A day after IntelGenx Technologies Corp. (OTC:IGXT) corporate presentation, the share price of the company gapped down at market open yesterday. There was no particular reason for the lower closing price, apart from the still missing CEO presentation that was supposed to be posted on the company’s website. 
IGXT closed the last session at $0.64, which represents a 3.03% decline from the previous day. Trading volume was almost equal to the average with 355,128 traded shares. The $0.60 level looks like the next support if IGXT keeps losing value today. The latest news from the company was related to a presentation of IGXT President and CEO at the Rodman & Renshaw 13th Annual Healthcare Conference at the Waldorf-Astoria Hotel in New York.
According to a press release from last Tuesday, the presentation was to be held on September 13, and subsequently posted on IntelGenx corporate website. No presentation is available yet, and no press release has been issued either to inform traders about any new information presented at the conference.
In the middle of August, the company filed its quarter report for the three months ended June 2011. The balance sheet shows cash and equivalents for $3.2 million, and accounts payable for $382,000 as the only liability of the company. The cash has been increased due to two private offerings from June this year in which IGXT sold 4.8 million shares of common stock at $0.67 per share plus warrants to purchase another 2.4 million shares at $0.74 per share.
Total amount raised was $3.2 million, and unfortunately that private placements have been mentioned on first place in the section ‘Key Developments’ in the 10-Q, followed by the progress on the company’s product candidates. During the reported quarter, there was also a substantial decrease in the total revenue compared to same period of last year.
Royalty revenue declined because of increased competition in the nutritional supplement market, while milestone payments from the company’s partners decreased due to the ‘changing status’ of IGXT development projects. The market cap, however, still points that IGXT is traded with a much higher than the average premium to the company’s sales and tangible assets.
