IntelGenx (TSX:IGX; OTCQB:IGXT) entered into development and license agreements with a wholly owned subsidiary of Covenant Animal Health Partners, who will fund the development and manufacturing of a VetaFilm-based drug.
The license agreement gives Covenant exclusive rights to exploit the product in the field for non-human applications.
IntelGenx, who will manufacture the product on worldwide basis for clinical development, will receive royalties on worldwide net sales of the product. The parties expect to enter into a subsequent commercial supply agreement, where IntelGenx will supply the product to Covenant.
“We are delighted to expand our animal health business with our third collaboration in as many years since we entered the animal health market and are pleased to deliver on our corporate strategy,” Dwight Gorham, CEO of IntelGenx, said in a statement.
“This partnership with an industry leader like Covenant should help open the doors to several additional commercial opportunities for our proprietary VetaFilm drug delivery platform, and it reaffirms our belief that the technology could become a standard administration method for companion animals in the future,” he added.
Dr. Thomas D. Overbay, CEO of Covenant, commented, “We are excited to work with IntelGenx and believe providing products using improved delivery systems, such as that provided by IntelGenx, will help us achieve that goal.”
