IGC Pharma (NYSE American: IGC), a company that 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, is reporting on its financial and business results for the first quarter of the 2024 fiscal year, the period ended June 30, 2023. Highlights of the report include a 161% increase in net revenue, which totaled approximately $555,000 compared to $212,000 in the same quarter of 2023; continued momentum in the development of IGC’s phase 3 manufacturing facility located on the West Coast; a $12 million line of credit obtained to support working capital needs primarily related to Alzheimer’s research; a $3 million stock purchase agreement with several investors to further strengthen working capital and support the progress of phase 2 trials for IGC-AD1 in Alzheimer’s; and a notice of allowance from Commissioner of Patents, Canada, for the company’s patent filing covering the use of cannabinoids in the treatment of seizures.
“Our first fiscal quarter of 2024 was highlighted by substantial progress in our efforts to advance our lead drug asset, IGC-AD1, through phase 2 clinical trials on Alzheimer’s,” said IGC Pharma CEO Ram Mukunda in the press release. “We currently have 10 trial sites in the United States and Canada. The potential success of IGC-AD1 in Alzheimer’s holds the promise of positioning the company at the forefront of medical advancement, equipped with a first-mover advantage in delivering a solution tailored to a pressing medical need. By addressing the unmet challenges related to agitation in Alzheimer’s patients, IGC-AD1 has the potential to redefine treatment approaches while presenting a unique opportunity to introduce a novel drug without associated black box warnings.”
To view the full press release, visit https://ibn.fm/iXmkO
About IGC Pharma Inc.
IGC Pharma (dba 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. IGC 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 2 clinical trial for agitation in dementia due to Alzheimer’s. IGC also markets a wellness brand, Holief(TM), that targets women experiencing premenstrual syndrome and menstrual cramps. For more information, visit the company’s website at www.IGCInc.us.
NOTE TO INVESTORS: The latest news and updates relating to IGC are available in the company’s newsroom at https://ibn.fm/IGC
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