IntelGenx Technologies Corp. (OTCMKTS:IGXT) has officially joined the cannabis craze inking an LOI with Tilray. IGXT is up 150% since the news broke taking it from mid $0.70 to now inching close to $2.00. The deal is an interesting one combining IGXT’s oral film technology and expertise with medical cannabis therapeutics benefits.
IGXT is a solid partner here as they have already worked to treat migraine headaches with an oral film and Tilray is banking on the film being a delivery system that invites more people into the cannabis marketplace.
IntelGenx Technologies Corp. (OTCMKTS:IGXT) frames itself as a drug delivery company, develops novel oral immediate-release and controlled-release products for the pharmaceutical market.
It offers RIZAPORT, an oral thin film formulation of rizatriptan benzoate for the treatment of acute migraines.
The company’s products under development comprise INT0001/2004, an anti-hypertension drug; INT0004/2006, an antidepressant; INT0007/2006 for the treatment of erectile dysfunction; INT0010/2006 for the treatment of neuropathic pain and nausea in cancer patients; INT0027/2011 to treat opioid dependence; INT0036/2012 for schizophrenia; and INT0043/2015 to treat cognitive impairment and Alzheimer’s disease.
It is also developing various products, including INT0037/2013, INT0039/2013, INT0040/2013, INT0042/2015, INT0036/2013, and INT0044/2016 based on three delivery platform technologies, which consist of VersaFilm, an oral film technology; VersaTab, a multilayer tablet technology; and AdVersa, a mucoadhesive tablet technology. The company has co-development and commercialization agreements with RedHillBiopharma Ltd.; Par Pharmaceutical Companies, Inc.; Endo Ventures Ltd., licensing, development, and supply agreement with Chemo Group; and development agreement with Cynapsus Therapeutics Inc.
IntelGenx Technologies Corp. was founded in 2003 and is headquartered in Montreal, Canada.
According to company materials, “Established in 2003, IntelGenx is a leading oral drug delivery company primarily focused on the development and manufacturing of innovative pharmaceutical oral films based on its proprietary VersaFilm technology platform. IntelGenx’ highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx’ state-of-the-art manufacturing facility, established for the VersaFilm™ technology platform, supports lab-scale to pilot and commercial-scale production, offering full-service capabilities to its clients.”
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“Our proprietary VersaFilm™ drug delivery platform offers a number of proven advantages – including increased bioavailability, precision dosing, accelerated onset of action, reduced side effects, child-resistant packaging and easier, more discrete administration – all of which we believe have the potential to improve the way people may use and experience cannabis in the future,” said Dr. Horst G. Zerbe, President and CEO of IGXT. “This LOI marks the first step in forming an exciting partnership with Tilray®, a global leader in the medical and recreational cannabis industry.”
IGXT certainly is riding the wave of cannabis’ momentum. This deal with Tilray may not amount to more than PR, but that is great for a company like IGXT that has a delivery platform perfect for many players in the industry especially those who specialize in CBD.
With capital value in the market of $116.42M and float of 58.82M, IGXT is a name to watch here as cannabis rockets toward legalization in Canada and more and more investors look to add to their portfolios. As more color becomes clear on the name, we will review the situation and update our take. Sign-up for continuing coverage on shares of $IGXT stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $IGXT, either long or short, and we have not been compensated for this article.