Welcome to our dedicated page for IGC Pharma news (Ticker: IGC), a resource for investors and traders seeking the latest updates and insights on IGC Pharma stock.
IGC Pharma, Inc. develops therapeutics for Alzheimer's disease and metabolic disorders as a clinical-stage biotechnology company. News about IGC Pharma commonly centers on IGC-AD1, its cannabinoid-based lead asset in the CALMA Phase 2 trial for agitation in Alzheimer's dementia, along with pipeline programs such as TGR-63, IGC-1C and IGC-M3 targeting amyloid plaques, tau pathways, neuroinflammation and related neurodegeneration biology.
Company updates also cover the use of artificial intelligence in drug discovery and clinical-trial operations, including the Agentic Harmonization Assistant platform for biomedical data harmonization. Other recurring developments include clinical-site expansion, caregiver and patient-engagement initiatives, psilocybin research authorization in Colombia, patent activity and financial reporting.
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.
India Globalization Capital (IGC) has initiated its phase 1 clinical trial for IGC-AD1, a THC-based investigational drug for Alzheimer's disease, approved by the FDA on July 30, 2020. The first dosing level has been administered to five of twelve patients, with ongoing enrollment. The trial aims to assess pharmacokinetics of THC and its interaction with the CYP2C9 gene, which is crucial for metabolizing THC and various medications. CEO Ram Mukunda highlighted that while no cure for Alzheimer's exists, THC may improve patient quality of life.
India Globalization Capital (IGC) reported financial results for Q3 2021, revealing a significant revenue decline to $108 thousand from $573 thousand in Q3 2020, primarily due to COVID-19 restrictions. Revenue was 15% from infrastructure and 85% from Life Sciences. The company faced increased expenses, with SG&A rising 55% to $2,186 thousand, largely driven by overheads, marketing, and a SEC settlement. The net comprehensive loss for the quarter was $2,283 thousand or $0.06 per share, compared to $1,646 thousand or $0.04 per share from the prior year.
India Globalization Capital (NYSE AMERICAN: IGC) held its Annual Meeting of Shareholders on January 11, 2021, where all voting matters disclosed in the Definitive Proxy were approved. Key outcomes included the election of John E. Lynch to the Board of Directors, ratification of Manohar Chowdhry & Associates as auditors for FY 2021, and approval to grant up to 2,500,000 shares to employees and advisors based on performance metrics. Additionally, the frequency of 'say-on-pay' votes was set to every three years.
India Globalization Capital, Inc. (NYSE American: IGC) announced the nomination of John E. Lynch as a Class A independent director, replacing Sudhakar Shenoy, at the upcoming 2020 Annual Meeting of Stockholders on January 11, 2021. Lynch, an intellectual property attorney, has been instrumental in IGC's patent strategy, helping to negotiate key patents, including those relevant to the therapeutic use of THC for Alzheimer’s. Additionally, he has served as an advisor to IGC for five years and has a strong academic background in law and chemistry.