POTOMAC, MARYLAND / ACCESS Newswire / April 24, 2025 / IGC Pharma, Inc. (NYSE American:IGC) ("IGC" or the "Company") today announced that the Company's recently appointed advisors entered into a Share Purchase Agreement (the "SPA") on April 21, 2025, for the purchase of common shares from the Company.
The investment, subject to the terms and conditions set forth in the SPA, is for approximately $475 thousand at the higher of 30 cents or $0.01 over the last closing price. The completion of the private placement is subject to customary closing conditions, including approval by the NYSE. Under the terms of the SPA, IGC will issue 1,583,333 shares of common stock. The shares are unregistered, subject to 144 restrictions, and are not tradable for a six-month period.
The funds will support general corporate purposes and the Company's advancement of CALMA Phase 2 clinical trial on agitation in Alzheimer's disease.
Ram Mukunda, CEO commented, "We're pleased to see this strong vote of confidence from our new advisors. Their strategic investment underscores their belief in IGC Pharma's mission to transform the Alzheimer's treatment landscape. We look forward to working with our Advisors in accelerating our Phase 2 CALMA trial and building long-term value for shareholders."
Please note that this press release does not constitute an offer to sell or a solicitation of an offer to buy these securities. Furthermore, there shall be no sale of the securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of the respective state.
About IGC Pharma's New Advisors:
Frank Zaccanelli, a seasoned entrepreneur and former President, General Manager, and minority owner of the Dallas Mavericks, under Perot family's majority ownership. He led the development of the American Airlines Center in Dallas Texas and has been a public commentator on finance, politics, global strategy, and brings decades of leadership in venture capital, private equity, and public-private partnerships. Mr. Zaccanelli will support IGC Pharma in identifying and cultivating strategic partnerships, as well as advising on the Company's engagement with brand ambassador and key influencers in the Alzheimer's space.
Robert K. Coughlin, former President and CEO of MassBio, has been a champion of biotech innovation and recently received the 2025 Henri A. Termeer Innovative Leadership Award for his enduring contributions to the life sciences ecosystem. As a cystic fibrosis parent, Bob works tirelessly to raise awareness and invest in companies working on cystic fibrosis. His public service includes time as a Massachusetts State Representative and Undersecretary of Economic Development. Mr. Coughlin will support IGC's Alzheimer's regulatory strategy, clinical engagement, and support relations with pharmaceutical companies.
Joseph H. Mangan is a retired brand strategist, a current Knight of the Order of Malta, and a board member of the New York Athletic Club. Joe has been committed to humanitarian aid and service to those in need. His deep empathy for vulnerable populations, particularly the elderly, aligns closely with IGC Pharma's mission to support Alzheimer's patients and caregivers. Mr. Mangan will advise the Company on strategic partnerships with clinical sites, hospitals, and Alzheimer's foundations.
About IGC Pharma (dba IGC):
IGC Pharma?(NYSE American:IGC) is a clinical-stage biotechnology company leveraging AI to develop innovative treatments for Alzheimer's and metabolic disorders. Our lead asset, IGC-AD1, is a cannabinoid-based therapy currently in a Phase 2 trial?(CALMA)?for agitation in Alzheimer's dementia. Our pipeline includes TGR-63, targeting amyloid plaques, and early-stage programs focused on neurodegeneration, tau proteins, and metabolic dysfunctions. We integrate AI to accelerate drug discovery, optimize clinical trials, and enhance patient targeting. With 30 patent filings and a commitment to innovation, IGC Pharma is advancing breakthrough therapies.?
Forward-Looking Statements:
This press release contains forward-looking statements. These forward-looking statements are based largely on IGC Pharma's expectations and are subject to several risks and uncertainties, certain of which are beyond IGC Pharma's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company's failure or inability to commercialize one or more of the Company's products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required, or government regulations affecting AI or the AI algorithms not working as intended or producing accurate predictions; general economic conditions that are less favorable than expected; the FDA's general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC Pharma's U.S. Securities and Exchange Commission ("SEC") filings. IGC incorporates by reference its Annual Report on Form 10-K filed with the SEC on June 24, 2024, and on Form 10-Qs filed with the SEC on August 7, 2024, November 12, 2024, and February 14, 2025, as if fully incorporated and restated herein. Considering these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.
Contact Information
Rosalyn Christian
IMS Investor Relations
igc@imsinvestorrelations.com
(203) 972-9200
SOURCE: IGC Pharma, Inc.
