IntelGenx closes private placement financing

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IntelGenx Technologies (OTCQX:IGXT; TSX-V:IGX) closed a private placement of 320 units at a price of $10,000 (U.S.) a unit for gross proceeds of $3.2-million.

Proceeds will be used for the company’s Montelukast Phase 2a clinical trial and for general working capital purposes.

Each unit consists of 7,940 common shares, a $5,000 convertible 6% note and 7,690 warrants to purchase common shares at a price of 80 cents a share until June 1, 2021. The notes also mature on June 1, 2021 and are convertible into common shares at a price of 80 cents a share.

Cantone Research acted as placement agent for certain sales under the U.S. portion of the offering and Leede Jones Gable acted as placement agent for the Canadian portion of the offering.

Jennifer Poland