India Globalization Capital (NYSE American: IGC) today reported financial results for the second quarter ended September 30, 2017, as well as an overview of recent operational highlights. The company’s legacy division which consists of rental of heavy equipment, commodities trading, and real estate management delivered revenue of $235,648 for the three months ended September 30, 2017, a sharp increase compared to $162,163 for the three months ended September 30, 2016. The increase was primarily driven by increased volume of business. At the end of the second quarter, the company’s cash and cash equivalents along with restricted cash was $597,026 and working capital of $803,769. IGC expects to raise money for the canna-pharmaceutical business, specifically to immediately begin marketing IGC-AD1. Additionally, IGC reported its progress made on its six provisional patent filings in the phytocannabinoid-based combination therapy space for the indications of pain, medical refractory epilepsy, and cachexia. “Independent of our longer-term FDA clinical trial process, our near-term goal is to commercialize our liquid formulation for Alzheimer’s as a Complimentary and Alternative Medicine (CAM) sold through licensed medical cannabis dispensaries in the U.S., and internationally in Canada and Germany,” IGC CEO Ram Mukunda stated in the news release.
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About IGC
IGC is engaged in the development of cannabis based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in dogs and cats. IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. The company is based in Maryland, USA. For more information, please visit www.IGCinc.us.
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