IGC Pharma Secures $12M Credit Facility From O-Bank To Aid Alzheimer's Research
Portfolio Pulse from Nabaparna Bhattacharya
IGC Pharma, Inc. (AMEX:IGC) has secured a $12 million credit from the Hong Kong Branch of O-Bank Co., Ltd. The funding will support IGC's working capital needs primarily related to Alzheimer's research. The company's IGC-AD1 is currently in Phase 2 of clinical trials as a potential treatment for agitation in dementia due to Alzheimer's. Bradbury Asset Management has collateralized cash assets in support of the line of credit.
July 07, 2023 | 4:43 pm
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IGC Pharma has secured a $12M credit facility from O-Bank, which will support its Alzheimer's research. The company's shares are trading higher by 12.18%.
The secured credit facility will provide IGC with the necessary funding to continue its Alzheimer's research, which is currently in Phase 2 of clinical trials. This positive news has already resulted in a 12.18% increase in the company's share price.
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