IGC Pharma (NYSE American: IGC), a clinical-stage pharmaceutical company, is reporting financial results and business updates for the third fiscal quarter of 2024, the period ended Dec. 31, 2023. Highlights of the report include the company receiving a patent from the European Patent Office covering a method for treating pain in humans and a patent from the Divisional Direction of Patents, Mexico, for a treatment of Alzheimer’s disease; in addition, the company entered an agreement with the University of Los Andes to research and study initiatives in artificial intelligence and machine learning. Financial numbers of note include approximately $204 thousand in revenue for the quarter, a 38% decrease compared to the three months ended Dec. 31, 2022, and an estimated $1.05 million in revenues generated for the nine months ended Dec. 31, 2023, an increase of 40% compares to the same period in 2022; selling, general and administrative expenses for the period reached approximately $2.2 million; research and development expenses came in at approximately $903 thousand; and net loss for the three-month period was an estimated $5.5 million, or $0.09 per share, compared to some $2.2 million, or $0.04 per share, for three months ended Dec. 31, 2022.
The report indicated current cash and cash equivalents is sufficient to support operations beyond the 12 months following the date the consolidated financial statements and footnotes were issued. “We are proud to share that our company is making progress with our lead asset, IGC-AD1, which is currently in a phase 2b trial for the treatment of agitation in dementia due to Alzheimer’s,” said IGC Pharma CEO Ram Mukunda in the press release. “We are working hard to obtain interim results in 2024. We estimate that in North America and Europe about 11 million Alzheimer’s patients have neuropsychiatric symptoms including agitation. With modest pricing and conservative market penetration IGC-AD1 can potentially be a blockbuster drug.”
To view the full press release, visit https://ibn.fm/XNQpz
About IGC Pharma
IGC Pharma is pursuing innovative solutions to fight Alzheimer’s disease and related challenges. The company’s portfolio comprises five assets, all with a singular mission: to transform the landscape of Alzheimer’s treatment. IGC-AD1 and LMP target neuroinflammation, Aβ plaques and neurofibrillary tangles. IGC-AD1 is currently in a phase 2b clinical trial for agitation in dementia due to Alzheimer’s. TGR-63 targets Aβ plaque to disrupt the progression of Alzheimer’s disease. IGC-M3 targets the inhibition of Aβ plaque aggregation with the potential to create a profound impact on early-stage Alzheimer’s. IGC-1C targets tau and neurofibrillary tangles as a forward-thinking approach to Alzheimer’s therapy. In parallel, IGC Pharma is at the forefront of generative AI development, with projects including clinical trials, early detection of Alzheimer’s and drug interactions with cannabinoids. 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
About InvestorWire
InvestorWire (“IW”) is a specialized communications platform with a focus on advanced wire-grade press release syndication for private and public companies and the investment community. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, IW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, IW brings its clients unparalleled recognition and brand awareness. IW is where breaking news, insightful content and actionable information converge.
For more information, please visit https://www.InvestorWire.com
Please see full terms of use and disclaimers on the InvestorWire website applicable to all content provided by IW, wherever published or re-published: https://www.InvestorWire.com/Disclaimer
InvestorWire
Los Angeles, CA
www.InvestorWire.com
310.299.1717 Office
Editor@InvestorWire.com
InvestorWire is powered by IBN
