IntelGenx to Commence Phase 1 Trial of Montelukast, Shares Head Higher On News

IntelGenx to Commence Phase 1 Trial of Montelukast, Shares Head Higher On News

By: Dylan Sikes - AllPennyStocks.com News

Thursday, July 14, 2016

The biotechnology sector saw a sharp pullback in yesterday’s trading following an excellent run over the past few days. The sector benefited from the rally in risk assets following Friday’s strong jobs report for the month of June. The iShares NASDAQ Biotechnology (ETF) (NASDAQ:IBB) was up slightly in mid-day trading today, in fact, IBB is still up over 5% for the month of July. IBB though remains well below its 52-week high of $400.79.


The biotechnology sector remains under pressure with several smaller biotechnology companies finding it difficult to raise money in the capital market. However, the sharp pullback in the biotech sector also makes it ripe for M&A activity. In fact, M&A activity could even provide support to the sector.

One stock on the move up with the Biotech ETF is IntelGenx Technologies Corp. (OTCQX:IGXT). IGXT is a drug delivery company focused on the development of oral immediate-release and controlled-release products. The Company also focuses on developing pharmaceutical products based on its drug delivery technologies. Its product development efforts are based upon over three delivery platform technologies, such as VersaFilm, an oral film technology; VersaTab, a multilayer tablet technology, and AdVersa, a mucoadhesive tablet technology. The VersaFilm technology consists of a thin (25 to 35 micron) polymeric film consisting of the United States Pharmacopeia (USP) components for use in food, pharmaceutical and cosmetic products.

IGXT shares are gaining momentum in trading today after the company announced yesterday the recent initiation of a phase 1 clinical trial of montelukast, a unique drug repurposing opportunity for the treatment of degenerative diseases of the brain, such as: mild cognitive impairment and Alzheimers disease, the most prominent form of dementia. The objectives of the trial are to demonstrate: 1. IntelGenx oral film product will provide therapeutically effective blood levels of montelukast, and; 2. montelukast when delivered using IntelGenx oral film crosses the blood brain barrier.

IGXT is collaborating with Dr. Ludwig Aigner, a neuroscientist who is a member of IntelGenx Scientific Advisory Board and head of the Institute of Molecular Regenerative Medicine at the Paracelsus Medical University in Salzburg, Austria. Dr. Aigner has made major contributions in the field of brain and spinal cord regeneration over the last 25 years.

At last check, IGXT shares were trading 2.04% higher at $0.50 on volume of 2,000, which is significantly under the daily average volume of 38,105. That being said, shares are up for three straight days and are now trading at the mid-way point of their 52 week range.

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