India Globalization Capital, Inc. (AMEX:IGC) announced its financial results for the three months ending December 31, 2021 – quarter three of the company’s 2022 fiscal year.
Q3 Financial Highlights
- The company’s financial results for the quarter ending December 31, 2021 relative to the same period a year ago:
- The Life Sciences segment, which includes the sale of hemp-based products such as lotion, gummies, and hand sanitizers was the largest revenue driver with $134,000 in revenue for the quarter, compared to $56,000 the year prior.
- The Infrastructure segment, which includes a construction contract, was $8,000 in the quarter, relative to $52,000 the year prior.
- The following expense results refer to the quarters ending December 31, 2021, and December 31, 2020: research and development (R&D) expenses related to the Phase 1 clinical trial described above and product research in our Life Sciences segment was approximately $377,000 compared to $154,000 the year prior. We expect R&D expenses to increase with subsequent IGC-AD1 clinical trials, subject to FDA approval.
- Selling, general and administrative (SG&A) expenses were $2.07 million in the quarter, a decrease of $116,000 relative to $2.19 million the year prior. The SG&A decrease includes a one-time inventory-related adjustments of $245,000.
Net loss was approximately $2.38 million or ($0.05) per share, compared to approximately $2.32 million or ($0.06) per share in the same quarter the prior year.
Q3 Operational Highlights
- The company appointed former congressman James Moran to its board of directors. During his 24 years in Congress, Moran was recognized as a champion of innovative research and development in areas including healthcare and national security, environmental protection and sustainability, and international trade and fiscal responsibility.
- India Globalization Capital completed a phase 1 clinical trial for IGC-AD1, an investigational new tetrahydrocannabinol (THC) based drug candidate designed to treat the symptoms of Alzheimer’s disease. As previously reported, the trial analyzed the safety and efficacy of different dosages, and the results were encouraging. Patients receiving the drug showed a decrease in agitation, anxiety, depression and other neuropsychiatric symptoms (NPS). From the trial, we gained valuable knowledge about the impact of dosing that will be studied further in additional clinical trials, subject to FDA approval. Complete findings have been submitted in the Clinical/Statistical Report filed with the FDA. On September 17, 2021, the company filed a patent application, IGC-513, to protect these initial trial findings.
- The company is currently planning to proceed with additional clinical trials for IGC-AD1. We plan to submit a protocol to the FDA, for a large, double-blind, placebo-controlled Phase 2 trial to test the impact of IGC-AD1 in relieving agitation in dementia due to Alzheimer’s.
- On October 28, 2021, the India Globalization Capita won the Best CBD Topical award for its broad-spectrum hemp extract cream called Holi Wonder™ at the USA CBD Expo event held in Chicago, Illinois.
- On October 5, 2021, the company received a Good Manufacturing Practice (GMP) certificate for its manufacturing and processing facility in Vancouver, Washington.
