Tilray Inc. has been on quite the rally this month, more than doubling in price, but had seen a retrace on Thursday.
The company has had several developments this month and the most recent is with IntelGenx Corp., which announced that it has executed a non-binding letter of intent with Tilray.
Pursuant to the LOI, subject to entering into a definitive agreement and the satisfaction of customary closing conditions, IntelGenx and Tilray will fund 20% and 80% of the costs associated with the development of the cannabis-infused VersaFilm™ products, respectively.
IntelGenx will have rights to manufacture and supply the co-developed products to Tilray, and will also receive a fixed single-digit royalty on net product sales. Tilray will have the exclusive, worldwide marketing and distribution rights for the co-developed products.
“Our proprietary VersaFilm™ drug delivery platform offers a number of proven advantages – including increased bioavailability, precision dosing, accelerated onset of action, reduced side effects, child-resistant packaging and easier, more discrete administration – all of which we believe have the potential to improve the way people may use and experience cannabis in the future,” commented Dr. Horst G. Zerbe, President and CEO of IntelGenx.
He added, “This LOI marks the first step in forming an exciting partnership with Tilray®, a global leader in the medical and recreational cannabis industry.”
Disclaimer: We have no position in IntelGenx Technologies Corp. (IGXT) nor Tilray Inc. (NASDAQ: TLRY) and have not been compensated for this article.