IGC Pharma Secures $12M Credit Facility From O-Bank To Aid Alzheimer's Research

IGC Pharma, Inc. IGC has recently secured a $12 million credit from the Hong Kong Branch of O-Bank Co., Ltd.

This funding will support IGC's working capital needs primarily related to Alzheimer's research.

Notably, IGC-AD1 is currently in Phase 2 of clinical trials as a potential treatment for agitation in dementia due to Alzheimer's. Out of the targeted 146 patients for the Phase-2 trial, 16 individuals have already completed the trial.

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

Bradbury Asset Management (Hong Kong) Limited, a Hong Kong-headquartered financial institution with approximately $2 billion in assets under management, has collateralized cash assets in support of the line of credit. 

Under the terms of the line of credit, IGC can draw up to $1 million within a 30-day period. 

The interest rate for a draw is 1% plus the rate paid on certificates of deposits. The bank received $120,000 as a fee from IGC for providing the 12-month facility. 

Price Action: IGC shares are trading higher by 12.18% to $0.3749 on the last check Friday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: EquitiesNewsFinancingMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!