Benzinga | Jul 22, 2021 12:52PM EDT

India Globalization Capital Shares Skyrocket On Receiving Patent For THC Formula To Treat Alzheimer's Disease

India Globalization Capital, Inc. (AMEX: IGC) revealed Thursday that it has obtained a patent from the United States Patent and Trademark Office for the treatment of Alzheimer's disease. The patent (#11,065,225) is named "Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer's Disease."

The Potomac, Maryland-based cannabis company noted the initial patent submission was filed by the University of South Florida in August 2016. The following year in May, IGC signed an exclusive agreement with the University in relation to the patent application

and connected research on Alzheimer's disease.

The obtained patent is related to the company's proprietary formulation - IGC-AD1, which is earmarked to assist in the treatment of patients with Alzheimer's. The formulation is the subject of IGC's Phase 1 clinical trial.

IGC recently disclosed the completion of its placebo-controlled Multiple Ascending Dose (MAD) Phase 1 trial for determining the safety of IGC-AD1 that uses THC on patients with Alzheimer's disease.

Price Action

India Globalization Capital shares were trading 132% higher at $3.44 per share at the time of writing Thursday morning.

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