India Globalization Capital Stock Hits New High On Sudden Optimism
Sometimes a stock rallies so strongly that there is no option for investors to take notice and on Wednesday, India Globalization Capital, Inc. (NYSEAMERICAN:IGC) emerged as such a stock. The final frontier for the medical cannabis industry is to compete with mainstream pharmaceutical companies and treat widespread conditions. In that regard, IGC got a major boost yesterday from the United States Food and Drug Administration.
Green Signal to Cannabinoid Early-Stage Trial
The FDA gave the company the green signal to the company to commence a clinical trial of its product IGC AD1. The product in question is an investigational CBD formulation and is meant for treating patients who are suffering from mild to critical dementia brought about by Alzheimer’s disease.
It goes without saying that this is a massive development in a number of ways and as soon as the announcement came through on Tuesday, the IGC stock started rallying. It has gained as much as 300% so far since the announcement and considering the stupendous gains made by the stock, it highly likely that it is going to be in focus for the rest of the week.
Hence, it could be a wise move on the part of investors to keep the IGC stock on their watch lists. It was announced that following the conclusion of routine administrative duties, IGC is going to commence a safety multiple ascending dose study with a total of 12 subjects.
The CBD industry has grown at a handsome pace over the course of the past few years and this approval from the FDA is a big thing not only for IGC but for the industry at large. IGC believes that the approval from the FDA regarding the Phase 1 human trial is a major first step in the company’s quest to bring about a CBD based treatment for one of the most devastating medical conditions affecting thousands of people. It was back in 2017 that IGC had announced that it snapped up the exclusive rights to a patent that was filed by the University of South Florida.
The patent in question was titled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease” and that has formed the basis of the medicine that the company has now produced. This is a major step for the industry and could encourage other medical cannabis companies to come up with their own products for different diseases. In the meantime, investors could do well to keep an eye on the IGC stock.
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