Benzinga | Nov 1, 2021 08:51AM EDT

IGC Posts Q2 Results, Reveals Promising Results From Clinical Trial Of THC-Drug For Alzheimer's Symptoms

India Globalization Capital, Inc. (AMEX: IGC) reported its financial results Friday for the three months ended September 30, 2021, with revenue of $56,000, compared to $125,000 in the same period of 2020. The Bethesda, Maryland-based company noted that revenues in both quarters were primarily derived from its Life Sciences segment, which involved sales of products such as lotion, gummies and alcohol-based hand sanitizers.

Q2 Financial Highlights

* Net loss for the quarter amounted to $4.3 million or $0.08 per share versus a net loss of $1.65 million or $0.04 per share in the same quarter of the prior year;

* Selling, general and administrative expenses increased to around $4.1 million second quarter of 2021, from $1.48 million in a corresponding period of 2020;

* Research and development expenses were $276,000, compared to $219,000 in the second quarter of the previous year;

Q2 Operational Milestones

* On September 7, 2021, the company announced the completion of its Phase 1 clinical trial on IGC's tetrahydrocannabinol ("THC") based investigational new drug, IGC-AD1, intended to alleviate certain symptoms of individuals with Alzheimer's disease. Based on this study and subject to FDA concurrence, the cannabis-based investigational drug IGC-AD1 was generally safe and well-tolerated by the Alzheimer's trial participants. The company is preparing an INDA submission to the FDA for a Phase 2/3 trial for the use of IGC-AD1 to address symptoms associated with Alzheimer's disease.

* On September 17, it filed a provisional patent application (IGC-513) with the United States Patent and Trademark Office for addressing Neuropsychiatric Symptoms associated with dementia using a dosing pattern of IGC-AD1 that was employed in the recently completed Phase 1 Alzheimer's trial.

* On October 5, 2021, the company received a Good Manufacturing Practice certificate for its hemp processing facility in Vancouver Washington where it manufactures tinctures, lotions, gummies and other topical and consumable products.

* During the six months ended September 30, 2021, the company raised approximately $4.1 million in net proceeds from the issuance of equity stock. It had entered an "at the market" offering under a sales agreement entered on January 13, 2021 with The Benchmark Company, LLC for the issuance and sale of up to $75 million of the company's shares of common stock, par value $0.0001 per share.

Price Action

India Globalization Capital's shares were trading 0.71% lower at $1.39 per share during Monday's pre-market session.

Photo: Courtesy of Robina Weermeijer on Unsplash