Breakout Coming? India Globalization Capital, Inc. (NYSEAMERICAN:IGC) Stock Jumps

India Globalization Capital, Inc. (NYSEAMERICAN:IGC) is moving higher again in the pre-market session on Tuesday, extending its yesterday’s gain of 21.50%.

Major Trigger:

IGC Completes Cohort 2 of its Phase 1 THC-Based Clinical Trial on Alzheimer’s Patients

Key Highlights:

  • announces today that it has completed Cohort 2 of its Phase 1 clinical trial on IGC’s tetrahydrocannabinol (“THC”)-based investigational new drug, IGC-AD1, intended to alleviate the symptoms of individuals suffering from Alzheimer’s disease. As previously disclosed, IGC submitted IGC-AD1 to the U.S. Food and Drug Administration (“FDA”) under Section 505(i) of the Federal Food, Drug, and Cosmetic Act. IGC received approval to proceed with the trial from the FDA on July 30, 2020.
  • As previously announced, for Cohort 1, we administered one dose of the investigational new drug IGC-AD1 per day to trial participants. We increased the dosage to two doses of IGC-AD1 per day in Cohort 2, which was conducted from early February 2021 through mid-May 2021.
  • The Data and Safety Monitoring Committee (“DSMC”) for IGC’s clinical trial, having reviewed the data obtained through Cohort 1 and Cohort 2, recommended progressing to Cohort 3, which consists of administering three doses per day.
  • Participants are monitored daily for safety and certain behavioral changes using, among others, the Neuropsychiatric Inventory (NPI) scale and the Columbia-Suicide Severity Rating Scale (C-SSRS). The Phase 1 clinical trial on Alzheimer’s patients is currently anticipated to conclude during the July through September 2021 timeframe.
  • A Phase 1 clinical trial is the first step of a human clinical trial in a multi-step process designed to obtain regulatory approval for the marketing of a new pharmaceutical drug. This multi-step process for obtaining FDA approval is described in IGC’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on July 13, 2020.

Market Reaction

As of 7:05, IGC stock jumped 7.10% to $1.81. So far the stock has traded 182K shares traded hands.

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