On May 9, 2019 IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the "Company" or "IntelGenx") reported financial results for the first quarter ended March 31, 2019 (Press release, IntelGenx, MAY 9, 2019, View Source [SID1234536136]). All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
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2019 First Quarter Financial Summary:
Revenue increased to $416,000, compared to $239,000 in the first quarter of 2018
Adjusted EBITDA was ($2.1 million), compared to ($1.8 million) in Q1-2018
Cash and short-term investments totaled $8.6 million as at March 31, 2019
Recent Developments:
Appointed André Godin to the position of President and Chief Financial Officer
Entered into a definitive worldwide agreement with Aquestive Therapeutics, Inc. for the co-development and commercialization of Tadalafil oral films for the treatment of erectile dysfunction
Received from the United States Patent and Trademark Office a patent covering design and manufacturing of topical oral films for the topical treatment of diseases of the oral mucosa using mucocoadhesive particles
Presented an overview of the Company’s business at the 2019 Bloom Burton & Co. Healthcare Investor Conference
Promoted the Company’s VersaFilm and VetaFilm oral film contract development and manufacturing organization, or CDMO, services capabilities at CPhI North America
Filed a non-provisional U.S. patent application for oil-based active ingredients
Promoted VetaFilm oral film technology at the Human Biotech & Animal Health Business Partnering Summit
Presented two Montelukast poster presentations at the 14th International Conference on Alzheimer’s & Parkinson’s Diseases
Received a Complete Response Letter requesting additional information, but no new bioequivalence study, from the U.S. Food and Drug Administration related to its resubmitted RIZAPORT new drug application ("NDA"); Company’s objective is to resubmit the RIZAPORT NDA before the end of Q3-2019
Received a Japanese patent for RIZAPORT VersaFilm
Announced Montreal’s Douglas Mental Health University Institute as an additional Montelukast VersaFilm Phase 2a clinical trial site in Canada
Appointed Dr. Rodolphe Obeid to the position of Vice President, Operations
"The agreement we secured with Aquestive represents a continuation of IntelGenx’s commitment to commercialize our pipeline of innovative oral film products with strong partners," commented Dr. Horst G. Zerbe, CEO of IntelGenx. "We look forward to updating our stakeholders as we execute on a number of major objectives over the next several quarters."
Financial Results:
Total revenues for the three-month period ended March 31, 2019 amounted to $416,000, an increase of $177,000 compared to $239,000 for the three-month period ended March 31, 2018. The increase is mainly attributable to an increase in R&D milestone revenues offset by a decrease in R&D revenues.
Operating costs and expenses were $2.7 million for the first quarter 2019, versus $2.3 million for the corresponding three-month period of 2018. The increase for the three-month period ended March 31, 2019 is mainly attributable to a $424,000 increase in Selling, General and Administrative expenses.
For Q1-2019, the Company had an operating loss of $2.3 million, compared to operating loss of $2.0 million for the comparable period of 2018.
Net comprehensive loss was $2.3 million, or $0.03 on a basic and diluted per share basis, for both the three-month period ended March 31, 2019 and the comparable period of 2018.
As of March 31, 2019, the Company’s cash and short-term investments totalled $8.6 million.
Conference Call Details:
IntelGenx will host a conference call to discuss these 2019 first quarter financial results today on May 9, 2019, at 4:30 p.m. ET. The dial-in number for the conference call is (833) 231-8269 (Canada and United States) or (647) 689-4114 (International), conference ID 4695936. A live and archived webcast of the call will be available on IntelGenx’s website at www.intelgenx.com under "Presentations" in the Investors section.