On Friday IntelGenx Technologies Corp. (OTC:IGXT) tried to break the 52-week high of $0.69 on no news of announcements from the company. The 50-day moving average confirms the uptrend this year, but the last jump up looks speculative. 
Last Tuesday IGXT filed its financial results for the first quarter of 2011, but the share price did not leave the normal trading range on that news. Though, on Friday IGXT surged to $0.66 and closed the market at that level, reporting a 13.99% increase from the previous close. The trading volume was more spectacular with 642,000 traded shares, representing the heaviest trading activity for the past three years.
While some forum participants speculated on the reasons behind, suggesting an increase in the institutional holdings and some company’s directors buying shares intensely, the reported results did not suggest that IntelGenx could go higher. As of end-March 2011 the company had only $575,000 in cash compared to $1.14 million as of end-December 2010 and the favorable income from the patent infringement process IGXT was involved is known since January this year. That was an excellent start of 2011, although the company spent $1.1 million in litigation costs.
IntelGenx has currently 14 product candidates under development and it anticipated that the most advanced one named CPI-300 gets FDA approval in the second half of 2011. Subsequent commercial launch is expected in the fourth quarter. CPI-300 is a higher strength of the antidepressant bupropion HCl and it has been developed using the company’s proprietary controlled release technology.
Yet, the revenue stream has to make a rapid increase for IGXT to get profitable. The accumulated deficit so far exceeds $10 million and so far cash has been provided through the issuance of capital stock and debts. Liabilities have been substantially reduced over the past year and amounted $278,000 as of March 31, 2011.
