On Thursday, IntelGenx Corp (OTCMKTS:IGXT) was one of the companies that had been in the news cycle following a significant new announcement with regard to its operations.
On Thursday, IGXT stock moved up 2.21% to $0.1226 with more than 229.91K shares, compared to its average volume of 120.81K shares. The stock moved within a range of $0.1169 – 0.1298 after opening trade at $0.1200.
IntelGenx’s Collaboration with atai Life Sciences Culminates in the Initiation of First-in-Human Clinical Study of an Oral Thin Film Psychedelic Drug Candidate
The company came up with an update in relation to the collaboration with atai Life Sciences, its strategic partner involved in the development of unique pharmaceutical-grade psychedelic formulations. The formulations are going to be manufactured on the polymeric film technologies which have been developed by IntelGenx Corp. The company announced yesterday that in line with the pair of existing feasibility agreements in place, IntelGenx Corp had done formulation development, pre-development and clinical supply manufacturing for the purpose of providing atai with a prototype.
The strategic partner is going to be involved in conducting further clinical studies into the prototype. It was a major new announcement from the company and one that could lead to further optimism among investors with regard to the collaboration.
Yesterday, the company announced that the candidate in question is buccal VLS 01, which is a buccal film equipped with a film of N, N-dimethyltryptamine. In this regard, it should be noted that atai is now engaged in developing a product for providing therapy for treatment-resistant depression.
“We were very pleased with atai’s recent announcement that it had dosed the first subject in its Phase 1 clinical trial of buccal VLS-01, with topline results expected in H1 2023,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “The initiation of this first-in-human study of a pharmaceutical-grade psychedelic buccal film drug candidate represents the achievement of another major milestone for IntelGenx, and what we expect will be the first of many for our strategic partnership with atai.”
IGXT stock is trading above the 20-Day and 50-Day Moving averages of $0.13 and $0.16 respectively. However, the stock is trading below the 200-Day moving average of $0.25. The company has a total market capitalization of $21.45 million.