POTOMAC, Md.–(BUSINESS WIRE)–India Globalization Capital, Inc. (the “Company”) (NYSE American: IGC) today announces that on April 13, 2022, the United States District Court for the District of Maryland issued an order granting final settlement approval to the Company and two of its officers (the “Class Defendants”) and plaintiffs in two (2) previously disclosed shareholder class actions, both filed on November 2, 2018 then merged on February 28, 2019: Tchatchou c. India Globalization Capital, Inc., et al., Civil Action No. 8:18-cv-03396; and Harris-Carr v India Globalization Capital, Inc., et al., Civil Action No. 8:18-cv-03408 (collectively, the “Litigation”).
As previously reported, on April 6, 2021, class action plaintiffs and defendants reached an agreement in principle to settle all outstanding shareholder disputes, subject to execution of formal settlement documentation and approval. of the court. On October 20, 2021, the class action plaintiffs and defendants executed the formal settlement documents. The Company has complied with its obligations under the settlement, with the majority of the settlement being paid through the Company’s insurance policy, as previously reported. At the final settlement approval hearing on April 13, 2022, the Court issued an order granting final settlement approval and dismissing the Litigation. The settlement and related dismissal resolve all pending shareholder class actions against the Company and its officers. Additional information regarding settlement terms can be found on the Company’s February 10, 2022 Form 10-Q.
The Society focuses on work on Alzheimer’s disease. After completing a Phase 1 safety and tolerability trial using IGC-AD1, the first investigational new drug candidate based on naturally occurring THC, the Company is working towards obtaining approvals from the FDA for a multisite, randomized, phase 2, powered, placebo-controlled, study to evaluate the efficacy of IGC-AD1 on neuropsychiatric symptoms, including agitation, associated with dementia due to Alzheimer’s disease . The Company will present its findings on 3rd Latinos & Alzheimer’s Symposium to be held in Florida on April 25-26, 2022.
Alzheimer’s disease affects about 50 million people worldwide and about 5.5 million people in the United States. More than 70% of these patients experience one or more debilitating symptoms, including agitation, anxiety, and depression (Mendez, 2021). Agitation in patients with dementia may include excessive physical movement and verbal activity, restlessness, stepping, aggression, shouting, crying, and wandering. Currently, there are no FDA-approved drugs to relieve dementia symptoms, such as restlessness, due to Alzheimer’s disease. The company hopes that eventually, IGC-AD1 can help the millions of Alzheimer’s disease patients around the world who suffer from these neuropsychiatric symptoms.
About the IGC:
India Globalization Capital, Inc. (IGC), headquartered in Maryland, is engaged in the development of cannabinoid-based therapies for healthcare applications. IGC recently completed the first Phase 1 clinical trial of safety and tolerability for patients with Alzheimer’s disease using an investigational new drug candidate based on THC. The Company also operates an India-based infrastructure business. www.igcinc.us, www.igcpharma.com.
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