Clinical-stage pharmaceutical company IGC Pharma Inc. (NYSE: IGC) released its fiscal-year 2023 financial results on Wednesday, outlining several strategic moves to support its pursuit for treating Alzheimer’s disease.
Among the highlights of the report was IGC’s July 7 announcement of a $12 million revolving line of credit from the Hong Kong Branch of O-Bank, aimed at helping its working capital needs, primarily in its Alzheimer’s research.
The company also disclosed a $3 million private placement of its common stock. The investment was backed by four investment funds managed by Hong Kong-based Bradbury Asset Management, along with three additional investors.
IGC has been researching cannabinoids to treat seizures and received a patent filing on June 6 from Canada’s Commissioner of Patents. The formulation also received an intent to grant from the European Patent Office, further solidifying its protection in the U.S., Canada, and certain European countries.
The company received approval from Health Canada on Jan. 4 to begin a trial in Canada focused on IGC’s lead drug candidate, IGC-AD1, a potential treatment for Alzheimer’s disease. The company said it has seen promising results in pre-clinical studies of the drug, particularly in its effectiveness in reducing Alzheimer’s associated plaques and tangles.
IGC also strengthened its Alzheimer’s research portfolio with a June 6 acquisition of rights to TGR-63, a pre-clinical molecule. The company said that TGR-63 shows potential in reducing neurotoxicity in Alzheimer’s cell lines. If the molecule can halt the neurotoxicity process, it could provide a groundbreaking Alzheimer’s treatment.
IGC reported a 129% increase in revenue in 2023, with $911,000 generated versus $397,000 in 2022. The company attributes the rise to the life sciences segment and the sale of its white-labeled products and branded holistic women’s health care products.
The company also reported a net loss of approximately $11.5 million, or $0.22 per share, in 2023, a drop from the $15 million, or $0.30 per share, loss in 2022. The company’s SG&A expenses fell $4.7 million, while research and development expenses rose $1.2 million due to the progression of Phase 2 trials on IGC-AD1 and pre-clinical studies on TGR-63.
“Fiscal 2023 was characterized by remarkable growth and progress as we continue to advance our drug formulations through FDA trials,” CEO Ram Mukunda said.