IGC Pharma Secures $12 Million Line of Credit from O-Bank Strengthening Efforts in Alzheimer's Research
07 Julio 2023 - 8:15AM
Business Wire
IGC Pharma, Inc. (NYSE American: IGC) (“IGC” or the “Company”),
a clinical-stage pharmaceutical company, has secured a $12 million
revolving line of credit from the Hong Kong Branch of O-Bank Co.,
Ltd. (“O-Bank” or the “Bank”). This funding will support IGC’s
working capital needs primarily related to its Alzheimer’s
research.
Under the terms for the line of credit, IGC can draw up to $1
million within a 30-day period. The interest rate for a draw is 1%
plus the rate paid on certificates of deposits. The facility has an
initial duration of 12 months, with the potential for a 12-month
extension subject to Bank approval. The Bank received $120,000 as a
fee from IGC for providing the 12-month facility. Bradbury Asset
Management (Hong Kong) Limited (“Bradbury”), a Hong Kong
headquartered financial institution with approximately $2 billion
in assets under management, has collateralized cash assets in
support of the line of credit. This follows the recently announced
investment of $3 million in IGC led by four investment funds
managed by Bradbury through a private placement, of unregistered
shares with no warrants or other derivatives, highlighting their
continued support for the Company.
IGC Pharma’s research and development efforts are focused on
Alzheimer’s disease, with three molecules in various stages of
development. Notably, IGC-AD1 is currently in Phase 2 of clinical
trials as a potential treatment for agitation in dementia due to
Alzheimer’s. According to Alzheimer’s Disease International, the
number of people living with Alzheimer’s and other dementias is
projected to nearly triple by 2050, with approximately 76%
experiencing neuropsychiatric symptoms like agitation. Out of the
targeted 146 patients for the Phase-2 trial, 16 individuals have
already completed the trial. IGC Pharma has secured contracts with
eight trial sites, with negotiations underway at seven additional
sites. The Company expects that 13-15 trial sites can enroll
between 15 to 20 patients per month, allowing the Company to target
completion of its Phase-2 trial in the first quarter of calendar
2024.
Keith Loo See Yuen, Group CEO of Bradbury, expressed his firm's
enthusiastic commitment to IGC's endeavors, stating, "We
wholeheartedly endorse IGC's relentless pursuit of developing
groundbreaking therapies for Alzheimer's disease. Our investment is
a testament to our faith in IGC's mission and a strategic bet on a
company that we believe holds the potential to redefine the
Alzheimer’s landscape. We envision IGC as a trailblazer in this
challenging field, creating significant value for its investors,
and most importantly, bringing much-needed hope and relief to
millions of patients and families worldwide."
Ram Mukunda, CEO of IGC Pharma, expressed gratitude for the line
of credit provided by O-Bank and the continued support from
Bradbury. He emphasized the Company's ongoing research and
development initiatives, particularly with the promising drug
candidate, IGC-AD1. Mukunda stated, “We are thankful to O-Bank for
their support, and grateful for the continued support from
Bradbury. 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."
About IGC Pharma, Inc.
IGC Pharma, Inc., (dba IGC) 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, Inc., also markets a
wellness brand, Holief™, that targets women experiencing
premenstrual syndrome and menstrual cramps.
About Bradbury Asset Management (Hong Kong) Limited
Bradbury Group, a group of companies which include Bradbury
Asset Management (Hong Kong) Limited with headquarters in Hong
Kong, is a comprehensive financial institution consisting of
several licensed professional entities that specialize in offering
international securities brokerage, asset management, investment
funds & advisory, and wealth management services to
sophisticated and institutional investors globally. Bradbury Asset
Management (Hong Kong) Limited manages 21 Funds with a combined
asset under management in excess of $2 billion. Its investment
portfolio spans across green energy, real estate, biotechnology, AI
technology, Fintech and e-commerce. Bradbury’s website is:
https://www.bradburyfund.com.
Forward-looking
Statements
This press release contains forward-looking statements. These
forward-looking statements are based largely on IGC’s expectations
and are subject to several risks and uncertainties, certain of
which are beyond IGC’s control. Actual results could differ
materially from these forward-looking statements as a result of,
among other factors, the Company’s failure or inability to
commercialize one or more of the Company’s products or
technologies, including the products or formulations described in
this release, or failure to obtain regulatory approval for the
products or formulations, where required; general economic
conditions that are less favorable than expected, including as a
result of the ongoing COVID-19 pandemic; the FDA’s general position
regarding cannabis- and hemp-based products; and other factors,
many of which are discussed in IGC’s U.S. Securities and Exchange
Commission (“SEC”) filings. IGC incorporates by reference the human
trial disclosures and Risk Factors identified in its Annual Report
on Form 10-K filed with the SEC on June 23, 2022, as if fully
incorporated and restated herein. In light of these risks and
uncertainties, there can be no assurance that the forward-looking
information contained in this release will occur.
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Investors IMS Investor Relations Walter Frank
igc@imsinvestorrelations.com (203) 972-9200
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