$IGTX & $TLRY - News Out - INTELGENX TECHNOLOGIES

$IGTX & $TLRY - News Out - INTELGENX TECHNOLOGIES CORP. (OTCQX: IGXT) SOARS 41% AFTER SIGNING LOI WITH TILRAY, INC. (NASDAQ: TLRY) FOR WORLD-WIDE AGREEMENT TO PRODUCE CANNABIS VERSAFILM PRODUCTS

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IntelGenx Technologies Corp. (OTCQX: IGXT) is engaged within the research and development of an oral film drug delivery system. Shares of the pharmaceutical oral film developers are soaring 41.15%, through early trading on Thursday, September 20, 2018. Over the past month, IntelGenx Technologies Corp. has seen average daily volume of 51,319 shares. However, volume of 4.48 million shares or dollar volume of $5.29 million, has already exchanged hands through early trading Thursday.



Shares of IntelGenx Technologies Corp. are rallying on Thursday, after the company announced that it has signed a Letter of Intent with Tilray, Inc. (NASDAQ: TLRY) for a world-wide agreement to produce cannabis-based VersaFilm products. IntelGenx Technologies will be in charge of 20% of total costs, while Tilray will cover the other 80% in costs associated with the development of the new film cannabis products. The LOI also includes Tilray making a strategic investment into IntelGenx Technologies totaling 1.25 million common shares at a price of $0.80 per share. Here is the full press release detailing of the expansive LOI to create oral cannabis-infused film products:

IntelGenx Technologies Corp. Press Release:
SAINT LAURENT, Quebec, Sept. 20, 2018 (GLOBE NEWSWIRE) — IntelGenx Corp. (TSX-V:IGX) (OTCQX:IGXT) (“IntelGenx”) today announced that it has executed a non-binding letter of intent (the “LOI”) with Tilray, Inc. (NASDAQ:TLRY) (“Tilray®”), a global leader in cannabis research, cultivation, production and distribution, to co-develop and commercialize oral film products infused with recreational and medical cannabis (“cannabis-infused VersaFilm™”), in anticipation of amended cannabis regulations which would allow adult-use consumers to purchase edible products.

Pursuant to the LOI, subject to entering into a definitive agreement and the satisfaction of customary closing conditions, IntelGenx and Tilray will fund 20% and 80% of the costs associated with the development of the cannabis-infused VersaFilm™ products, respectively. IntelGenx will have rights to manufacture and supply the co-developed products to Tilray, and will also receive a fixed single-digit royalty on net product sales. Tilray will have the exclusive, worldwide marketing and distribution rights for the co-developed products.

The LOI also contemplates that, at the time of entering into the definitive agreement, Tilray® will make a strategic investment in IntelGenx by way of a non-brokered private placement (“Private Placement”). Tilray® will purchase 1,250,000 common shares of IntelGenx at a price of USD$0.80 per share, which is equal to the five-day volume weighted average closing price of IntelGenx’ common stock on the OTCQX for the period ended September 18, 2018. IntelGenx intends to use the proceeds from the Private Placement for cannabis-infused VersaFilm™ product development in connection with the LOI. The Private Placement will be subject to the approval of the TSX Venture Exchange.

“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 IntelGenx. “This LOI marks the first step in forming an exciting partnership with Tilray®, a global leader in the medical and recreational cannabis industry.”

About IntelGenx

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. More information about the company can be found at www.intelgenx.com.