IGC Filed a Patent Application with the U.S. Patent Office for a New Formulation to Treat Pain
July 21 2020 - 6:00AM
Business Wire
On July 17, 2020 India Globalization Capital, Inc. (the
“Company”) (NYSE American: IGC) filed a patent application,
IGC-511, with the United States Patent and Trademark Office
(“USPTO”) for a new cannabinoid formulation intended for the
treatment of chronic pain, muscular pain, and neuropathic pain in
humans and veterinary animals.
Chronic pain, one of the most common grounds for adults seeking
medical care, has been linked to limitations in mobility and daily
activities, dependence on opioids, anxiety and depression, and
diminished quality of life.(1)
Pain management is a significant challenge for health care
professionals, as pain often can debilitate individuals in ways
that affects their day-to-day functioning and productivity. Reports
show that chronic pain contributes to an estimated $560 billion
each year in direct medical cost, lost productivity, and disability
programs.(2) The American Pain Society recommends that pain be made
more visible and categorized as the fifth vital sign.
As part of our intellectual property strategy, we seek
appropriate patent protection for applicable product candidates,
drug delivery systems, and molecular modifications, as well as
other proprietary technologies and their uses, by filing patent
applications in the U.S. and select other countries. We intend for
these patent applications to cover, where possible, claims for
medical uses, processes for preparation, and processes for delivery
and formulations. We have recently been issued two patents for our
cannabinoid formulations to treat pain (IGC-501) and eating
disorders (IGC-504), and we received a Notice of Allowance for our
cannabinoid formulation to treat seizures (IGC-502). The filing of
a patent application is no guarantee that the USPTO will approve or
grant the patent; as such, we can give no assurance that the patent
will in fact be granted.
Forward-looking Statements:
This press release contains forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are based largely on IGC’s
expectations and are subject to a number of risks and
uncertainties, certain of which are beyond IGC’s control. Actual
results could differ materially from these forward-looking
statements as a result of, among other factors, worsening of the
COVID-19 outbreak in China, the U.S., and other parts of the world,
the prolonged continuation of travel restrictions related to the
outbreak, continued disruption of the Hong Kong economy,
competitive conditions in the industries in which IGC operates,
failure to meet operational goals and/or revenue and profit targets
for products in various stages of production and commercialization,
failure to commercialize one or more of the products or
technologies of IGC, including any products or patented
formulations identified herein, or the failure or inability to pay
patent maintenance fees, potential rejection of any patent
application even when the Company is in compliance with USPTO
requirements, any changes in federal, state, or local law
applicable to our businesses and the locations where we operate,
general economic, political, and health and welfare conditions that
are less favorable than expected, the Federal Food and Drug
Administration’s (FDA) general position regarding hemp-based and
related products in particular, and other factors, many of which
are discussed in our SEC filings. The Risk Factors identified in
the Company’s annual report, filed on Form 10-K with the SEC on
July 13, 2020, and in the Company’s quarterly reports, filed on
Form 10-Q with the SEC on November 5, 2019 and February 10, 2020,
are incorporated herein by reference. In light of these risks and
uncertainties, there can be no assurance that the forward-looking
information contained in this release will in fact occur.
About IGC:
IGC has two lines of business: infrastructure and life sciences,
including hemp-derived medical cannabis/industrial hemp. The
company is based in Maryland, U.S.A. Our website:
www.igcpharma.com, www.igcinc.us. Twitter @IGCIR
(1) Chappert SM, Burt CW. Ambulatory care visits to physician
offices, hospital outpatient departments, and emergency
departments: United States, 2001-02. Vital Health Stat. 2006 Feb;
13(159): 1-66; Gureje O, Von Korff M, Simon GE, Gater R. Persistent
pain and well-being: A World Health Organization study in primary
care. JAMA. 1998 Jul; 280(2): 147-51. (2) Institute of Medicine.
Relieving pain in America: A blueprint for transforming prevention,
care, education, and research. National Academies Press. 2011.
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Claudia Grimaldi 301-983-0998
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