IntelGenx Receives First Purchase Order For CBD Filmstrips From Heritage Cannabis
07 1월 2021 - 10:00PM
IntelGenx Corp. (TSX-V:IGX)(OTCQB:IGXT) ("Company" or
"IntelGenx") today announced the execution of a definitive supply
agreement (the “Agreement”) with Heritage Cannabis Holdings
(“Heritage”), an international medical cannabis licensed producer
based in Toronto, Canada (CSE:CANN)(OTCMRKTS:HERTF), for the
manufacturing and supply of filmstrip products containing 10 mg of
CBD using IntelGenx’s VersaFilm® technology (“CBD Filmstrips”) for
the Canadian and Australian markets.
Stemming from the Agreement, IntelGenx has
received its first purchase order from Heritage for 50,000 CBD
Filmstrips. IntelGenx expects to make its first shipment of product
to Heritage in the second quarter of 2021.
Pursuant to the Agreement, in addition to
receiving a manufacturing margin, IntelGenx will also receive a
double-digit royalty on the gross margin based on product sales.
Heritage will supply CBD material for IntelGenx’s filmstrip
manufacture and supply in Canada and Australia on a non- and
semi-exclusive basis, respectively. The Agreement also contemplates
an option on future co-development of CBD and THC filmstrips using
proprietary technology from both companies, under certain
conditions.
The CBD Filmstrips will be produced at
IntelGenx’s manufacturing facility under Canadian GPP conditions
and registered as a product for sale with Health Canada as a
cannabis product governed by the Cannabis Act and with the
Australian Department of Health’s Therapeutic Goods Administration
as a medicinal cannabis product governed by the Narcotic Drugs
Act.
Dr. Horst G. Zerbe, CEO of IntelGenx, commented,
“We believe this first-ever purchase order for commercial
quantities of an oral thin film product based on our VersaFilm®
technology represents a value inflection point for our Company. We
are looking forward to building a strong partnership with Heritage,
which shares our commitment to making innovative and high-quality
oral thin film products available to medical cannabis
consumers.”
Umar Syed, Heritage’s President of the Medical
and International Division, commented, “Rapidly dissolving CBD
Filmstrips provide tangible benefits for medical cannabis
consumers, such as a more discreet and convenient administration
method. As we continue to build a wide spectrum of medical cannabis
products that offer both traditional and newer delivery platforms,
we are excited to be at the stage where we will be distributing CBD
Filmstrips in Canada and Australia.”
About Heritage Cannabis Holdings
Corp.
Heritage Cannabis is a vertically integrated
cannabis provider that currently has two Health Canada approved
licensed producers, through its subsidiaries Voyage Cannabis Corp.
and CannaCure Corp. both regulated under the Cannabis Act
Regulations. Working under these two licenses, Heritage has two
additional subsidiaries, Purefarma Solutions, which provides
extraction services, and a Medical Services Division which is
focused on cannabis based medical solutions. In the U.S, Heritage
operates under Opticann Inc., a Colorado based oral and topical
cannabinoid company with the rights to exclusively sell CBD and CBG
products made with the patented VESIsorb® drug delivery system for
optimized absorption and stability. As the parent company, Heritage
is focused on providing the resources for its subsidiaries to
advance their products or services to compete both domestically and
internationally.
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® and VetaFilm™, as well as VevaDerm™, its
transdermal development and manufacturing capabilities, 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 Statements:
This document may contain forward-looking
information about IntelGenx' operating results and business
prospects that 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. These statements include, but are not
limited to, statements about IntelGenx' plans, objectives,
expectations, strategies, intentions or other characterizations of
future events or circumstances and are generally identified by the
words "may," "expects," "anticipates," "intends," "plans,"
"believes," "seeks," "estimates," "could," "would," and similar
expressions. 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 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.sedar.com.
IntelGenx assumes no obligation to update any such forward-looking
statements.
Each of the TSX Venture Exchange and OTCQB has
neither approved nor disapproved the contents of this press
release. Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Source: IntelGenx Technologies Corp.
For IntelGenx:
Stephen KilmerInvestor Relations (514) 331-7440 ext
232stephen@intelgenx.com
Or
Andre Godin, CPA, CAPresident and CFOIntelGenx Corp.(514)
331-7440 ext 203andre@intelgenx.com
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