IGC Pharma (NYSE American: IGC), a clinical-stage pharmaceutical company, has secured a $12 million revolving line of credit from the Hong Kong Branch of O-Bank Co. Ltd. The funding will support IGC’s working capital needs primarily related to its Alzheimer’s research. Bradbury Asset Management (Hong Kong) Limited, a Hong Kong headquartered financial institution managing approximately $2 billion in assets, has collateralized cash assets in support of the line of credit. This follows the recent investment of $3 million in IGC led by four investment funds managed by Bradbury through a private placement, highlighting continued support for the company. “We are thankful to O-Bank for their support and grateful for the continued support from Bradbury,” said Ram Mukunda, CEO of IGC Pharma. “Together, with our dedicated investors and partners, we are working towards our goal of developing innovative therapies for Alzheimer’s disease. With their support, we are focused on advancing IGC-AD1 and bringing hope and relief to millions of patients and families worldwide.”
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About IGC Pharma Inc.
IGC Pharma develops advanced cannabinoid-based formulations for treating diseases and conditions, including, but not limited to, Alzheimer’s disease, period cramps (“dysmenorrhea”), premenstrual syndrome (“PMS”), and chronic pain. IGC has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1 and TGR-63, which have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of Alzheimer’s disease, such as plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol (“THC”) based formulation that is currently in a 146-person phase 2 clinical trial for agitation in dementia due to Alzheimer’s (clinicaltrials.gov, NCT05543681). IGC Pharma also markets a wellness brand, Holief(TM), that targets women experiencing premenstrual syndrome and menstrual cramps.
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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