BETHESDA, Md.--(BUSINESS WIRE)--India Globalization Capital, Inc. (NYSE:IGC) today announced that it has filed a method and composition patent with the U.S.P.T.O. for the formulation of Hyalolex (IGC-507), which helps address some symptoms of Alzheimer’s disease including the buildup of plaques and tangles, anxiety, aggression and sleep disorders among others.
This patent filing enables IGC to pursue the commercialization of this formulation in U.S. states where medical cannabis is legal, as well as in selected European countries. As previously announced, IGC will start its marketing activities in Puerto Rico with subsequent initiatives in ten key markets in the U.S.
In addition, the new patent filing allows the Company to disclose its specific method of manufacturing Hyalolex and specific active ingredients to appropriate health departments, processors, growers, doctors, caregivers, patients and dispensaries, which will be integral to the acceleration of IGC’s marketing efforts. According to CEO Ram Mukunda, the Company will also incorporate the formulation and active ingredients in its website and through its presentations. “As this evolves our Company will evidence its goal of becoming a market leader in specific areas where we will have a head-start, such as Alzheimer’s,” he said.
The Company is launching Hyalolex in Puerto Rico, as previously reported, in part because the Latino population is especially susceptible to Alzheimer’s disease with a much higher likelihood of contracting the disease. In total, there are over 5.5 million adults with Alzheimer’s in the U.S. and over 44 million worldwide. After launching marketing initiatives for Hyalolex in Puerto Rico, IGC will commence marketing and licensing arrangements in states including Maryland, Washington, D.C. and California.
By the end of the year, Mukunda says he expects IGC to have its Alzheimer’s product in 10 U.S. states. “In the process, we will build a distribution and brand presence that we can leverage for our other products and bring relief to those afflicted with this difficult diagnosis,” he said.
IGC has two lines of business, (i) a legacy commodity trading, and infrastructure business, and (ii) a cannabis based complimentary medicines business that has developed a lead product for treating Alzheimer’s patients. IGC recently announced that it is working on using blockchain to address issues specific to the cannabis industry including transactional difficulties, product labeling, product identification assurance (PIA), and product origin assurance (POA). IGC is based in Maryland, USA.
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Please see forward looking statements as discussed in detail in IGC's Form 10K for fiscal year ended March 31, 2017, and in other reports filed with the U.S. Securities and Exchange Commission.