IGC Pharma Secures $3M Via Private Placement

IGC Pharma, Inc. IGC announced a strategic investment from four investment funds managed by Bradbury Asset Management (Hong Kong) Limited, an 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 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.

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