Drug delivery pharmaceutical company focusing on development of novel oral thin film technology IntelGenx Technologies Corp. (TSV: IGX) (OTCQB: IGXT) received shareholders’ approval for the company to invest in clinical stage biotech company developing psychedelics drugs for mental conditions Atai Life Sciences.
Following a majority shareholders voting overwhelmingly in support of the proposal, IntelGenx will now acquire 25% stake in Atal Life Sciences. 96% of shareholders’ votes casted were in support of this investment resolution.
The voting exercise was done on May 12 through a virtual meeting in which the shareholders also approved a proposal to amend IntelGenx’s Certificate of Incorporation to increase the total number of shares of common stock the company is allowed to issue from 200 million shares to 450 million shares.
Following shareholders’ approval, this investment is set to be closed on or before May 14, 2021.