IntelGenx Technologies Corp. (the ?Company? or ?IntelGenx?) announced that the Québec Superior Court (Commercial Division) (the ?Court?) has issued an initial order (the ?Initial Order?) granting the Company and its subsidiaries protection under the Companies?

Creditors Arrangement Act (R.S.C., 1985, c. C-36) (the ?CCAA?). Since its inception, IntelGenx has funded its operations primarily through public and private equity offerings, loans from business partners and research and development support payments generated from collaborations with third parties. The Company is currently facing a short-term liquidity crisis as a result of its inability to secure necessary bridge financing ?

leading to a lack of time and financial resources to complete an ongoing digital offering ? which liquidity crisis was exacerbated by delays in the regulatory approval process for the commercialization of certain of IntelGenx?s products, resulting in the postponement of potential additional revenue streams. After a careful review of all available alternatives and following thorough consultation with its legal and financial advisors, the Company?s Board of Directors determined that it was in the best interest of IntelGenx and its stakeholders to file an application for creditor protection under the CCAA. The protection afforded by the CCAA is intended to provide the Company with the time and breathing room necessary to implement a strategic review process under the oversight of the Board of Directors and with the advice of IntelGenx?s professional advisors.

In this regard, IntelGenx anticipates that it will seek Court approval to initiate a formal sale and investment solicitation process intended to generate interest in either the business or the assets of IntelGenx, or in a recapitalization of IntelGenx, with the goal of implementing one or more transaction(s). The implementation of one or more transaction(s) may be in addition to, or as an alternative, to a CCAA plan of compromise or arrangement, to maximize return in respect of IntelGenx?s business and assets. The Initial Order provides a stay of creditor claims and exercise of contractual rights with a view to provide the Company some breathing room to implement its strategic review process.

IntelGenx hopes for an outcome that will allow its superior film technologies, including VersaFilm® and VetaFilm® technologies, to realize their full potential and ensure the continuation of its business as a going concern. The Initial Order provides that the Company?s management remains responsible for the day-to-day operations of the Company and that the Board of Directors remains intact. The Company is committed to completing the restructuring process quickly and efficiently.

The Court has appointed Ernst & Young Inc. to serve as Monitor in the CCAA proceedings and to assist the Company with its restructuring efforts and report to the Court during the restructuring. The Initial Order authorizes interim debtor-in-possession financing (DIP) financing in order to allow the Company to continue its operations during the restructuring process and implement the necessary restructuring measures. Trading in the common shares of the Company on the Toronto Stock Exchange (the ?TSX?) has been halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX regarding the suitability of the Company for listing on the TSX.