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IntelGenx Closes Private Placement Financing
SAINT LAURENT, Quebec, Nov. 13, 2018 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX-V:IGX) (OTCQX:IGXT) (the “Company” or “IntelGenx”) announces the closing of Tilray, Inc.’s strategic investment in IntelGenx by way of private placement (the “Private Placement”). Pursuant to the Private Placement, the Company issued 1,428,571 common shares (“Common Shares”) at a subscription price of U.S.$0.70 per Common Share for gross proceeds of U.S.$1,000,000. The Corporation intends to use the proceeds of the Private Placement for cannabis-infused VersaFilm™ product development under its previously announced definitive license, development and supply agreement (the “Agreement”) with Tilray Inc.
The Common Shares issued to Tilray, Inc. are subject to a four-month statutory hold period which expires March 14, 2019. Additionally, under the Private Placement purchase agreement, Tilray, Inc. agreed that until May 14, 2019 it would not cause or permit any transfer of any Common Shares.
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 Company’s anticipated use of proceeds of the Offering. 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, the factors 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.
Each of the TSX Venture Exchange and OTCQX has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACT: For more information, please contact: For IntelGenx: Stephen Kilmer Investor Relations (514) 331-7440 ext 232 firstname.lastname@example.org Or Andre Godin, CPA, CA Executive Vice-President and CFO IntelGenx Corp. (514) 331-7440 ext 203 email@example.com For Tilray® : Media: firstname.lastname@example.org 1 (833) 206-8161 Or Investors: Katie Turner (646) 277-1228 email@example.com