IntelGenx Announces Subscription For Notes

SAINT LAURENT, Quebec, July 27, 2021 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp.
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SAINT LAURENT, Quebec, July 27, 2021 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSXV: IGX) (OTCQB: IGXT) (the " Company" or " IntelGenx") announces that it has received subscriptions from investors in the United States for U.S.$2.1 million principal amount of 8% convertible notes due July 31, 2025 (the " Notes"). The Notes will bear interest at a rate of 8% per annum, payable quarterly, and will be convertible into shares of common stock of the Company (the " Shares") beginning 6 months after their issuance at a price of U.S.$0.40 per Share. The offering of the Notes (the " Offering") is subject to the approval of the TSX Venture Exchange, receiving an exemption from the prospectus requirement from the Autorité des marchés financiers, and other customary closing conditions. The Offering is expected to close on or about July 30, 2021.

The Company intends to use the proceeds of the Offering to finance the Company's Montelukast study.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities in any jurisdiction where not permitted by law. Any securities described in this announcement have not been registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of a "U.S. person" as defined in Regulation S under the U.S. Securities Act, except in transactions exempt from, or not subject to, registration under the U.S. Securities Act and applicable state securities laws.

About IntelGenx

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

IntelGenx's superior film technologies, including VersaFilm ®, VetaFilm™ and transdermal, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx's innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.

IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.

Forward-Looking Information and Statements

This document may contain forward-looking information or forward-looking statements within the meaning of applicable U.S. and Canadian securities laws. These statements are statements that are not purely historical and include, but are not limited to, statements about the terms of the Offering, the successful completion of the Offering, the Company's anticipated use of proceeds under the Offering, and the expected timing for closing of the Offering. No assurance can be given that the Offering will be completed as described above, or at all. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx' actual results could differ materially from those expressed or implied by these forward-looking statements.

Factors that could cause or contribute to such differences include, but are not limited to, failure to obtain TSX Venture Exchange approval of the Offering, failure to obtain an exemption from the Autorité des marchés financiers and failure to satisfy the closing conditions provided for in the Offering. IntelGenx assumes no obligation to update any such forward-looking statements.

Although the Company believes that the expectations and assumptions on which Forward-Looking Information is based are reasonable, readers of this press release are cautioned not to rely unduly on this Forward-Looking Information since no assurance can be given that they will prove to be correct. The Company does not undertake any obligation to update or revise any Forward-Looking Information, whether as a result of events or circumstances occurring after the date of this press release, unless so required by legislation.

Each of the TSX Venture Exchange and OTCQB has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

No securities regulatory authority has either approved or disapproved of the contents of this press release. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer or solicitation of sale would be unlawful.

Source: IntelGenx Technologies Corp.

For IntelGenx:

Stephen KilmerInvestor Relations (514) 331-7440 ext 232 stephen@intelgenx.com

Or

Andre Godin, CPA, CAPresident and CFOIntelGenx Corp.(514) 331-7440 ext 203 andre@intelgenx.com