IGC Pharma Announces a $3 Million Private Placement of its Common Stock
06 Juli 2023 - 1:46PM
Business Wire
IGC Pharma, Inc. (NYSE American: IGC) (“IGC” or the “Company”)
today announced a strategic investment from four investment funds
managed by Bradbury Asset Management (Hong Kong) Limited
(“Bradbury”) who is a leading asset management firm with over $2
billion in managed assets. This investment, along with additional
contributions from three unrelated investors, has resulted in
approximately $3 million in gross proceeds, further strengthening
IGC’s working capital. The funds support the advancement of the
Company’s Phase-2 clinical trial of IGC-AD1, the Company’s
promising investigational drug candidate designed to address
agitation in dementia caused by Alzheimer's disease.
The completion of the private placement is subject to customary
closing conditions, including approval by the NYSE. Under the terms
of the private placement, IGC will issue ten million shares of
unregistered common stock at a price of $0.30 per share. These
shares are not immediately tradable, and it is important to note
that the transaction does not include warrants or other
derivatives.
Please note that this press release does not constitute an offer
to sell or a solicitation of an offer to buy these securities.
Furthermore, there shall be no sale of the securities in any state
in which such offer, solicitation, or sale would be unlawful prior
to registration or qualification under the securities laws of the
respective state.
About IGC Pharma, Inc.
IGC Pharma, Inc., (dba IGC) develops advanced cannabinoid-based
formulations for treating diseases and conditions, including, but
not limited to, Alzheimer’s disease, period cramps
(“dysmenorrhea”), premenstrual syndrome (“PMS”), and chronic pain.
IGC has two investigational drug assets targeting Alzheimer’s
disease, IGC-AD1, and TGR-63, which have demonstrated in
Alzheimer’s cell lines the potential to be effective in suppressing
or ameliorating key hallmarks of Alzheimer’s disease, such as
plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol
(“THC”) based formulation that is currently in a 146-person Phase 2
clinical trial for agitation in dementia due to Alzheimer’s
(clinicaltrials.gov, NCT05543681). IGC Pharma, Inc., also markets a
wellness brand, Holief™, that targets women experiencing
premenstrual syndrome and menstrual cramps.
About Bradbury Asset Management (Hong Kong) Limited
Bradbury Group, a group of companies which include Bradbury
Asset Management (Hong Kong) Limited with headquarters in
Hong Kong, is a comprehensive financial institution consisting of
several licensed professional entities that specialize in offering
international securities brokerage, asset management, investment
funds & advisory, and wealth management services to
sophisticated and institutional investors globally. Bradbury Asset
Management (Hong Kong) Limited manages 21 Funds with a combined
asset under management in excess of $2 billion. Its investment
portfolio spans across green energy, real estate, biotechnology, AI
technology, Fintech and e-commerce. Bradbury’s website is:
https://www.bradburyfund.com
Forward-looking Statements
This press release contains forward-looking statements. These
forward-looking statements are based largely on IGC’s expectations
and are subject to several risks and uncertainties, certain of
which are beyond IGC’s control. Actual results could differ
materially from these forward-looking statements as a result of,
among other factors, the Company’s failure or inability to
commercialize one or more of the Company’s products or
technologies, including the products or formulations described in
this release, or failure to obtain regulatory approval for the
products or formulations, where required; general economic
conditions that are less favorable than expected, including as a
result of the ongoing COVID-19 pandemic; the FDA’s general position
regarding cannabis- and hemp-based products; and other factors,
many of which are discussed in IGC’s U.S. Securities and Exchange
Commission (“SEC”) filings. IGC incorporates by reference the human
trial disclosures and Risk Factors identified in its Annual Report
on Form 10-K filed with the SEC on June 23, 2022, as if fully
incorporated and restated herein. In light of these risks and
uncertainties, there can be no assurance that the forward-looking
information contained in this release will occur.
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version on businesswire.com: https://www.businesswire.com/news/home/20230705855326/en/
Investors IMS Investor Relations Walter Frank
igc@imsinvestorrelations.com (203) 972-9200
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