India Globalization Capital, Inc. CIG fiscal 2022 revenue was $397,000, down 55.8% from $898,000 in fiscal 2021.
Financial year 2022 Strong points
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gdew margin increase by 12% in fiscal year 2021 at 48% in fiscal year 2022.
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Gross profit was $194,000, an increase of 71.68% compared to $113,000 in fiscal 2021.
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The net loss was around $15 millioncompared to approximately $8.8 million or fiscal 2021.
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Selling, general and administrative expenses compound increased approximately $5.3 million or 68% for $13.2 million for fiscal year 2022, compared to approximately $7.9 million for fiscal year 2021.
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Research and Ddevelopment expenditure increase approximately $1.4 million or 151% to $2.3 million in fiscal 2022, compared to approximately $929,000 in fiscal 2021. The increase is attributed to the now-completed Phase 1 clinical trial in Alzheimer’s disease. The company expects R&D spending to increase as IGC-AD1 Phase 2 trials and TGR-63 preclinical trials progress.
Financial year 2022 Other Strong points
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IGC has completed the first-in-human safety and tolerability trial of its investigational new THC drug IGC-AD1. During the trial, the company discovered positive signals to improve several neuropsychiatric symptoms, including agitation in dementia associated with Alzheimer’s disease. Based on these signals, the company is launching a larger efficacy trial to test IGC-AD1 as a symptom-modifying agent, specifically on agitation in dementia due to Alzheimer’s disease.
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The company recently acquired the rights to a family of naphthalene monoimide (“NMI”) molecules. NMI lead molecule TGR-63 is an enzyme inhibitor that has been shown in preclinical trials to reduce neurotoxicity in Alzheimer’s disease cell lines and improve memory in a mouse model of Alzheimer’s disease. Subject to further study, research and development, TGR-63 could give the company a potential disease-modifying agent and help expand the company’s pursuit of a drug that can potentially process or modify Alzheimers.
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The company has licensed a patent filing to the University of South Florida titled “Ultra-Low dose THC as a Potential Therapeutic and Prophylactic Agent for Alzheimer’s Disease.” The United States Patent and Trademark Office (“USPTO”) issued a patent (#11,065,225) for this filing on July 20, 2021. The granted patent relates to the proprietary formulation of IGC, IGC-AD1, intended to aid in the treatment people living with Alzheimer’s disease.
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On June 7, 2022, the USPTO issued a patent (#11,351,152) to the company titled “Method and Composition for the Treatment of Seizure Disorders”. The patent relates to compositions and methods for treating several types of seizure disorders and epilepsy in humans and animals using a combination of CBD with other compounds. Subject to further research and study, the combination is intended to reduce the side effects caused by hydantoin-based anticonvulsant drugs such as phenobarbital, by reducing the dosage of anticonvulsant drugs in humans, dogs and cats .
Photo by Ryan Lange on Unsplash
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