IGC Pharma has obtained a revolving line of credit worth $12m from the O-Bank’s Hong Kong branch in China to bolster research into Alzheimer’s disease.
The company plans to utilise the funds as its working research capital for research. Three IGC molecules are currently being analysed for Alzheimer’s.
IGC-AD1 is one of the company’s drug candidates and is being evaluated in a Phase II clinical trial for the potential treatment of agitation in patients with Alzheimer-associated dementia.
Of the 146 targeted subjects, 16 have completed the study.
The firm has entered contracts with eight study centres to date, with discussions at seven further sites progressing.
In order to conclude the Phase II trial in the first quarter of 2024, IGC anticipates enrolling 15 to 20 subjects at 13-15 study sites every month.
IGC Pharma CEO Ram Mukunda stated: “We are thankful to O-Bank for their support and grateful for the continued support from Bradbury.
“Together with our dedicated investors and partners, we are working towards our goal of developing innovative therapies for Alzheimer’s disease. With their support, we are focused on advancing IGC-AD1 and bringing hope and relief to millions of patients and families worldwide.”