IGC Pharma, Inc. - IGC STOCK NEWS

India Globalization Capital, Inc. (NYSE American: IGC) reported financial results for Q2 of fiscal 2022, ending September 30, 2021. Revenue declined to approximately $56,000 from $125,000 in the same quarter last year, with Infrastructure segment revenue at $3,000 down from $67,000. SG&A expenses surged to about $4.1 million due to inventory theft and legal costs. R&D expenses increased slightly to $276,000 and the net loss widened to approximately $4.3 million or ($0.08) per share. The company is progressing with the Phase 1 trial of its THC-based drug IGC-AD1 for Alzheimer’s, expecting future FDA submissions.

India Globalization Capital, Inc. (IGC) held its Annual Meeting of Shareholders on October 15, 2021, where all voting matters in the Definitive Proxy filed with the SEC were approved.

Key approvals included:

• Election of Richard Prins to the board until 2024.
• Ratification of Manohar Chowdhry & Associates as the independent accounting firm for fiscal year 2022.
• Granting 3,500,000 shares to employees and consultants based on performance metrics.
• Proposal to adjourn the meeting if necessary to solicit more proxy votes.

India Globalization Capital (IGC) has completed its Phase 1 clinical trial of IGC-AD1, a cannabis-based investigational drug for Alzheimer’s disease. The trial involved 12 participants, primarily elderly individuals with mild to moderate Alzheimer’s. Results indicate that IGC-AD1 was safe and well-tolerated. Secondary endpoints have also been completed, but results are yet to be disclosed. IGC plans to seek FDA concurrence on these findings and aims for future trials to support potential relief for the projected 50 million Alzheimer’s patients worldwide by 2030.

India Globalization Capital, Inc. (IGC) reported financial results for Q2 2021, revealing revenues of approximately $77,000, down from $584,000 in Q2 2020. The decline is attributed to COVID-19's impact, particularly in its Infrastructure segment. Notably, IGC received a patent for its Alzheimer’s treatment, IGC-AD1, and completed its Phase 1 clinical trial. R&D expenses rose to about $444,000 due to the trial, while the company recorded a net loss of $1.8 million, slightly improved from $1.9 million a year earlier. Liquidity remains adequate for upcoming efficacy trials.

India Globalization Capital (IGC) announced the issuance of a patent (#11,065,225) by the USPTO for the treatment of Alzheimer’s disease using an ultra-low dose of THC. The patent stems from research initiated by the University of South Florida and was licensed exclusively to IGC in 2017. IGC's proprietary formulation, IGC-AD1, is currently undergoing Phase 1 clinical trials to assess its safety and tolerability. The release also highlights potential risks and uncertainties related to commercialization and FDA approval.

India Globalization Capital (IGC) has successfully completed Cohort 3 of its Phase 1 clinical trial for IGC-AD1, a THC-based drug targeting Alzheimer’s disease. FDA approval was granted on July 30, 2020, for trials involving patients suffering from mild to severe Alzheimer's. The trial monitored various adverse events, including somnolence and hypotension, while emphasizing the potential relief for the 50 million people affected by Alzheimer’s by 2030. IGC aims to report findings from all cohorts to the FDA following the Data and Safety Monitoring Committee’s review.

India Globalization Capital (IGC) reported a revenue decline to approximately $898,000 for Fiscal 2021, down from $4.1 million in Fiscal 2020, primarily due to the COVID-19 pandemic. The company's revenue was largely derived from its Life Sciences segment, which included sales of hand sanitizers. The net loss for Fiscal 2021 increased to $8.8 million or $0.21 per share, compared to $7.3 million or $0.19 per share in Fiscal 2020, driven by higher SG&A expenses. The company remains focused on ongoing Phase 1 trials for its THC-based drug targeting Alzheimer's disease, amidst anticipated market volatility.

India Globalization Capital, Inc. (IGC) has completed Cohort 2 of its Phase 1 clinical trial for IGC-AD1, a THC-based drug aimed at alleviating Alzheimer’s symptoms. The trial, approved by the FDA in July 2020, included an increase in dosage from one to two doses per day. The Data and Safety Monitoring Committee has recommended advancing to Cohort 3, where participants will receive three doses daily. The trial aims to assess safety and behavioral changes, concluding between July and September 2021, with potential future trials for efficacy depending on results.

India Globalization Capital (NYSE American: IGC) announced receiving patent #10,933,082 from the USPTO on March 2, 2021. This patent covers a cannabinoid composition and method for treating pain associated with Psoriatic Arthritis, Fibromyalgia, Scleroderma, and other conditions. The application was submitted on October 1, 2018. This approval enhances IGC's existing patent portfolio, which already includes patents for seizure and eating disorders.