IGC Pharma (NYSE American: IGC), a clinical-stage pharmaceutical company, is reporting on its financial results for the fiscal year ended March 31, 2024. Highlights of the report show the company gathered positive interim results from its ongoing phase 2 trial for IGC-AD1; updated information TGR-63, IGC’s drug candidate, which targets amyloid-beta plaque; received three patents; signed a master cooperation agreement with the University of Los Andes (faculty of engineering) to conduct research in artificial intelligence (“AI”) applied to the pharmaceutical industry; signed several share purchase agreements with multiple investors, resulting in approximately $6 million in gross proceeds; and began patient enrollment for its phase 2 trial investigating IGC-AD1 to treat agitation in dementia due to Alzheimer’s disease. Financial highlights from the report indicate approximately $1.3 million in revenue, an increase from the $911,000 reported in fiscal 2023; selling, general and administrative (“SG&A”) expenses for fiscal 2024 reaching approximately $6.7 million; and research and development expenses of approximately $3.8 million. “During the fiscal year we accomplished multiple key milestones and significantly advanced our strategy to bring to market treatments to fight Alzheimer’s, a devastating disease affecting a growing patient population around the globe,” said IGC Pharma CEO Ram Mukunda in the press release. “The most important achievement in our development pipeline was the positive interim results on IGC-AD1, a significant development in the fight against Alzheimer’s and a reflection of our commitment to advancing our product portfolio and delivering value to all stakeholders. . . . We appreciate the dedication and hard work of our team, whose efforts have been instrumental in achieving these results. We remain focused on executing our strategic initiatives and are excited about the opportunities that lie ahead.”
To view the full press release, visit https://ibn.fm/7sGuB
About IGC Pharma
IGC Pharma is focused on Alzheimer’s disease, developing innovative solutions to address this devastating illness. The company’s mission is to transform the landscape of Alzheimer’s treatment with a robust pipeline of five promising drug candidates. IGC-AD1 and LMP target the hallmarks of Alzheimer’s disease, including neuroinflammation, Aβ plaques and neurofibrillary tangles. IGC-AD1 is currently undergoing a phase 2 clinical trial for agitation in dementia associated with Alzheimer’s. TGR-63 disrupts the progression of Alzheimer’s by targeting Aβ plaques. IGC-M3, currently in preclinical development, aims to inhibit the aggregation of Aβ plaques, potentially impacting early-stage Alzheimer’s. IGC-1C, also in preclinical stages, targets tau protein and neurofibrillary tangles, representing a forward-thinking approach to Alzheimer’s therapy. In addition to its drug-development pipeline, IGC Pharma seeks to leverage artificial intelligence (“AI”) for Alzheimer’s research. The company’s AI projects encompass various areas, including clinical trial optimization and early detection of Alzheimer’s. 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
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