StockGuru Spotlight June 23, 2011: IntelGenx Technologies Corp. (TSX VENTURE:IGX) (OTCBB:IGXT)

StockGuru Spotlight June 23, 2011: IntelGenx Technologies Corp. (TSX VENTURE:IGX) (OTCBB:IGXT)

Dallas, Texas.  StockGuru brings IntelGenx Technologies Corp. (TSX VENTURE: IGX) (OTCBB: IGXT) to your attention.  The Company announced that it has closed private placement offerings totaling approximately 4.8 million shares  of common stock at a per share purchase price of US $0.67, and three-year warrants to purchase up to approximately 2.4 million shares of Common Stock at an exercise price of US $0.74 per share, for aggregate gross proceeds of approximately US $3.2 million.

IntelGenx closed on June 22, 2011, at $0.73, trading on volume of 712,495.  IntelGenx is a drug delivery company focused on the development of oral controlled-release products as well as novel rapidly disintegrating delivery systems. IntelGenx 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. IntelGenx’ research and development pipeline includes products for the treatment of severe depression, hypertension, erectile dysfunction, benign prostatic hyperplasia, migraine, insomnia, bipolar disorder, idiopathic pulmonary fibrosis, allergies and pain management.

As previously announced, on June 3, 2011, the Company entered into a definitive securities purchase agreement with certain accredited and institutional investors for the issuance and sale in a private placement transaction of 2,582,536 Shares and Warrants to purchase up to 1,291,268 shares of Common Stock, for aggregate gross proceeds of approximately $1.7 million.

The Company also previously announced that it intended to enter into a definitive subscription agreement solely with Canadian investors for the issuance and sale in a concurrent non-brokered private placement transaction of up to an additional $1.5 million in Shares and Warrants under the same terms and conditions as the US Private Offering. On June 21, 2011, the Company entered into definitive subscription agreements with such Canadian investors for the issuance and sale of 2,238,806 shares and warrants to purchase up to 1,119,403 shares of common stock, for aggregate gross proceeds of approximately $1.5 million.

The US and Canadian Private Offerings were consummated on June 21, 2011, pursuant to which the Company received aggregate gross proceeds from the US and Canadian Private Offerings of approximately $3.2 million, before deducting offering expenses. The Company intends to use the net proceeds from the sale of the Shares and Warrants pursuant to the US and Canadian Private Offerings for general corporate purposes.

Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ:RODM – News), acted as the exclusive placement agent for the US Public Offering. On the Closing Date, the Company paid/issued to Rodman & Renshaw, LLC or its designees: (i) cash commissions in the amount of $121,120.85, representing 7% of the aggregate gross proceeds received by the Company in the US Private Offering, plus expenses in the amount of $24,982.38; and (ii) warrants to purchase 180,778 shares of Common Stock, representing 7% of the amount of Shares sold in the US Private Offering.

To view the StockGuru Spotlight on IntelGenx Technologies Corp. (TSX VENTURE:IGX) (OTCBB:IGXT) please visit: http://www.stockguru.com/category/latest-spotlights/

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