India Globalization Capital, Inc. (AMEX:IGC) reported its second fiscal quarter 2023 financial results, revealing revenue of $202,000, a 261% increase compared to $56,000 in the same quarter of 2022. The increase in revenue is primarily related to increased sales of the company’s CBD-based products and services including its CBD-infused energy beverages.
Q2 2023 Financial Highlights
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Net loss for was approximately $2.4 million or ($0.05) per share, compared to approximately $4.3 million or ($0.09) per share in the same quarter of 2022.
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Research and development expenses were $768,000, compared to approximately $276,000 in the same quarter of 2022. The increase of approximately $492,000 was primarily attributable to the progression of phase 2 trials on IGC-AD1 and preclinical studies on TGR-63. The company anticipates increased R&D expenses as the development of TGR-63 and the phase 2 trial on IGC-AD1 gain momentum.
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Gross profit was $135,000, compared to $38,000 in the same quarter of 2022.
Q2 2023 Other Highlights
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IGC-AD1 and TGR-63, both small molecules, have shown potential to suppress or ameliorate a key protein in Alzheimer’s cell lines responsible for Aβ plaques, a key hallmark of Alzheimer’s disease. The company currently has two main investigational drug assets in various stages of development:
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IGC-AD1: The company’s therapeutic candidate is entering phase 2 trials for treating agitation in dementia from Alzheimer’s disease.
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TGR-63: An enzyme inhibitor shown in preclinical trials to reduce neurotoxicity in Alzheimer's cell lines.
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On Sept. 20, 2022, the USPTO granted a second patent (#11,446,276) for the treatment of Alzheimer’s disease titled “Extreme low dose THC as a therapeutic and prophylactic agent for Alzheimer’s disease.” The original patent application was initiated by the University of South Florida and filed on Aug. 1, 2016. On May 25, 2017, the company entered into an exclusive license agreement with USF with respect to the patent application and the associated research conducted on Alzheimer’s disease. IGC-AD1, described above, is partially based on this research.
Ram Mukunda, CEO of India Globalization Capital, stated, “We are very pleased with the developments we have made this quarter, especially as they pertain to our investigational drug candidate, IGC-AD1. We believe that we possess a revolutionary drug formulation that could provide much-needed relief for patients suffering from Alzheimer’s disease. This drug is the first natural low-dose THC-based drug formulation to enter FDA trials and has the potential to fill a very prevalent void in the broad and expanding market for the treatment of Alzheimer’s symptoms.”
“We continue to see increased market traction for our line of products like Holief, which offers CBD-based gummies, tinctures, capsules, and topical analgesic creams for pain relief, and Sunday Seltzer, our CBD-infused beverage brand that includes our energy drink,” Mukunda continued.
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