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BETHESDA, Md., April 10, 2017 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE MKT:IGC) announces today that it has filed patent applications for IGC-501 in Canada, Israel, and Europe in support of its global cannabis-based combination therapy development initiatives.
IGC-501 is indicated for neuropathic pain. The pain market represents a significant component of the healthcare system and The Journal of Pain in September 2012 reported that the annual estimated national cost of pain ranges from $560 billion to $635 billion. In addition, abuse of prescription opioids is estimated to cost about $25 billion.
The international landscape embraces advancements in medical cannabis with countries like Germany, Israel and Canada being in the forefront. We aspire to bring our cannabis-based compounds to these markets and position ourselves for sustained growth. Canada's recent introduction of legislation to legalize cannabis and Germany's initiatives on medical cannabis are particularly encouraging on a global perspective. It should be noted that filing a patent does not guarantee that a patent will be issued in the future.
"We continue to strengthen our IP position in cannabis-based combination therapies and have progressed to include global patent filings. IGC is committed to addressing high potential international markets as a first mover in this emerging segment of cannabis-based combination therapy pharmaceuticals," concludes Ram Mukunda, CEO.
India Globalization Capital is engaged in the development of cannabis-based therapies to treat pain, PTSD, seizures, cachexia, chronic and terminal neurological and oncological diagnoses, and other life altering conditions. In support of this mission, IGC has assembled a portfolio of patent filings for its phytocannabinoid-based treatments. The company is based in Bethesda, Maryland.
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Please see risk factors discussed in India Globalization Capital, Inc.'s Form 10-K for fiscal year ended March 31, 2016, and in subsequent reports filed with the U.S. Securities and Exchange Commission.