IGC publishes Q2 results, reveals promising results from clinical trial of THC drug for Alzheimer’s symptoms – India Globalization Capital (IGC)

Vancouver

India Globalization Capital, Inc. (AMEX: IGC) announced its financial results for the three months ended September 30, 2021 on Friday Revenue of $ 56,000 versus $ 125,000 in the same period in 2020. The Bethesda, Maryland-based company found that its revenue for both quarters was mostly from its Life sciences Segment that included the sale of products such as lotions, gums and alcohol-based hand sanitisers.

Financial highlights in the 2nd quarter

Net loss for the quarter was $ 4.3 million, or $ 0.08 per share versus a net loss of $ 1.65 million, or $ 0.04 per share, for the same quarter last year;
Selling, general, and administrative expenses increased to approximately $ 4.1 million second quarter of 2021 of $ 1.48 million over the corresponding period of 2020;
Research and development costs were $ 276,000, compared to $ 219,000 in the second quarter last year;

Operational milestones in the 2nd quarter

On September 7, 2021, the company announced the Completion of Phase 1 clinical trial of IGC’s new investigational drug, IGC-AD1, based on tetrahydrocannabinol (“THC”), which is designed to alleviate certain symptoms of people with Alzheimer’s disease. Based on this study and subject to FDA approval, the cannabis-based investigational drug IGC-AD1 was generally safe and well tolerated by the Alzheimer’s study participants. The company is Preparing an INDA filing with the FDA for a Phase 2/3 study of the use of IGC-AD1 to treat symptoms related to Alzheimer’s disease.
On 17.09. it filed a provisional patent application (IGC-513) in the US Patent and Trademark Office to treat neuropsychiatric symptoms associated with dementia using a dosage pattern of IGC-AD1. to treat which was used in the recently completed Phase 1 Alzheimer’s study.
On October 5th, 2021, the company received a Good Manufacturing Practice Certificate for its hemp processing facility in Vancouver Washington where it makes tinctures, lotions, gums, and other topical and consumable products.
In the six months ending September 30, 2021, the company received approximately $ 4.1 million in net proceeds from equity issues. Received an offer “in the market” with The Benchmark Company, LLC on January 1st, 2021 to issue and sell up to $ 75 million of common stock in the company with a par value of $ 0.0001 per share.

Price action

India Globalization Capital’s shares traded 0.71% lower at $ 1.39 per share during the pre-market session on Monday.

Photo: Courtesy of Robina Weermeijer on Unsplash