IGC publishes Q2 outcomes, reveals promising outcomes from scientific trial of THC drug for Alzheimer’s signs – India Globalization Capital (IGC)
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 for 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 relieve 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.
India Globalization Capital’s shares traded 0.71% lower at $ 1.39 per share during the pre-market session on Monday.
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