Market Overview

IntelGenx Completes C$8.2 Million Equity Offering


SAINT LAURENT, Quebec, Feb. 11, 2020 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSXV:IGX) (OTCQX:IGXT) (the "Company" or "IntelGenx") is pleased to announce that it has closed its offering (the "Offering") of 16,317,000 units (the "Units") at a price of C$0.50 per Unit (the "Offering Price") for gross proceeds of C$8,158,500.

Each Unit consists of one share of common stock (the "Offered Shares") and one warrant (a "Warrant") entitling the holder to purchase one share of common stock of the Company at an exercise price of C$0.75 per share (a "Warrant Share"). The Warrants are exercisable immediately and will expire on the third anniversary of the date of their issuance.

The Units were distributed under a short form prospectus dated January 27, 2020 filed by the Company in connection with the Offering and available on SEDAR at and have been registered with the United States Securities and Exchange Commission pursuant to a Form S-1 Registration Statement that was declared effective on January 31, 2020 (the "Registration Statement"). The Offering was conducted, on a best efforts basis, by Echelon Wealth Partners Inc. (the "Agent"). In consideration for the services rendered by the Agent, the Company has paid the Agent an agency fee equal to 7% of the gross proceeds of the Offering and has issued the Agent a number of warrants (the "Agent Warrants") equal to 7% of the number of Units issued under the Offering, each Agent Warrant entitling the holder to purchase one share of common stock of the Company at an exercise price of C$0.75 per share until the third anniversary of the date of their issuance. After the payment of the Agent's commissions and the reimbursement of certain of the Agent's Offering expenses and the payment of other Offering expenses, the Company expects the net proceeds from the Offering to be approximately C$7.4 million.

The Company has granted the Agent an over-allotment option exercisable, in whole or in part, at the sole discretion of the Agent, at any time prior to 5:00 p.m. (Montreal time) on the date that is the 30th day after the date hereof, to offer and sell up to an additional number of Units representing 15% of the number of Units sold pursuant to the Offering, at the Offering Price to cover over-allocations, if any, and for market stabilization purposes.

The TSX Venture Exchange (the "TSXV") has conditionally approved the listing of the Warrants and the common stock that will be issued by the Company in the Offering, including the shares of common stock issuable upon the exercise of the Warrants and the Agent Warrants. Listing on the TSXV will be subject to the Company fulfilling all of the listing requirements of the TSXV within 15 days of the closing of the Offering.

The Warrants will be listed on the TSXV under the symbol "IGX.WT" and will commence trading effective at the opening of the market on Thursday, February 13, 2020.

The Company intends to use the net proceeds from the Offering for its Phase 2A Montelukast Study and general working capital requirements.

About IntelGenx

IntelGenx is a drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx's film technologies, including VersaFilm®, VetaFilm™ and transdermal, allow pharmaceutical products that address unmet medical needs. IntelGenx's product pipeline offer benefits to patients and physicians for many therapeutic conditions.

IntelGenx's team provides pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production.

Forward-Looking Information and Statements

This document may contain forward-looking information or forward-looking statements within the meaning of applicable U.S. and Canadian securities laws. These statements are statements that are not purely historical. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. These statements are statements that are not purely historical and include, but are not limited to, statements about the completion of the Offering, the use of the Offering proceeds, 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. These forward-looking statements include statements regarding the use of proceeds, the listing of the Offered Shares, the Warrants and Warrant Shares on the TSXV, the declaration of the effectiveness of the Registration Statement, and the timing for closing of the Offering. 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's 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 the Registration Statement and IntelGenx's annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at, and also filed with Canadian securities regulatory authorities and The Company does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date of this press release, unless so required by legislation.

For more information, please contact:

Stephen Kilmer
Investor Relations
(514) 331-7440 ext 232


Andre Godin, CPA, CA
President and CFO
IntelGenx Technologies Corp.
(514) 331-7440 ext 203

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer or solicitation of sale would be unlawful.

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