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news.IntelGenx and Cary Pharmaceuticals have ratified the definitive agreement originally signed on November 5, 2007 to jointly develop and commercialize Cary's oral antidepressant using IntelGenx's proprietary oral delivery technology.
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Under the terms of the agreement, IntelGenx secured funding of $2 million for the completion of the product development after closing a private placement worth $2.8 million on March 27, 2008. IntelGenx will be entitled to profit sharing. The parties anticipate that a new drug application will be filed with the FDA during the second half of 2008. The commercial launch of the product is expected upon FDA approval in 2009.
Horst Zerbe, president and CEO of IntelGenx, said: “We are pleased that the funding milestone is now complete and that we are on track to meet our filing deadline of H2/2008 for CPI-300.”