India Globalization Capital (NYSE American: IGC) (dba IGC Inc.) is reporting on its financial and corporate performance for the third fiscal quarter 2023. Highlights of the report include a focus on the company’s phase 2 clinical trial on IGC-AD1 for agitation in dementia from Alzheimer’s disease. The company reports that the number of sites participating in the trial has reached four: three sites in the United States and one site in Canada. In addition, based on patient enrollment and interest in the study, the company plans to more than double the number of trial sites, from the planned 4 or 5 sites to between 10 and 12 sites. According to the report, the trial will include 146 participants, with one-half receiving a placebo and the other one-half receiving IGC-AD1. Over a six-week period, the trial will study the efficacy of IGC-AD1 in treating agitation in dementia from Alzheimer’s disease.
The company noted that it is hoping to offer the first natural tetrahydrocannabinol (“THC”)-based medication for treating agitation in dementia from Alzheimer’s disease. Another report highlight was net revenue for the company, which totaled $332,000, an increase of 133% compared to $142,000 in the three months ended Dec. 31, 2021. In addition, net revenue totaled $745,000 for the nine months ended Dec. 31, 2022, a 172% increase when compared to $275,000 for the nine months ended Dec. 31, 2021. “We are delighted with the progress made during this quarter, highlighted by the commencement of the phase 2 clinical trial for our drug candidate IGC-AD1 for the safety and efficacy of the drug on agitation in dementia due to Alzheimer’s disease,” said India Globalization Capital CEO Ram Mukunda in the press release. “This represents a milestone in our progress towards gaining FDA approval for IGC-AD1, which we believe has the potential to revolutionize the treatment of Alzheimer’s disease as the first and only low-dose, natural, THC-based candidate currently undergoing FDA trials. Moreover, our sales of natural products, which include gummies and pain relief creams, are seeing increased traction in the market. We’re encouraged by our third-quarter results and look forward to driving continued expansion through the balance of fiscal 2023.”
To view the full press release, visit https://ibn.fm/OtINx
About India Globalization Capital Inc.
India Globalization Capital IGC develops advanced cannabinoid-based formulations for treating diseases and conditions including, but not limited to, Alzheimer’s disease, period cramps (“dysmenorrhea”), premenstrual syndrome (“PMS”) and chronic pain. The Company has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1 and TGR-63, which have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of Alzheimer’s disease such as plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol (“THC”) based formulation that is currently in a 146-person Phase 2B safety and efficacy clinical trial for agitation in dementia due to Alzheimer’s (clinicaltrials.gov, NCT05543681). The Company also markets two wellness brands, Holief™ and Sunday Seltzer™. Holief™ targets women experiencing premenstrual syndrome and menstrual cramps, and Sunday Seltzer™ is a lifestyle, hemp-infused energy beverage brand. The Company is headquartered in Maryland, USA, and has historically operated an infrastructure segment based in India. For more information, visit the company’s website at www.IGCInc.us.
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