Unidentified Analyst: Hello, folks. Yes. Good to speak with you. This is my first time calling into one of your Investor Relations, but I’ve been invested long for a little while. I’m actually quite optimistic. David, you joining our team, you’re, if I understand correctly, Rotman from University in Toronto. Rotman, is that correct?
David Kideckel: Yes. I did. Hi, thanks for the question. PhD at University of Toronto and then an MBA at Rotman at University of Toronto as well, yes.
Unidentified Analyst: Amazing. Okay. Because I did some work with CDL a few years back and in the quantum space. So seeing what may be to the American market, not necessarily the visible heavy hitter come on to the team, I think, you may be here. Can you tell me when you were first approached by IntelGenx, what excited you about joining the team?
David Kideckel: Yes. I think that’s a really good question. I think we’re at a pivotal stage right now. You have a company that’s been around for quite some time now, around 20 years in the oral film markets. And then the types of drugs that we’re actually targeting, generics, in particular, I felt €“ I’m a former analyst as well. We talked about my capital markets experience, but I mean I was a former analyst. So the former investors question too around increased presence. I mean I completely get it because I’ve worn that hat before. So I think just to go back to your question here, what excited me was the opportunities that we have, the markets that IntelGenx is competing in are quite large, and the technology is second to none.
When you look at the technology itself, the only oral film type of technology within Canada. There are others, obviously, in other parts of the world, but I think with Horst’s expertise and really the entire management teams here, I think now is the time for IntelGenx to really make inroads. So I’m certainly counting on that and betting on it as I put my career on the line to join the company and move forward here. So I’m excited to see how things will turn not just with FDA’s upcoming decisions, but also more specifically and more practically around how business development is going to aid in further developments here.
Unidentified Analyst: Okay. I’m really excited that you’re talking about generics because I don’t think everybody on this call really understands the lay of the land in Canada with regards to generics patterns and drugs because in the U.S., they have like longer-term patents for research and development. But in Canada, we have €“ is it correct, five years on generic transfer?
Horst Zerbe: Tommy, can you respond to that?
Tommy Kenny: I don’t know any specifics. I know that there is patents have a 20-year life span, and I think this is the same in Canada as well. But to be fair we
Unidentified Analyst: My understanding was part of the big reason why American Pharmaceutical like mail order drugs were destabilized, and the like late 1990s, early 2000s was because of the Canadian generics laws, but I could be misremembering. Regardless, I do think that there’s a really big opportunity here in generics. So I’m glad to hear that that’s the play. When you guys talk about taking on a $3 million cash infusion at an interesting time, I can’t remember who talked about this, but I got the impression that you were saying this is a bridge towards something larger. We’ve got like something in the background, and we don’t want to take on like a $9 million infusion and give up like 3%, 5% the company €“ when that $9 million may be worth like 1% to 3% of the company in the near future is I know that may be in the realm of speculation, but what kind of burn down are we looking at for $3 million when we just increased €“ we’ve just added a headcount of 300,000 for, I hope, a successful position, but we’re talking about a company of 20 to 40 people, right?
Andre Godin: We’re about 50 people.
Unidentified Analyst: About 50%. Okay. Excellent, cool. I am sorry. I have tried to do my research as much as possible a lot of IntelGenx. I’m really excited about the company. But €“ so that $3 million across 50 people, that’s looking like at most six months run down, right?
Andre Godin: Yes, I’m not too sure where you’re taking that $3 million from.
Unidentified Analyst: I’m talking about the new notes that you guys negotiated.
Andre Godin: No, the note was $1 million that we closed earlier this month and the $3 million that I referred to €“ No, the $3 million I referred to was a loan from atai, our partner.
Unidentified Analyst: Right, okay. I am getting we got you €“ to next step. Yes. You’re right.
Andre Godin: So we got that $3 million in January, and we closed €“ that was $3 million, and we closed CAD $1 million on a convertible note earlier this month.
Unidentified Analyst: Got it. Okay. I understand that. Then that $1 million is actually closer to what I was thinking about because that won’t really last very long, would it?
Andre Godin: No. I mean the plan was not to fund the company long term. I mean it €“ we were planning initially €“ sure. Yes.
