IntelGenx announced that the Canadian Intellectual Property Office recently issued a Notice of Allowance for the Company's Canadian Patent Application Number 2,998,223 entitled "Loxapine Film Oral Dosage Form", covering the use of loxapine in an oral transmucosal film for the treatment of schizophrenia or bipolar 1 disorder. This is the Company's first patent allowed in Canada and the Company's first Canadian patent for its VersaFilm technology. Upon issuance, the patent will grant exclusivity protection in Canada for IntelGenx's Loxapine VersaFilm product for the treatment of schizophrenia or bipolar 1 disorder through 2037. This is also the Company's first patent application to receive NoA in relation to its Loxapine VersaFilm project.
IntelGenx initiated with a Buy at Maxim. Maxim analyst Jason McCarthy initiated IntelGenx with a Buy rating and a price target of $3, citing the expected launch of four products in 2019-20 - Rizaport (migraine), Cialis (erectile dysfunction), Loxapine (schizophrenia/bipolar disorder) and Suboxone (opioid dependence) - supporting the company's platform of rapid acting thin film drug delivery. McCarthy says IntelGenx's VersaFilm is a "disruptive technology for drug delivery", positioned for "significant" royalty revenue from the launch of new products, with catalysts to drive higher valuation.