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IntelGenx Announces Shareholder Approval of Financing Transactions

SAINT LAURENT, Quebec, Nov. 28, 2023 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (“IntelGenx” or the “Company”) is pleased to announce that, at its meeting held earlier today (the “Special Meeting”), the shareholders (the “Shareholders”) voted to approve all proposals related to financing transactions involving atai Life Sciences AG (“atai”) previously disclosed by the Company on August 31, 2023 (the “Financing Transactions”).

In order for the Company to proceed with the Financing Transactions not previously closed, Shareholders were required to approve:

  • the issuance of shares of common stock (the “Shares”) at prices which may be less than the minimum price permitted under the rules of the Toronto Stock Exchange (“TSX”);
  • the issuance of Shares in excess of 24.99% of the issued and outstanding Shares in connection with the Financing Transactions (the “General Shareholder Approval”); and
  • the issuance of Shares to “insiders” of the Company (as such term is defined in the policies of the TSX) in excess of 9.99% of the issued and outstanding Shares in connection with the Financing Transactions (the “Insider Shareholder Approval”).

All matters were approved by the required majorities which, in the case of the General Shareholder Approval and the Insider Shareholder Approval, excluded the votes attached to the Shares beneficially owned, directly or indirectly, by atai, in accordance with the rules of the TSX and applicable securities regulations.

In addition, Shareholders also approved an amendment to the certificate of incorporation of the Company to increase the authorized common stock from 450,000,000 Shares to 580,000,000 Shares;

The Financing Transactions are further described in the proxy statement dated October 16, 2023, available at https://annualgeneralmeetings.com/igxtsp2023, on SEDAR+ under the Company's profile at www.sedarplus.ca and under the Company’s profile on EDGAR at sec.gov.

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 pharmaceuticals 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 www.intelgenx.com.

Forward-Looking Information

This document may contain forward-looking information which involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. All statements, other than statements of historical fact, contained in this press release including, but not limited to, statements regarding, generally, the “About IntelGenx” paragraph which essentially describe the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” and are based on necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’ actual results, objectives and plans could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading “Risk Factors” in IntelGenx’ annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedarplus.ca. IntelGenx assumes no obligation to update any such forward-looking statements. Moreover, all forward-looking information contained herein is subject to certain assumptions. There can be no assurance that such approvals will be obtained.

For more information, please contact:

Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com

Or

Andre Godin, CPA, CA
President and CFO
IntelGenx Technologies Corp.
(514) 331-7440 ext 203
andre@intelgenx.com


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