- IGC Pharma (IGC, Financial) secures a $475,000 strategic investment from advisors.
- The investment supports the CALMA Phase 2 clinical trial targeting Alzheimer's agitation.
- 1,583,333 new shares will be issued with a six-month trading lockup period.
IGC Pharma, Inc. (IGC) has announced a strategic investment agreement with its recently appointed advisors, who have committed approximately $475,000 to the company. The investment price is set at the higher of 30 cents or $0.01 above the last closing price. This agreement, effective from April 21, 2025, involves the issuance of 1,583,333 unregistered shares of common stock.
The completion of the private placement is contingent upon NYSE approval and other customary closing conditions. The new shares are subject to Rule 144 restrictions and a six-month trading lockup period. This funding will be directed towards general corporate purposes and will notably support the advancement of IGC's CALMA Phase 2 clinical trial, which focuses on addressing agitation in patients with Alzheimer's disease.
Ram Mukunda, CEO of IGC Pharma, expressed that this strategic investment is a significant vote of confidence from the advisors in the company's mission to innovate Alzheimer's treatment. The funds are expected to bolster IGC's ongoing efforts in the CALMA trial and enhance shareholder value over the long term.
