- Net revenue increased 133% to $332,000 in the three months ended Dec. 31, 2022, the company reports
- Corporate highlights included expanded trial sites, enrollment for phase 2 IGC-AD1 study
- Commencement of study marks milestone in IGC’s progress toward gaining FDA approval for proprietary treatment
In a fragile economic environment, the third-quarter 2023 financial results reported by India Globalization Capital (NYSE American: IGC) are particularly remarkable. The company, which is pursuing effective treatment for Alzheimer’s patients suffering with agitation and other neuropsychiatric symptoms, released a report showing an increase in net revenue of 133% for the three-month period ending Dec. 31, 2023, and an increase in net revenue of 175% for the nine-month period ending the same day (https://ibn.fm/CtTBZ).
“Net revenue increased 133% to $332,000 in the three months ended Dec. 31, 2022, compared to $142,000 in the three months ended Dec. 31, 2021,” the company reported. “Net revenue increased 172% to $745,000 for the nine months ended Dec. 31, 2022, compared to $275,000 for the nine months ended Dec. 31, 2021, driven mainly by the company’s life-science segment, which includes, among others, natural products targeting women with premenstrual syndrome (‘PMS’), period pain and sleep disorder.”
The report also noted corporate highlights for the quarter, two of which are related to the company’s phase 2 clinical trial evaluating IGC-AD1 for agitation in dementia from Alzheimer’s disease. The report stated that the number of sites participating in the trial has expanded to a total of four — three in the United States and one in Canada — and that the trial will enroll 146 patients, with one-half of the participants receiving a placebo and the other half receiving IGC-AD1.
“The company is encouraged by the patient enrollment and interest from many of the leading research centers and has decided to increase the number of trial sites to between 10 and 12 from the originally planned four to five,” the company observed. “This will help accelerate the timeline for completion and diversify the patient demographics.” The goal of the trial, the company went on to explain, is to evaluate and establish over a six-week period the efficacy of IGC-AD1 in treating agitation in dementia from Alzheimer’s disease.
“We are delighted with the progress made during this quarter, highlighted by the commencement of the phase 2 clinical trial for our drug candidate IGC-AD1 for the safety and efficacy of the drug on agitation in dementia due to Alzheimer’s disease,” said IGC CEO Ram Mukunda. “This represents a milestone in our progress towards gaining FDA approval for IGC-AD1, which we believe has the potential to revolutionize the treatment of Alzheimer’s disease as the first and only low-dose, natural, THC-based candidate currently undergoing FDA trials.
Moreover, our sales of natural products, which include gummies and pain relief creams, are seeing increased traction in the market,” he continued. “We’re encouraged by our third quarter results and look forward to driving continued expansion through the balance of fiscal 2023.”
IGC develops advanced cannabinoid-based formulations for treating diseases, including but not limited to Alzheimer’s disease, Parkinson’s disease, chronic pain and pet seizures. The company sells various brands of CBD-based consumer products, including Holief, which includes gummies and pain relief creams for women experiencing premenstrual syndrome and dysmenorrhea (period cramps). The company operates facilities in the United States under Good Manufacturing Practices.
For more information, visit the company’s website at www.IGCPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to IGC are available in the company’s newsroom at https://ibn.fm/IGC