IGC Pharma (NYSE American: IGC) is reporting financial and business results for second quarter 2023, the period ending Sept. 30, 2022. Highlights of the report include revenue in second quarter FY2024 increasing 44%, totaling an estimated $291,000 compared to the same quarter in FY2023, which was reported at approximately $202,000, with revenue in the first six months of fiscal year 2024 doubling to some $846,000, compared to $414,000 from the same six-month period last year. The report noted that IGC revenue primarily comes from its over-the-counter products and services available at its Vancouver, Washington, facility, which is being prepared for a potential phase 3 trial and commercialization of the company’s investigational new drug: IGC-AD1. The report also noted that IGC-AD1, which is in trials to address agitation in dementia due to Alzheimer’s, continues to make progress in its multisite phase 2 trial, which includes 10 test sites throughout the United States and Canada.
In addition, this quarter saw the company receive a patent from the Canadian Intellectual Property Office related to compositions and methods for treating multiple types of seizure disorders in humans using a combination of cannabinoids with other compounds. “We continue to make strides advancing our numerous drug formulations, with our flagship asset, IGC-AD1, currently in phase 2 trials for the treatment of agitation caused by symptoms of Alzheimer’s disease,” said IGC Pharma CEO Ram Mukunda in the press release. “Including IGC-AD1, we have five drug assets — TGR-63, LMP, IGC-1C, and IGC-M3 — all of which have shown preclinical efficacy in targeting Alzheimer’s disease. They are at various stages of development. In addition to our traditional trial methods, we are also exploring the capabilities of generative artificial intelligence, or AI, as it relates to analyzing the myriad of data produced by a trial and maximizing the efficiency and minimizing the time needed to conduct clinical trials. For this, we entered a master cooperation agreement with a leading university in Colombia, South America, with expertise in AI and pharma. We are pleased with the progress that we’ve made this quarter, and we believe that we are well positioned with strategic partnerships and a clear path to bring solutions to market for the treatment of Alzheimer’s.”
To view the full press release, visit https://ibn.fm/kMIZX
About IGC Pharma
IGC Pharma is pioneering innovative solutions to combat Alzheimer’s disease and related challenges. The company’s portfolio comprises five assets, each at distinct stages of development and all with a singular mission: to transform the landscape of Alzheimer’s treatment. IGC-AD1 and LMP targets neuroinflammation, Aβ plaques and neurofibrillary tangles; IGC-AD1 is currently in a phase 2b clinical trial for agitation in dementia due to Alzheimer’s, representing a critical step in the company’s journey to deliver impactful therapies. TGR-63 targets Aβ plaque, where IGC Pharma seeks to disrupt the progression of Alzheimer’s disease. IGC-M3 targets both Aβ plaques and tau, two Alzheimer’s defining hallmarks, with the potential to create a profound impact. IGC-1C targets tau and neurofibrillary tangles, and IGC-1C represents a forward-thinking approach to Alzheimer’s therapy. IGC Pharma is at the forefront of generative AI development, with projects spanning clinical trials, molecule discovery and analysis, and drug interactions. 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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