IGC Raises $3M Via Private Placement With Asset Management Firm Bradbury

IGC Pharma, Inc. IGC bagged a strategic investment worth $3 million from four investment funds managed by Bradbury Asset Management (Hong Kong) Limited.

Under the private placement, IGC will issue ten million shares of unregistered common stock for $0.30 a piece. These shares are not immediately tradable. 

The funds will boost the advancement of the company's Phase-2 clinical trial of IGC-AD1, an investigational drug candidate designed to address agitation in dementia caused by Alzheimer's disease.

Also Read: IGC Expanding Clinical Trials Of THC Based Drug Following Approval From Health Canada

The completion of the private placement is subject to customary closing conditions, including approval by the NYSE.

Price Action: IGC shares are trading flat at $0.34 on the last check Thursday.