India Globalization Revenue Rises as it Shaves Losses

Sales of its CBD-based products and services boosted revenue for the company.

India Globalization Capital Inc. (NYSE American: IGC) posted rising revenues and cut losses as it reported its second fiscal quarter 2023 financial results.

Revenue was roughly $202,000 for the second quarter, versus $56,000 during the same time last year. The company said that the rise in revenue is due mostly to growing sales of its CBD-based products and services, which increased 345% over last year.

Net loss totaled $2.4 million, or ($0.05) per share, versus nearly $4.3 million, or ($0.09), per share during the same time last year.

“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,” CEO Ram Mukunda said. “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.”

The company said that IGC-AD1 and TGR-63, both small molecules, have shown promise to help quell a key protein in Alzheimer’s cell lines responsible for the disease. IGC-AD1, the company’s therapeutic candidate, is entering Phase 2 trials for treating agitation in dementia from Alzheimer’s disease. TGR-63 is an enzyme inhibitor shown in preclinical trials to lower neurotoxicity in Alzheimer’s cell lines.

IGC-AD1 is partially based on this research of a patented treatment for the disease. The University of South Florida, the original patent applicant, inked a license agreement with the company in 2017 with respect to the patent application and the associated research conducted on Alzheimer’s disease.

Selling, general, and administrative expenses fell by $2.2 million to $1.9 million this quarter, a 115% improvement since $4.1 million since the same time in 2021, due to an adjustment of one-time expenses and a reduction of legal and marketing expenses.

Research and development expenses were $768,000 for the second quarter, a 64% rise versus nearly $276,000 in the same period last year. The company lent the increase to progression of Phase 2 trials on IGC-AD1 and preclinical studies on TGR-63

The company said that it would crank up the spending as development of TGR-63 and the Phase 2 trial on IGC-AD1 gain momentum.

Adam Jackson

Adam Jackson covers the cannabis industry for The Green Market Report. He previously covered the Missouri statehouse for The Columbia Missourian and has written for The Missouri Independent. He most recently covered retail, restaurants, and other consumer companies for Bloomberg Business News. You can find him on Twitter @adam_sjackson and email him at adam.jackson@crain.com.


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