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IntelGenx Technologies Corp. Message Board

  • yzzycz yzzycz May 21, 2013 10:58 PM Flag

    Great new AEGIS CAPITAL report on IGXT. Nobody follows IGXT on Facebook or what??

    IntelGenx Technologies Corp.
    Rating: Buy
    IntelGenx: Looking Towards A Pivotal Year Ahead
    Investment Highlights:
    ■ Forfivo™ Traction Expected To Accelerate. We note that Forfivo™ has
    now been available in the U.S. for roughly six months, and that IntelGenx's
    partner Edgemont Pharmaceuticals appears to have dealt with most of the
    initial snags that impacted the launch of the drug. Accordingly, therefore,
    we anticipate meaningful acceleration in Forfivo™ prescription volumes in
    the coming months. While we do not expect the drug to become a massive
    seller, we note that even a relatively modest revenue base would likely have
    substantial impact on IntelGenx's bottom line, and should be sufficient to
    drive the company towards profitability. We note that IntelGenx continues to
    exhibit a cost-effective operational approach, burning roughly $2mm or less
    per year. We reiterate our Buy rating and 18-month price target of $3.00 per
    share on IGXT.
    ■ Rizatriptan 505(b)(2) Application Filed. In March 2013, IntelGenx
    reported that it had filed for approval of an oral film-based proprietary
    formulation of rizatriptan, a well-known anti-migraine drug belonging
    to the triptan class. Rizatriptan, which was originally developed and
    commercialized by Merck & Co. (MRK/NYSE, Not Rated) under the trade
    name Maxalt, had sales of $638mm in 2012. The patent protection on Maxalt
    has now expired. We believe that, even in the face of generic competition,
    it should be possible for IntelGenx's oral film formulation to eke out a solid
    niche in the migraine market, particularly as the company's delivery approach
    provides substantial advantages from an absorbability perspective.
    ■ Management Transition Announced. IntelGenx recently appointed Dr.
    Rajiv Khosla, a widely-respected industry veteran who previously spent
    several years at Biovail Corporation - now Valeant Pharmaceuticals
    International (VRX/NYSE, Buy) - as Chief Scientific Officer and Chief
    Operating Officer. Dr. Khosla is also slated to assume the post of CEO
    effective January 2014. Horst Zerbe, the company's founder and current CEO,
    is expected to stay on as Chairman of the Board of Directors and is slated to
    continue to provide expertise on formulation, drug manufacturing and R&D.
    From our perspective, the appointment of Dr. Khosla is a solid step forward
    for IntelGenx and should enable the firm to operate more aggressively from
    an out-licensing and partnership standpoint.
    ■ Additional Catalysts Expected Near-Term. We believe that 2013 is likely
    to be a watershed year for IntelGenx because this is the first time that
    the company is in position to reap rewards from a marketed product -
    Forfivo - which is in full ramp mode, while simultaneously filing other
    drug candidates for approval with the FDA. In our view, even one or two
    regulatory submissions should catch the eye of discerning investors, the
    majority of whom we continue to believe are unaware of the potential inherent
    in IntelGenx's diversified product candidate portfolio and capital-efficient
    business model.

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