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IntelGenx Corp. (IGX) Inks Commercialization Agreement with RedHill Bipharma for Migraine Relief Treatment

IntelGenx Corp. has secured an agreement with RedHill Biopharma Ltd., a privately held pharmaceutical company, in which RedHill will co-develop and license IntelGenx’s first oral thin-film migraine relief product based upon the company’s proprietary VersaFilm technology.

In the fourth quarter of 2009, IntelGenx released data suggesting VersaFilm as a product that is bioequivalent to a leading branded anti-migraine therapies.

“We are excited to have concluded our first, of what we believe to be many future, thin-film partnerships,” Dr. Horst G. Zerbe, president and CEO of IntelGenx stated in the press release. “This partnership will help accelerate the development of this product through to commercialization and will allow us to focus on a large number of future compounds using our VersaFilm portfolio technology, the most notable of these future products being our erectile dysfunction film.”

Per the agreement, RedHill will obtain exclusive worldwide marketing rights for VersaFilm. IntelGenx will receive an upfront payment, milestone and external development fees totaling up to $2.1 million from RedHill.

In addition, when VersaFilm is commercialized, IntelGenx will receive 40 percent of all proceeds. The two companies are now in a 90-day exclusivity period in which IntelGenx is prohibited from negotiating with other companies in regards to VersaFilm.

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