IntelGenx Provides Update on Previously Announced Sale and Investment Solicitation Process

Rhea-AI Summary

IntelGenx Technologies Corp. (OTC: IGXT), a leading drug delivery company specializing in pharmaceutical films, has provided an update on its previously announced sale and investment solicitation process (SISP). The Phase 1 Non-Binding LOI Submission Deadline, set for July 15, 2024, has passed without resulting in alternative superior bids. As a result, IntelGenx and atai Life Sciences AG have begun the process to complete their purchase and sale transaction.

The companies anticipate obtaining final approval from the Québec Superior Court (Commercial Division) and closing the transaction before September 30, 2024. This development marks a significant step in IntelGenx's strategic direction and potential future operations.

Positive

• IntelGenx is moving forward with a definitive purchase and sale transaction with atai Life Sciences AG
• The transaction is expected to close before September 30, 2024, providing a clear timeline for investors

Negative

• No alternative superior bids were received during the SISP, potentially limiting options for maximizing shareholder value
• The sale process may result in changes to IntelGenx's ownership structure and strategic direction

MONTREAL, July 19, 2024 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (the “Company” or “IntelGenx”) (OTC: IGXT), a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, announced today that the Phase 1 Non-Binding LOI Submission Deadline set for 5:00 p.m. (EDT) on July 15, 2024 in connection with the previously announced sale and investment solicitation process (“SISP”) has lapsed. As Phase 1 of the SISP did not result in alternative superior bids, IntelGenx and atai Life Sciences AG (“atai”) have now initiated the process to complete the purchase and sale transaction. The parties currently expect to obtain final approval from the Québec Superior Court (Commercial Division) and close the transaction prior to September 30, 2024.

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 pharmaceutical 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 https://www.intelgenx.com/ and connect with us on X and LinkedIn.

IntelGenx Forward-Looking Statements

This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements use such word as “will”, “may”, “potential”, “believe”, “expect”, “continue”, “anticipate” and other similar terminology. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to closing of the transaction with atai and the approval from the Québec Superior Court (Commercial Division) in connection thereto. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Company. IntelGenx assumes no responsibility to update forward-looking statements in this press release except as required by law. These forward-looking statements involve known and unknown risks and uncertainties. Investors are cautioned not to rely on these forward-looking statements and are encouraged to read IntelGenx’s continuous disclosure documents, including its current annual information form, as well as its audited annual consolidated financial statements which are available on SEDAR+ at http://www.sedarplus.ca and on EDGAR at http://www.sec.gov/edgar

Contact:

Andre Godin, President & CFO, andre@intelgenx.com 

Source: IntelGenx Technologies Corp.

FAQ

What is the status of IntelGenx's (IGXT) sale and investment solicitation process as of July 19, 2024?

The Phase 1 Non-Binding LOI Submission Deadline has passed without alternative superior bids. IntelGenx and atai Life Sciences AG are now proceeding to complete their purchase and sale transaction.

When is the expected closing date for IntelGenx's (IGXT) transaction with atai Life Sciences AG?

IntelGenx and atai Life Sciences AG expect to obtain final court approval and close the transaction before September 30, 2024.

What was the outcome of IntelGenx's (IGXT) Phase 1 Non-Binding LOI Submission Deadline on July 15, 2024?

The Phase 1 Non-Binding LOI Submission Deadline did not result in alternative superior bids for IntelGenx.

Which court needs to approve IntelGenx's (IGXT) transaction with atai Life Sciences AG?

The transaction requires final approval from the Québec Superior Court (Commercial Division).