On August 13, 2020 IntelGenx Technologies Corp. (TSX V:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") reported financial results for the second quarter ended June 30, 2020 (Press release, IntelGenx, AUG 13, 2020, View Source [SID1234563589]). All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
2020 Second Quarter Financial Summary:
Revenue was $42,000, compared to $197,000 in the 2019 second quarter
Adjusted EBITDA was ($1.5 million), compared to ($2.1 million) in Q2-2019
Cash and short-term investments totaled $3.1 million as at June 30, 2020
Recent Developments:
Received its cannabis micro-processing license from Health Canada for its Montreal facility, in accordance with the Cannabis Act and Cannabis Regulations.
Announced that Health Canada authorized the sale of IntelGenx’s hand sanitizer product, both in liquid and gel formulations, which will be manufactured using excess capacity at the Company’s Health Canada-certified cGMP manufacturing facility in Montreal.
Announced that it had entered into a feasibility agreement with Cybin Corp., Canada’s premier mushroom life sciences company focused on advancing psychedelic and nutraceutical-based products derived from fungi, for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin.
Announced that it had amended the exclusivity terms of its November 2018 license, development and supply agreement with Tilray, Inc. (NASDAQ:TLRY) ("Tilray") to allow for IntelGenx’s co-development and commercialization of CBD products with additional partners.
Announced a performance improvement program focused on generating near-term revenue, preserving the Company’s resources, extending its cash runway and accelerating the launch of RIZAPORT in Spain. The program also includes plans to respond to the U.S. Food and Drug Administration’s recent Complete Response Letter – which requested additional information, but no new bioequivalence study – related to IntelGenx’s resubmitted RIZAPORT new drug application ("NDA").
"This quarter was marked by the achievement of a very important milestone for IntelGenx: the receipt of our cannabis micro-processing license from Health Canada, which, in tandem with our amended agreement with Tilray, enables us to pursue additional partners to commercialize CBD-containing film products," said Dr. Horst G. Zerbe, CEO of IntelGenx. "In addition, we made significant progress on our performance improvement program by partnering with Cybin for the development of an orally-dissolving film for the delivery of pharmaceutical-grade psilocybin and receiving Health Canada authorization to sell our liquid and gel hand sanitizer formulations."
Financial Results:
Total revenues for the three-month period ended June 30, 2020 amounted to $42,000, a decrease of $155,000 compared to $197,000 for the three-month period ended June 30, 2019. The decrease is mainly attributable to a $155,000 decrease in Research and Development ("R&D") revenues.
Operating costs and expenses were $1.8 million for the second quarter of 2020, versus $2.5 million for the corresponding three-month period of 2019. The decrease for the three-month period ended June 30, 2020 is mainly attributable to a $580,000 decrease in R&D expenses and a $165,000 decrease in Selling, General and Administrative expenses.
For the second quarter of 2020, the Company had an operating loss of $1.8 million, compared to an operating loss of $2.3 million for the comparable period of 2019.
Net comprehensive loss for the three-month period ended June 30, 2020 was $1.3 million, or $0.01 per basic and diluted share, compared to net comprehensive loss of $2.5 million, or $0.03 per basic and diluted share, for the comparable period of 2019.
As at June 30, 2020, the Company’s cash and short-term investments totalled $3.1 million.
Conference Call Details:
IntelGenx will host a conference call to discuss these 2020 second quarter financial results today, Thursday, August 13, 2020, at 4:30 p.m. EDT. To participate in live call, please register here. The call will be also be webcast live and archived for twelve months at www.intelgenx.com.