IntelGenx (TSX: IGX), a Montreal, Quebec-based pharmaceutical company engaged primarily in research and development activities, obtained protection under the CCAA on May 17.

Founded in 2003, the company specializes in novel oral thin film products for the pharmaceutical market. It has developed, among other things, a specific technology intended to provide rapid onset of action for indications such as migraines and nausea.

More recently, the company entered the psychedelic market through a strategic partnership with its principal secured creditor, Atai Life Sciences AG.

None of the company’s products have reached commercialization, though it was hoping to receive FDA approval for its pain medicine drug in early 2024. Delays in this approval have made raising additional capital difficult.

Atai, currently owed approximately USD $12.4 million, has agreed to provide additional financing but only in the context of an insolvency process that provides for a sale and investment solicitation process.

EY was appointed monitor.

Counsel is McCarthy Tétrault for the company, Osler for the monitor and Norton Rose Fulbright for Atai Life Sciences AG.

By: Dina Milivojevic