IntelGenx Technologies Corp. (OTCMKTS:IGXT) issued its financial numbers on March 31, 2015, for the year ended December 2014. The financial report showed a drop in bank balance; still the company has adequate cash balance. The firm has been recording higher sales of Forfivo XL, along with substantial progress in its R&D initiatives on the VersaFilm.
IntelGenx said that it worked on its expansion strategies with a new and unique facility for its key VersaFilm project. The work of the new facility is expected to end by the end of 3Q2015. The company announced that it secured $3.5 million of financing to support the development activities of the new facility. The team is confident about the increasing number of vital projects IntelGenx has been working on. The senior executives believe that the company has adequate resources and the tools to complete these operations simultaneously.
The number game
The financial report highlighted a decline of $0.6 million in cash balance. The cash balance came at $4.4 million compared to $5 million in FY2013. The decline in cash position was mostly due to increase in investments amounting to $0.1 million and additional $0.3 million of loss in foreign exchange. The company posted a decline in cash coming from financing activities, which dropped by $2.9 million. IntelGenx said that the total amount in FY2013 included amount of $3 million from public offerings.
As per the financial report, IntelGenx Technologies Corp. (OTCMKTS:IGXT) revenue jumped 75% in FY2014. Moving forward, the company forecasts sustainable growth in FY2015. It belongs to the list of those companies on OTC platform that has promising financial status and strong growth opportunities in the future. The company’s stock price keeps on getting increased interest from investors. It has been trading extremely volatile from past few weeks with a surge in total share volume. On Monday, the stock price opened 1.52% lower at $0.650.