On May 10, 2016 IntelGenx Corp. (TSX-V: IGX) (OTCQX: IGXT) (the "Company" or "IntelGenx") reported its first quarter 2016 financial results for the three-month period ended March 31, 2016 (Filing, Q1, IntelGenx, 2016, MAY 10, 2016, View Source [SID:1234512491]). All amounts are in U.S. Dollars unless otherwise stated. The Company will host a conference call to provide a corporate update on Thursday, May 12th at 9:00 a.m. ET. Details of the conference call and webcast are listed below in this release.
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2016 First Quarter Financial Highlights:
• Revenues reached $818 thousand, an increase of 31% over the same period last year
• Net comprehensive loss was ($707 thousand), compared to a net comprehensive loss of ($377 thousand) over the same period last year
• Adjusted EBITDA loss was ($556 thousand), compared to adjusted EBITDA of $51 thousand over the same period last year
• Cash and cash equivalents totaled $2.1 million as at March 31, 2016
Recent Operational Highlights:
• Net sales of Forfivo XL in the first quarter of 2016 increased by 39% to $2.5 million ($4.9 million gross) compared to net sales of $1.8 million ($3.3 million gross) over the same period last year
• Submitted a patent application with the U.S. patent office for an oral film dosage form containing Loxapine for the treatment of anxiety and aggression in patients suffering from schizophrenia or bipolar 1 disorder
• Granted from the USPTO a patent protecting Rizaport, an oral thin film formulation of Rizatriptan benzoate for the treatment of acute migraines. This patent protects the composition of Rizaport and will be listed in the Orange Book upon approval of the product by the FDA
• Announced a development and commercialization term sheet with a global pharmaceutical company for up to three products. If entered into, IntelGenx expects the definitive agreement to be finalized in the second quarter of 2016
• Signed a commercialization term sheet for RizaportTM with Grupo Juste for Spain and additional potential territories. If entered into, IntelGenx expects the definitive agreement to be finalized in the second quarter of 2016
• Construction was successfully completed on the new state-of-the-art manufacturing and laboratory facilities which are expected to be fully operational by 2017. All of the new manufacturing equipment has been delivered and is being installed
"We made significant progress to start the year with the clear goal of transforming IntelGenx into a global leader of innovative pharmaceutical oral film development and manufacturing," said Dr. Horst G. Zerbe, President and CEO of IntelGenx. "Several key initiatives were successfully achieved with the completion of the construction of our state-of-the-art manufacturing facilities, the strengthening of our management team and the execution of two commercialization term sheets for a total of four products. The new team has been working hard together to build on each other’s strengths in laying out IntelGenx’ foundation for long-term growth. We very much look forward to communicating with shareholders on the future success of the organization."
Financial Results:
Total revenues for the three-month period ended March 31, 2016 amounted to $818 thousand, representing an increase of $193 thousand or 31% compared to $625 thousand for the three-month period ended March 31, 2015. The increase for the three-month period ended March 31, 2016 compared to last year’s corresponding period is mainly attributable to the attainment of milestones, totaling $3 million from which $2.67 million was recorded in the last fiscal year and $333 thousand in the first quarter of 2016.
Operating costs and expenses were $1.5 million for the three-month period ended March 31, 2016 compared to $610 thousand for the corresponding period of 2015. The increase for the three-month period ended March 31, 2016 is mainly attributable to an increase in Research and Development expenses of $364 thousand and Selling, General and Administrative of $498 thousand.
For the first quarter of 2016, the Company generated an operating loss of ($706 thousand) compared to an operating gain of $15 thousand for the comparable period of 2015.
Net comprehensive loss was ($707 thousand) or ($0.01) on a basic and diluted per share basis for the first quarter of 2016 compared to a net comprehensive loss of ($377 thousand) or ($0.00) on a basic and diluted per share basis for the comparable period of 2015.
Cash on hand as at March 31, 2016 was $2.1 million, representing a decrease of ($798 thousand) compared with the balance of $2.9 million as at December 31, 2015. The decrease in cash relates to the comprehensive loss incurred in the first quarter.