IGC is increasing its Alzheimer’s research with extra sufferers.
India Globalization Capital, Inc. often known as IGC (NYSE: IGC) reported its third fiscal quarter 2023 monetary outcomes. Income elevated 133% to $332,000 within the quarter ending Dec. 31, 2022, versus final 12 months’s $142,000 in the identical time interval. The corporate attributed the rise to its life science section, which incorporates, amongst others, pure merchandise focusing on girls with premenstrual syndrome (“PMS”), interval ache, and sleep problem. The web loss for the quarter was roughly $2.2 million or ($0.04) per share, in comparison with roughly $2.4 million or ($0.05) per share for final 12 months.
Ram Mukunda, CEO of IGC, commented, “We’re delighted with the progress made throughout this quarter, highlighted by the graduation of Part 2 scientific trial for our drug candidate IGC-AD1 for the protection and efficacy of the drug on agitation in dementia resulting from Alzheimer’s illness. This represents a milestone in our progress in the direction of gaining FDA approval for IGC-AD1, which we imagine has the potential to revolutionize the remedy of Alzheimer’s illness as the primary and solely low-dose, pure, THC-based candidate at present present process FDA trials. Furthermore, our gross sales of pure merchandise, which embody gummies and ache reduction lotions, are seeing elevated traction available in the market. We’re inspired by our third quarter outcomes and stay up for driving continued growth by way of the steadiness of fiscal 2023.”
Promoting, common and administrative bills within the quarter had been roughly $1.5 million which dropped from final 12 months’s $2.07 million. IGC attributed the lower of $496,000 to a discount in compensation, authorized and advertising and marketing bills.
Alzheimer’s Examine
IGC famous that it expanded the variety of websites collaborating in its Part 2 scientific trial on IGC-AD1 for agitation in dementia from Alzheimer’s illness to a complete of 4 – three within the U. S. and one in Canada. The corporate mentioned has determined to extend the variety of trial websites to between 10 and 12 from the initially deliberate 4 to 5.
The corporate posted the next replace on the research:
The trial will enroll 146 sufferers, with one half receiving a placebo and the opposite half receiving IGC-AD1. The objective of the trial is to guage and set up, over six weeks, the efficacy of IGC-AD1 in treating agitation in dementia from Alzheimer’s illness. Agitation impacts about 76% of people with Alzheimer’s (Mussele et al., 2015), which impacts about 11 million people in North America and Europe alone. As well as, agitation is a number one explanation for hospitalization and a significant factor in accelerating the cognitive decline of sufferers with Alzheimer’s (Kongpakwattana et al., 2018). Presently, there isn’t a FDA-approved treatment for treating agitation in Alzheimer’s. The corporate is positioning itself to supply the primary pure tetrahydrocannabinol based mostly treatment for treating agitation in dementia from Alzheimer’s illness. The trial is registered on clinicaltrials.gov with NCT05543681.
IGC has two investigational drug belongings focusing on Alzheimer’s illness, IGC-AD1 and TGR-63, which have demonstrated in Alzheimer’s cell traces the potential to be efficient in suppressing or ameliorating key hallmarks of Alzheimer’s illness comparable to plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol based mostly formulation that’s at present in a 146-person Part 2B security and efficacy scientific trial for agitation in dementia resulting from Alzheimer’s (clinicaltrials.gov, NCT05543681). The corporate additionally markets two wellness manufacturers, Holief and Sunday Seltzer. Holief targets girls experiencing premenstrual syndrome and menstrual cramps, and Sunday Seltzer is a way of life, hemp-infused vitality beverage model.
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