On Thursday, IntelGenx, a drug delivery development company that produces and sells pharmaceutical films such as VersaFilm and transdermal VevaDerm, reported its Q4 full year 2020 financials, reporting fourth-quarter sales of $790,000 with an adjusted EBITDA loss of $754,000.
After IntelGenx Technologies’ recent fourth-quarter report, Douglas Loe, an analyst at Leede Jones Gable, is optimistic about the venture. Loe disclosed a C$1.00 target price in an update to investors, representing a forecast one-year return of 100% at the time of publishing.
The rise in sales was attributed to improvements in licensing deals, according to IntelGenx. The company is pleased to see that the positive effect of its performance improvement initiative is expressed in its financial results. The transformative relationship helped to affirm the company’s long-term growth plan.
Following the fourth quarter, IntelGenx obtained its first sales contract for CBD filmstrips from Canadian medicinal cannabis firm Heritage Cannabis, which used IGX’s VersaFilm technology.
The first shipment is for 75,000 CBD Filmstrips, with delivery scheduled for the second quarter of this year. Also, Loe wrote that the firm will be waiting for an insight on the progress of production for VersaFilm-based psychedelic medications in the future.