- IntelGenx (TSX:IGX) has announced it and Tilray Brands (TSX:TLRY) have amended their November 2018 license to co-develop and commercialize cannabinoid-infused VersaFilm products
- IntelGenx has received an initial purchase order for three stock-keeping units (SKUs) totalling 130,000 filmstrips each
- The amendment allows IntelGenx to co-develop and commercialize CBD, THC and combination THC/CBD products with additional partners
- Shares of IntelGenx are unchanged at C$0.19, while shares of Tilray Brands are down 1.52 per cent to $2.59 as of 10:35 am ET
IntelGenx (TSX:IGX) has announced that it and Tilray Brands (TSX:TLRY) have amended their November 2018 license to co-develop and commercialize the cannabinoid-infused VersaFilm products.
In a news release, the Saint Laurent, Quebec-based company stated the amendment officially settles IntelGenx’s arbitration claim against Tilray.
Under the terms of the amendment, IntelGenx has received an initial purchase order from Tilray for three stock-keeping units (SKUS) totalling 130,000 filmstrips each.
The amendment will allow IntelGenx to co-develop and commercialize CBD, THC and THC/CBD products with additional partners and remove any paid royalties paid to or from Tilray.
“This partnership and settlement represent a significant milestone in building our relations with Tilray, and we are excited to begin this new chapter of the companies making innovative cannabinoid-infused oral thin film products available to consumers,” Dwight Gorham, CEO of IntelGenx, said in a statement.
The companies’ initial 2018 agreement states that IntelGenx and Tilray will fund 20 per cent and 80 per cent of the costs respectively associated with the development of the cannabis-infused Versafilm products.
At the time, IntelGenx was to have the exclusive right to manufacture and supply the co-developed products to Tilray and received a fixed single-digit royalty on net product sales.
Tilray was to have the exclusive, worldwide marketing and distribution rights for the co-developed products.
IntelGenx is focused on the development and manufacturing of pharmaceutical films. Its superior film technologies, include VersaFilm, DisinteQ, VetaFilm and transdermal VevaDerm.
Tilray Brands is a pharmaceutical, cannabis-lifestyle and consumer packaged goods company that has operations in the United States, Canada, Australia, New Zealand and Latin America, with growing facilities in Germany and Portugal.
Shares of IntelGenx are unchanged at C$0.19 while shares of Tilray Brands are down 1.52 per cent to $2.59 as of 10:35 am ET.
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