IntelGenx Technologies Corp. (OTCMKTS:IGXT) posted its financial results on March 31, 2015, for the fiscal ended December 2014. Although the report showed a decline in bank balance, the company still owns a healthy cash balance. In addition, the firm has been witnessing higher sales of Forfivo XL, along with considerable progress in its R&D program on the VersaFilm.
IntelGenx said that the company worked on its expansion plans with a new facility for its VersaFilm project. The new facility is expected to complete by the end of 3Q2015. The company disclosed that it opted for $3.5 million of financing for the development of the new facility. The management maintained a positive stance towards the increasing number of key projects IntelGenx has been undertaking. The senior executives are confident that the company possesses the required resources and the capability to carry on all these tasks simultaneously.
The financial results showed a drop of $0.6 million in terms of cash balance, from $5 million in FY2013 to $4.4 million in FY2014. The company stated that the decline in cash position is mostly due to $0.1 million surge in investments and $0.3 million of extended loss in foreign exchange. There has been a decline in cash offered by financing activities, which reduced by $2.9 million. IntelGenx stated that it is because the amount in FY2013 comprised $3 million from public offerings.
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As per the report, IntelGenx Technologies Corp. (OTCMKTS:IGXT) stated that revenue surged 75% in FY2014. The company expects to report sustainable growth in FY2015. It is one of those companies on OTC marketplace that has strong financial status and bright growth prospects for the future. It keeps on fetching interest from investors; still the stock movement is highly volatile. In last trading session, the stock price of IntelGenx surged 3.36% to close at $0.661 with share volume of 485,636.