IntelGenx completes $12-million equity offering
IntelGenx Technologies (TSXV:IGX; OTCQX:IGXT)completed an offering of 17,144,314 units at a price of 70 (U.S.) cents each for gross proceeds of approximately $12-million.
Each unit consists of one common share of IntelGenx and one half of a warrant. Each whole warrant entitles the holder to purchase one common share at a price of $1. The warrants will be exercisable immediately and will expire on the third anniversary of the date of their issuance.
H.C. Wainwright acted as the exclusive agent for the units offered in the U.S., with Echelon Wealth Partners acting as exclusive placement agent for the units offered in Canada.
IntelGenx has granted Echelon an over-allotment option to purchase common shares of the company and/or warrants in an amount representing up to an additional 15% of the number of units sold under the offering.
IntelGenx intends to use net proceeds for its Phase 2a montelukast study, the Tadalafil 505(b)(2) submission to the FDA and for working capital.