IGC Pharma Granted European Patent for Groundbreaking Cannabinoid-Based Pain Topical Relief Therapy
POTOMAC, Md., October 19, 2023--(BUSINESS WIRE)--IGC Pharma, Inc. ("IGC," "IGC Pharma" or the "Company") (NYSE American: IGC), a visionary clinical-stage pharmaceutical company, is thrilled to announce a significant milestone: the grant of European Patent No. 3193862 by the European Patent Office ("EPO") for our innovative "Cannabinoid Composition and Method for Treating Pain."
Revolutionizing Pain Relief: Pain is an omnipresent issue affecting millions worldwide. Patients suffering from conditions like arthritis and post-operational chronic pain deserve more than conventional solutions. IGC Pharma is at the forefront of innovation, dedicated to enhancing the quality of life and well-being of those in pain. In America alone, over 56 million individuals grapple with debilitating arthritis, while 10-30% of total joint arthroplasty patients endure persistent pain (George et al., 2022). Furthermore, health economists estimated the annual cost of pain management in the U.S. to range from $560 billion to $635 billion back in 2012 (Journal of Pain).
A Breakthrough Approach: IGC Pharma’s newly granted patent introduces a pioneering method for treating pain in humans. Utilizing a cream base infused with a unique blend of cannabinoids, including tetrahydrocannabinol (THC) and cannabidiol (CBD), alongside other compounds, this revolutionary cream or gel is designed for transdermal absorption. It interacts harmoniously with the peripheral nervous and immune systems, delivering effective pain relief without psychotropic or adverse side effects.
Meeting Market Demand: Recent consumer trends indicate a profound demand for safe and effective pain relief. A Forbes Health survey from September 2023, revealed that over 60% of consumers aged 26-76 years explore CBD as a means of pain alleviation. This underscores the immense opportunity and market potential for our innovative solutions.
Ram Mukunda, CEO of IGC Pharma, commented, "IGC Pharma is committed to advancing pain relief therapies rooted in decades of rigorous scientific research. We aspire to redefine the standard for pain management, providing healthier alternatives to traditional medications. Our portfolio now boasts an impressive 35 patent filings in various countries, including the U.S. and Canada. We are proud to have achieved this milestone as we work to expand our roster of pain management formulations, and we will continue to innovate and develop new solutions to address this issue. I believe that our innovative approach to pain relief has the potential to disrupt the industry, providing investors with a unique chance to be part of a transformative journey. With a substantial addressable market and a strong intellectual property portfolio, we are well-positioned for growth."
About IGC:
IGC Pharma, Inc. (dba IGC) develops advanced cannabinoid-based formulations for treating diseases and conditions, including, but not limited to, Alzheimer’s disease, period cramps ("dysmenorrhea"), premenstrual syndrome ("PMS"), and chronic pain. IGC has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1, and TGR-63, which have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of Alzheimer’s disease, such as plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol ("THC") based formulation that is currently in a 146-person Phase 2 clinical trial for agitation in dementia due to Alzheimer’s (clinicaltrials.gov, NCT05543681).
Forward-Looking Statements:
This press release contains forward-looking statements. These forward-looking statements are based largely on IGC’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC’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; general economic conditions that are less favorable than expected, including as a result of the ongoing COVID-19 pandemic; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC’s U.S. Securities and Exchange Commission ("SEC") filings. IGC incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Report on Form 10-K filed with the SEC on July 7, 2023, as if fully incorporated and restated herein. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.
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