India Globalization Capital, Inc. (NYSE MKT: IGC), a developer of cannabis-based therapies to treat a variety of life-altering conditions, this morning announced its financial results for the quarter ended June 30, 2017. “During the quarter, we secured an IP licensing agreement from the University of South Florida addressing a potential treatment for Alzheimer’s disease,” Ram Mukunda, CEO of IGC, stated in the news release. “This patent filing claims discovery of a new pathway: low doses of THC bind to amyloid beta plaques and prevent those plaques from aggregating on neurons, which is what occurs in Alzheimer’s disease and causes cognitive decline. IGC expects to release mouse data showing that this pathway and therapy have possible blockbuster potential in treating Alzheimer’s disease. We expect to take this exciting treatment to human medical trials as soon as possible.” IGC reported total revenue of $52,926 for the three-month period, down from $288,493 during the comparable period of 2016. The company attributed this decrease to a corporate mandate to extricate IGC from its electronic and iron ore trading business and focus management on medical cannabis therapies.
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About IGC
India Globalization Capital is engaged in the development of cannabis-based therapies to treat pain, PTSD, seizures, cachexia, chronic and terminal neurological and oncological diagnoses, and other life altering conditions. In support of this mission, IGC has assembled a portfolio of patent filings for its phytocannabinoid-based treatments. The company is based in Bethesda, Maryland. For more information visit www.igcinc.us
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