole Warrant entitling the holder to purchase one share of common stock of the Company at an exercise price of US$1.00 per share. The Warrants are exercisable immediately and will expire on October 22, 2021.
The Units were distributed under a final prospectus supplement to the U.S. registration statement on Form S-3 (File No. 333-227498) which was declared effective on October 15, 2018 (the “Registration Statement”) and a final Canadian MJDS prospectus supplement to the Canadian MJDS short-form base shelf dated October 18, 2018 filed by the Company in connection with the Offering.
Including the net proceeds from the exercise of the Over-Allotment Option, the Company expects the aggregate net proceeds of the Offering to be approximately US$11 million. The Company intends to use the net proceeds from the Offering for its 2a Montelukast Study, its Tadalafil 505(b)(2) submission to the U.S. Food and Drug Administration, and working capital.
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 Information and Statements:
This document may contain forward-looking information or forward-looking statements within the meaning of applicable U.S. and Canadian securities laws. These statements are statements that are not purely historical and include, but are not limited to, statements about the use of the Offering proceeds, 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 the Registration Statement and 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.
Although the Company believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. The Company does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date of this press release, unless so required by legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer or solicitation of sale would be unlawful.
CONTACT: For more information, please contact: Stephen Kilmer Investor Relations (514) 331-7440 ext 232 email@example.com OR Andre Godin, CPA, CA Executive Vice-President and CFO IntelGenx Technologies Corp. (514) 331-7440 ext 203 firstname.lastname@example.org