Drug delivery company IntelGenx (CVE:IGX) missed expectations on Wall Street yesterday with its second quarter results.
The Quebec-based company posted a net loss of -$550,000 on sales of $1.1 million for the 3 months ended June 30, paring its losses by 32% on sales growth of 64% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were -1¢, behind consensus on The Street, where analysts were looking for sales of $2.3 million.
“We continued to make significant progress toward advancing our clinical and commercial goals in the second quarter of 2017,” president & CEO Horst Zerbe said in prepared remarks. “Noteworthy among our achievements in the period was the continued rapid expansion of our intellectual property portfolio, ensuring long-term market exclusivity of our products. Subsequent to quarter-end, we strengthened our balance sheet through the completion of a convertible debenture offering, the net proceeds from which will be used for investments in leasehold improvements and equipment, clinical studies, product development and general working capital requirements.”
Since the start of July, IGX shares have fallen -19%, trading at $1.00 (78¢ US) apiece before the market closed yesterday.
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