IntelGenx Technologies Corp. (OTCMKTS:IGXT) released its financial report on March 31, 2015, for the fiscal year ended in December 2014. Even though its bank balance has seen a small decline, the company still has a very healthy bank balance. Additionally, the corporation has been experiencing increased sales of Forfivo XL, along with some progress in its R&D department on the VersaFilm.
The company also reported expansion, with a dedicated facility for its growing VersaFilm project. The facility is to be completed by the end of the third quarter of 2015, but the company had to take credit worth $3.5 million for the construction and equipment.
The management has show a positive attitude towards the growing number of projects the company has been undertaking. The senior executives of the company are sure that they have the necessary resources and the capacity to work on all of these tasks at once.
The financial report did show a decline of $0.6 million in terms of cash available, from $5 million in 2013 to $4.4 million in 2014. The company does however state that the fall in cash is mostly due to $0.1 million increase in investments and $0.3 million increase in loss in foreign exchange. There has also been a downfall in cash provided by financing activities, which dropped by $2.9 million. The company believes that this is because the amount in 2013 included $3 million from public offerings.
One of the best points of this year’s report was the increase in revenue by 75%. The company certainly has a lot planned for 2015, and the investors would be looking forward to a great year ahead. Surprisingly, with so much development in place and a healthy financial status, the company is still being traded in penny stocks. It keeps on attracting interest from buyers, but the stock has proven to be highly unpredictable. Buyers always need to be on toes when dealing, with the stock of this company.