On November 9, 2017 IntelGenx Technologies Corp. (TSX VENTURE:IGX)(OTCQX:IGXT) (the "Company" or "IntelGenx") reported financial results for the third quarter ended September 30, 2017 (Press release, IntelGenx, NOV 9, 2017, View Source [SID1234521874]). 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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2017 Third Quarter Financial Highlights:
Revenue was $1.3 million, compared to $1.8 million in the same period last year
Adjusted EBITDA was ($340,000), compared to adjusted EBITDA of $311,000 in the same period last year
Raised gross proceeds of CDN$7.6 million (US$6.1 million) via a prospectus offering of convertible unsecured subordinated debentures
Cash and short-term investments totalled $6.9 million as at September 30, 2017
Recent Developments:
Announced that the Company, together with Redhill Biopharma Ltd., resubmitted the 505(b)(2) New Drug Application to the U.S. Food and Drug Administration for RIZAPORT 10 mg
Announced that the U.S. District Court for the District of Delaware determined that the process used to manufacture IntelGenx’ and Par Pharmaceutical Inc.’s buprenorphine/naloxone sublingual film product for the treatment of opiate addiction does not infringe MonoSol Rx U.S. Patent No. 8,900,497
Announced that in a separate decision requesting the judge to reconsider its June 28, 2016 decision finding that IntelGenx’ and Par’s product would infringe the asserted claims of U.S. Patent No. 8,603,514, the U.S. District Court for the District of Delaware denied IntelGenx’ and Par’s motion to reopen the case on procedural grounds. The decision on the motion to reopen the case allows IntelGenx’ and Par’s previously filed appeal to proceed forward
"With the completion of convertible debenture offering during the third quarter, we secured the necessary financial resources to continue executing our growth strategy," commented Dr. Horst G. Zerbe, President and CEO of IntelGenx. "Subsequent to quarter-end, we took importantsteps towards bringing our proprietary thin-film product for the treatment of acute migraines to the U.S. market through the resubmission of the RIZAPORT 505(b)(2) NDA. The advancement of our product pipeline toward commercialization will continue to be a key priority throughout the remainder of 2017 and in 2018."
Financial Results:
Total revenues for the three-month period ended September 30, 2017 amounted to $1.3 million, compared to $1.8 million for the three-month period ended September 30, 2016. The decrease for the three-month period ended September 30, 2017 compared to the last year’s corresponding period is mainly attributable to a decrease in licenses and other revenues.
Operating costs and expenses were $1.8 million for the third quarter ended September 30, 2017, versus $1.7 million for the corresponding quarter in 2016. The increase for the three-month period ended September 30, 2017 is mainly attributable to an increase in Research and Development expenses of $190,000, offset partially by a $109,000 decrease in Selling, General and Administrative expenses.
For the third quarter ended September 30, 2017, the Company had an operating loss of $569,000, compared to operating income of $88,000 for the comparable period of 2016.
Net comprehensive loss was $586,000 or $0.01 on a basic and diluted per share basis, for the period ended September 30, 2017, compared to net comprehensive income of $62,000, or $0.00 on a basic and diluted per share basis, for the comparable period of 2016.
As of September 30, 2017, the Company’s cash and short-term investments totalled $6.9 million.
Conference Call Details:
IntelGenx will host a conference call to discuss its third quarter 2017 financial results today, November 9, 2017, at 4:30 p.m. ET. The dial-in number for the conference call is (833) 231-8269. The call will be webcast live and archived for twelve months at www.intelgenx.com.