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

IGC Pharma, Inc. (AMEX: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.