IntelGenx Initiates Arbitration Proceeding Against Tilray® Related to an Alleged Breach of Worldwide Cannabis-Infused VersaFilm® Agreement
08 Dezembro 2021 - 10:00AM
IntelGenx Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or
"IntelGenx") today announced that it has initiated an arbitration
proceeding against Tilray, Inc. (“Tilray®”) related to an alleged
breach of the parties’ 2018 license, development and supply
agreement, as amended (the “Agreement”), with Tilray® for the
co-development and commercialization of cannabis-infused VersaFilm®
products.
The action follows a recent press release issued
by Tilray® announcing its launch of medical cannabis oral strips in
THC and CBD-rich varieties based on a competitive oral thin film
technology to IntelGenx’s VersaFilm® platform. IntelGenx believes
this represents a material breach of the Agreement.
“We believe that this demonstrates a disregard
of contractual obligations by Tilray. We remain committed to
protecting our commercial rights and are prepared to take any
necessary legal steps in that regard. Making our innovative and
high-quality oral thin film products available to medical and
recreational cannabis consumers remains a top priority for
IntelGenx,” said Dr. Horst G. Zerbe, CEO
of IntelGenx.
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®, DisinteQ™, VetaFilm™ and transdermal
VevaDerm™, 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' ability to protect its
commercial rights while continuing make its oral thin film products
available to medical cannabis consumers and IntelGenx’s 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.
Source: IntelGenx Technologies Corp.
For IntelGenx:
Stephen KilmerInvestor Relations (647)
872-4849stephen@kilmerlucas.com
Or
Andre Godin, CPA, CAPresident and CFOIntelGenx Corp.(514)
331-7440 ext 203andre@intelgenx.com
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