Bethesda, February 20, 2018 (ACCESSWIRE) – India Globalization Capital, Inc. (NYSE MKT: IGC) announced financial results for the third quarter ended December 31, 2017 for the fiscal year that ends March 31, 2018 (the “FYE2018 Q3”)
Revenue for fiscal Q3 2018 was $762,000 compared to $250,000 for fiscal Q3 2017. The increase in revenue is attributable to trading commodities related to infrastructure that is part of our legacy business.
Selling, general and administrative expenses were $507,000 for Q3 2018 as compared to $323,000 for Q3 2017. The majority of these expenses are associated with public company costs, and the increase is attributable largely to non-cash share grants to employees, directors, and advisors.
In Q3 2018, the Company reported a GAAP loss of $533,000 and a GAAP EPS loss of $0.02, compared to a GAAP net loss of $112,000 and a GAAP EPS loss of $0.00 for Q3 2017. The increase in loss is attributable to a one-time non-cash gain incurred in Q3 2017 and the accounting for non-cash share grants in Q3 2018. The non-GAAP cash loss in Q3 2018 is about $360 thousand.
For the period ended December 31, 2017, our cash and cash equivalents was approximately $1,691,000.
Advances Hyalolex to Commercialization Stage
“We have three major goals for 2018 a) launch Hyalolex in 10 states, b) finalize and launch Serosapse for Parkinson’s, and c) substantially reduce or eliminate debt. Our Alzheimer’s product, Hyalolex, an industry first, is progressing as planned. Our work on formulation and packaging is complete and we expect initial commercialization as a Complementary Alternative Medicine sold via licensed medical dispensaries in select states in the near-term, as we strive to help those diagnosed with Alzheimer’s, a disease that effects over 5.5 million in the U.S, and along with associated dementia costs the economy around $260 billion. We remain confident in the value of our phytocannabinoid therapy portfolio as we look to address key indications in the emerging medical cannabis industry,” stated Ram Mukunda, CEO.
About India Globalization Capital Inc.
India Globalization Capital, Inc. (”IGC”) has developed a patent-pending cannabis-based combination therapy to treat endpoints of Alzheimer’s including plaques, tangles, anxiety, agitation and other NPS, which it plans to market through Canadian and U.S. medical dispensaries in early 2018. Its pipeline includes cannabis-based medications for end points of Parkinson’s, pain, nausea, eating disorders and epilepsy in cats and dogs. The company is also working on leveraging its expertise to develop blockchain technology based solutions for the cannabis market. IGC has a legacy business based in India, through which it is engaged in infrastructure and commodity trading, and in Malaysia it is engaged in real-estate management. IGC’s registered US office is located in Bethesda, Maryland. The company maintains an R&D center in Washington State and also has a back office in Kochi, Kerala India.
IGC announces intention to develop blockchain solution for cannabis market
On December 26, 2017, IGC announced that it plans to utilize blockchain technology to address industry issues specific to the medical cannabis industry. The company cited areas including product identification assurance (PIA), inadequate product labeling, transactional difficulties, and product origin assurance as areas that it was seeking to address. Clearly, blockchain technology, which uses a continuously growing list of records, called blocks, which are linked and secured using cryptography to manage large databases securely, is an area of high attention given its robust growth and crucial role in cryptocurrencies. We believe the company intends to develop a platform first for Hyaolex’s go-to-market strategy in the dispensary market, with an aim to leverage the platform for the highly regulated and rapidly evolving cannabis industry.
Alzheimer’s Disease (AD) is a form of dementia. It is known as America’s most expensive disease, with an estimated cost to the U.S. economy of $236 billion. AD currently affects more than 5.3 million Americans and over 65% of AD patients are women. Over the next 20 years, the number of those afflicted with the disease is expected to double. The forecast is staggering, considering that to date, no effective cure has been found.
Know more about India Globalization Capital Inc.
The Company has two lines of businesses, a legacy infrastructure business and a cannabis pharmaceutical business that has developed a lead product for treating Alzheimer’s patients. The company is based in Maryland, USA.