IGC Pharmaceuticals, Inc. Announces Name Change to Better Reflect Strategic Focus
LOS ANGELES– Maryland-based pharmaceutical company, India Globalization Capital, Inc. (NYSE American: IGC), is changing its name to IGC Pharma, Inc., (dba IGC) effective March 30, 2023, as part of a rebranding strategy that reflects its strategic focus and vision for the future. The company’s common stock will continue to be quoted on the NYSE American under the same symbol IGC, with trading of the common stock under the new name commencing on March 31, 2023. The company’s CUSIP and EIN numbers will remain the same.
The name change to IGC Pharma, Inc. acknowledges the company’s identity as a developer of drug assets for treating diseases, including Alzheimer’s disease. IGC believes it has the first natural, cannabis-based, patent-protected compound that relies on low doses of THC and another compound as pharmaceutically active agents (APIs) for the treatment of Alzheimer’s disease. The company is currently in a Phase 2 trial with its THC-based investigational medication, IGC-AD1, for the treatment of agitation in Alzheimer’s. IGC-AD1 is the only natural, THC-based investigational drug candidate currently undergoing FDA trials on Alzheimer’s.
The APIs in IGC Pharma’s leading drug asset, IGC-AD1, have shown in preclinical studies on Alzheimer’s cell lines the potential to be effective in ameliorating a key protein responsible for Aβ plaques, a key hallmark of Alzheimer’s. IGC also markets a wellness brand, Holief™, that targets women experiencing premenstrual syndrome, menstrual cramps, and sleep disorders.
“Our business has gone through a transformation over the past several years, and changing our name to IGC Pharma, Inc. (dba IGC) represents a major milestone by now clearly aligning our name with our strategic focus as a leading developer and provider of THC-based drug assets,” said Ram Mukunda, CEO of IGC. “We’re encouraged by the performance of our investigational drug candidate, IGC-AD1, in FDA trials on agitation in Alzheimer’s, and our consumer products continue to gain traction in the market. Given our progress, we felt it made sense to rebrand and rename our company to more accurately reflect our business focus, our research and development progress in the Phase II clinical trial on Alzheimer’s, and our strategic vision.”
IGC Pharma, Inc. 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. The company 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 safety and efficacy clinical trial for agitation in dementia due to Alzheimer’s.
The company’s rebranding is a significant step in its evolution as a leader in developing THC-based drug assets. IGC Pharma, Inc. will continue to focus on research and development of innovative treatments for debilitating diseases, including Alzheimer’s disease, while also expanding its presence in the consumer wellness market.
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