IGC Pharma has announced a strategic investment from four investment funds managed by Bradbury Asset Management, totaling approximately $3 million in gross proceeds. The funding will support the advancement of IGC-AD1, the company’s investigational drug candidate for addressing agitation in dementia caused by Alzheimer’s disease. The private placement is subject to customary closing conditions and involves the issuance of ten million shares of unregistered common stock.
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.
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Source: BioSpace
