IntelGenx Corp. And Cary Pharmaceuticals Sign a Definitive Agreement to Develop a Novel Antidepressant
IntelGenx Corporation (OTCBB: IGXT) (“IntelGenx” or the “Company”) and Cary Pharmaceuticals (“Cary Pharma”) today announce the signing of a Definitive Agreement (“Agreement”) to jointly develop and commercialize Cary Pharma’s oral antidepressant (“CPI-300″ or the “Product”) using IntelGenx’s proprietary oral delivery technology.
Under the terms of the Agreement, IntelGenx will provide funding and development support for the Product and will be entitled to profit sharing. The transaction is expected to close by the end of 2007. The parties anticipate that a New Drug Application (“NDA”) will be filed with the United States Food and Drug Administration (“FDA”) during the third quarter of 2008. Commercial launch of the Product is expected upon FDA approval in 2009.
Horst G. Zerbe, President and CEO of IntelGenx, said, “This strategic relationship is of significant importance to the future growth of both companies. CPI-300 represents a novel treatment for depression and IntelGenx has developed the drug delivery technology that creates a unique and effective addition to the marketplace. We expect that the compatibility of the two companies will lead to further opportunities for collaboration.”
“We are excited about expanding our relationship with IntelGenx,” said Douglas D. Cary, President of Cary Pharmaceuticals. “Combining our collective experience and resources will enable us to efficiently complete the development of CPI-300. We look forward to commercializing CPI-300 and making it available as a new treatment option for patients who suffer from depression.”
About IntelGenx Corp.
IntelGenx Corp. is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. The company uses its unique multiple layer delivery system to provide zero-order release of active drugs in the gastrointestinal tract. IntelGenx has also developed novel delivery technologies for the rapid delivery of pharmaceutically active substances in the oral cavity based on its experience with rapidly disintegrating films. The company’s research and development pipeline includes products for the treatment of osteoarthritis, pain management, hypertension, and depression.
About Cary Pharmaceuticals Inc.
Cary Pharmaceuticals Inc. is a privately held pharmaceutical company based in Great Falls, Virginia. The Company is developing novel treatments for depression, hypertension, and smoking cessation.
This press release contains forward-looking statements that involve risks and uncertainties that could cause IntelGenx’s actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as anticipates, expects, plans, believes, intends, and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that all of the conditions for closing the transaction with Cary Pharmaceuticals Inc. will be satisfied in a timely manner or at all, which may prevent IntelGenx from completing the transaction. In addition, this press release also includes forward-looking statements regarding the timing, progress and results of the clinical development, regulatory processes, potential clinical trial initiations, NDA filings and commercialization efforts for CPI-300. These statements are subject to various risks and uncertainties and include the possibility that the results of clinical trials will not support CPI-300 claims, the possibility that the development efforts of Cary Pharmaceuticals and IntelGenx related to CPI-300, will not be successful, the inability to obtain regulatory approval for CPI-300, and reliance on third-party manufacturers to produce the product. Additional risks are described in IntelGenx’s Annual Report on Form 10-KSB for the year ended December 31, 2006. IntelGenx assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Contacts: IntelGenx Corp. Dr. Horst G. Zerbe President and CEO (514) 331-7440, ext. 201 (514) 331-0436 (FAX) Email: horst@IntelGenx.com Website: www.intelgenx.com Cary Pharmaceuticals Inc. Douglas D. Cary President (703) 771-8540 (703) 759-6492 (FAX) Email: email@example.com Website: www.carypharma.com Investor Relations for IntelGenx Corp Consulting for Strategic Growth 1 Stanley Wunderlich, CEO 1-800-625-2236 (212) 337-8089 (FAX) Email: firstname.lastname@example.org Website: www.cfsg1.com Media Relations for IntelGenx Corp. Consulting for Strategic Growth 1 Daniel Stepanek (212) 896-1202 (212) 697-0910 (FAX) Email: email@example.com Website: www.cfsg1.com
SOURCE: IntelGenx Corp.