IntelGenx Provides Update on Previously Announced Sale and Investment Solicitation Process
MONTREAL, July 19, 2024 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (the “Company” or “IntelGenx”) (OTC: IGXT), a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, announced today that the Phase 1 Non-Binding LOI Submission Deadline set for 5:00 p.m. (EDT) on July 15, 2024 in connection with the previously announced sale and investment solicitation process (“SISP”) has lapsed. As Phase 1 of the SISP did not result in alternative superior bids, IntelGenx and atai Life Sciences AG (“atai”) have now initiated the process to complete the purchase and sale transaction. The parties currently expect to obtain final approval from the Québec Superior Court (Commercial Division) and close the transaction prior to September 30, 2024.
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