IGC Pharma raises capital to advance IGC-AD1 Phase 2 trial

IGC Pharma (IGC) entered into a Subscription Agreement with a group of investors for the purchase and sale of an aggregate of 779,997 shares of common stock in a registered direct offering, at a purchase price of $0.30 per share. Gross proceeds from the offering are expected to be approximately $234,000, before deducting estimated offering expenses payable by the Company. The Company intends to use the net proceeds for working capital and general corporate purposes, including continued funding of its Phase 2 clinical development program for IGC-AD1. The shares were offered pursuant to an effective shelf registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission on January 8, 2024, and a related prospectus supplement filed with the SEC.