IntelGenx (TSX:IGX; OTCQB:IGXT) unveiled a plan focussed on near-term revenue generation.
“There is no question in my mind that IntelGenx has great science, services, assets, and people,”Dwight Gorham, the company’s recently appointed CEO, said in a statement. “However, there is also a clear gap between that and how the investment community currently sees and values the company’s potential.”
“Over the past few weeks, my first priority has been to lead a full review of the commercial strategy for our contract development and manufacturing organization (CDMO) business and our pharmaceutical product development pipeline, with the aim of maximizing long-term shareholder value,” he said.
While there is still more work to do on that front, Mr. Gorham outlined some of the potential opportunities he sees to generate more meaningful revenue in the near-term.
The core of IntelGenx’s strategy to drive additional revenue in the short-term is centered on three key objectives:
- Continue to expand the core CDMO business: Earlier in May, IntelGenx received an amended Drug Establishment License from Health Canada, allowing the company to further expand its CDMO business to include third-party testing services. IntelGenx’s business development team is currently in negotiations to provide these and other services to both end-to-end CDMO services clients as well as on a stand-alone project basis to key players in the Canadian and U.S. markets.
- Take next steps to commercialize VetaFilm: As players in the global veterinary health space have increasingly recognized the numerous clinical advantages of administering drugs to companion animals via IntelGenx’s VetaFilm platform, such as overcoming dose acceptance and compliance issues, avoiding potential mucosal damage associated with ‘dry-pilling,’ and potentially decreasing the overall amount of drug required, the company anticipates entering into one or more commercial partnership agreements for the technology before the end of 2023.
- Support commercial launch of RIZAFILM in the U.S. and continued commercialization of RIZAPORT in Spain: The FDA recent approval of RIZAFILM (U.S. market name for RIZAPORT) for the treatment of acute migraine marked the achievement of a major milestone for the company, as it was its first FDA approval for an oral film product based on IntelGenx’s proprietary VersaFilm technology, which was fully developed and manufactured in-house at its Montreal facility. Gensco Pharma, IntelGenx’s commercial partner for RIZAFILM in the U.S., is targeting the manufacturing of validation batches, which would be the first saleable product, for later in 2023, followed by full commercialization in early 2024. The company is also continuing to work with Exeltis Healthcare, its commercialization partner in the European Union for RIZAPORT, to expand sales in Spain.
“While the IntelGenx team has developed a portfolio of valuable technologies and services that we will leverage to build shareholder value over the coming quarters and years, we are also fortunate to have several of these assets at the commercial or near-commercial stage so we can simultaneously pursue multiple near-term revenue-generating opportunities,” Mr. Gorham said.
