- IntelGenx has closed its private placement of 8 per cent convertible notes due July 31, 2025
- Gross proceeds from the offering totalled approximately US$2.1 million
- The notes will bear interest at a rate of 8 per cent per annum, paid quarterly
- Proceeds from the offering will be used to finance the company’s Montelukast study
- IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films
- IntelGenx Technologies Corp. (IGX) is down 1.67 per cent, trading at C$0.59 per share at 11:30 am ET
IntelGenx (IGX) has announced the closing of a private placement of 8 per cent convertible notes due July 31, 2025.
Gross proceeds from the offering totalled approximately US$2.1 million. The notes will bear interest at a rate of 8 per cent per annum, payable quarterly, and will be convertible into shares of common stock beginning 6 months after their issuance at a price of U.S.$0.40 per share.
Cantone Research, Inc. acted as placement agent in respect of the offering.
Proceeds from the offering will be used to finance the company’s Montelukast study.
IntelGenx paid Cantone a cash commission of approximately U.S.$199,525 and issued non-transferable warrants to the agent, entitling Cantone to purchase 613,000 shares at a price of U.S.$0.40 per share until August 4, 2023.
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, including VersaFilm®, DisinteQ™, VetaFilm™ and transdermal VevaDerm™.
IntelGenx Technologies Corp. (IGX) is down 1.67 per cent, trading at C$0.59 per share at 11:30 am ET.
