SAINT LAURENT, Quebec, Aug. 05, 2021 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSXV: IGX) (OTCQB: IGXT) (the “Company” or “IntelGenx”) announces the closing of an offering by way of private placement (the “Offering”) to certain investors in the United States of 8% convertible notes due July 31, 2025 (the “Notes”) for aggregate gross proceeds of approximately U.S.$2.1 million. The Notes will bear interest at a rate of 8% per annum, payable quarterly, and will be convertible into shares of common stock of the Company (the “Shares”) beginning 6 months after their issuance at a price of U.S.$0.40 per Share.

Cantone Research, Inc. (“Cantone”) acted as placement agent in respect of the Offering.

The Company intends to use the proceeds of the Offering to finance its Montelukast study.

In connection with the Offering, the Company paid Cantone a cash commission of approximately U.S.$199,525 in the aggregate and issued non-transferable warrants to the agent (the “Agent’s Warrants”), entitling Cantone to purchase 613,000 Shares at a price of U.S.$0.40 per Share until August 4, 2023. The TSX Venture Exchange (the “TSXV”) has conditionally approved the listing of the Shares issuable upon conversion of the Notes, as well as the Shares issuable upon exercise of the Agent’s Warrants. Listing on the TSXV will be subject to the Company fulfilling all of the listing requirements of the TSXV.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where not permitted by law. Any securities described in this announcement have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of a “U.S. person” as defined in Regulation S under the U.S. Securities Act, except in transactions exempt from, or not subject to, registration under the U.S. Securities Act and applicable state securities laws.

About IntelGenx

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx’s superior film technologies, including VersaFilm®, DisinteQ™, VetaFilm™ and transdermal VevaDerm™, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.

IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.

Forward-Looking Information and Statements

This document may contain forward-looking information or forward-looking statements within the meaning of applicable United States and Canadian securities laws (collectively, “forward-looking statements”). These statements are statements that are not purely historical and include, but are not limited to, statements about the obtaining the TSXV’s final approval and the use of proceeds from 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's 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 IntelGenx’s 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 IntelGenx assumes no obligation to update any such forward-looking statements.

Although the Company believes that the expectations and assumptions on which forward-looking statements are based are reasonable, readers of this press release are cautioned not to rely unduly on such forward-looking statements since no assurance can be given that they will prove to be correct. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of events or circumstances occurring after the date of this press release, unless so required by legislation.

Each of the TSX Venture Exchange and OTCQB 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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer or solicitation of sale would be unlawful.

For more information, please contact:

Stephen Kilmer
Investor Relations
(514) 331-7440 ext 232
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Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
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