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IntelGenx Technologies prices offering of units

IntelGenx Technologies Corp. priced an agency offering of 17,144,314 units at 70 cents each.

The Canadian drug delivery company expects to raise gross proceeds of about $12 million from the offering.

Each unit comprises 1 common share and half a warrant to buy 1 common share for $1.

The offering is being made on a best-efforts basis in the U.S. and the Canadian provinces of British Columbia, Alberta, Manitoba, Ontario and Quebec, and it is expected to close on or about Oct. 22.

Net proceeds will go toward IntelGenx Technologies' clinical development, regulatory activity and working capital.

The company applied to list the offered shares and warrants on the TSX Venture Exchange.

H.C. Wainwright & Co. is acting as exclusive agent for the units offered in the U.S. Echelon Wealth Partners Inc. is acting as exclusive placement agent for the units offered in Canada. Echelon has a 30-day overallotment option to buy an equivalent of up to 15% of the shares and warrants being offered.

IntelGenx Technologies develops and makes pharmaceutical oral films based on its proprietary VersaFilm technology platform.