Bethesda, MD, July 20, 2015 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (NYSE-MKT: IGC) announces that the company applied for a provisional patent based on a novel therapy that uses extracts from the cannabis plant for the treatment of Psoriatic Arthritis and Scleroderma pain. The therapy is applied to the joints using a variety of delivery mechanisms including a bio-adhesive patch. We expect to establish metabolic profiling and apply to the FDA for clinical trials.
The Journal of Pain, the Official Journal of the American Pain Society reported in September 2012 that the annual estimated national cost of pain ranges from $560 billion to $635 billion. This figure exceeds the entire cost of the nation's priority health conditions. In addition, The American Pain Society has recommended that pain should be categorized as the fifth vital sign; recognizing that terminal illnesses are often accompanied by unbearable levels that are so severe and difficult to treat that death seems more preferable. Current treatment protocols such as the utilization of opioid-based drug therapies present a number of challenges and may result in debilitating consequences that affect patient day-to-day functioning and patients' productivity. Commonly reported side effects include hallucinations, constipation, sedation, nausea, respiratory depression, and dysphoria.
"We believe our therapy, subject to controlled testing, could offer a safe alternative, without the side effects that are prevalent in today's opioid treatments. Our patent filing is a component of a core strategy that is intended to build a product portfolio of phytocannabinoid-based therapies for the treatment of a wide range of therapeutic indications including pain, epilepsy, and other niche severe terminal diagnosis, which are either life altering or life threatening. We believe we are developing a sustainable and differentiated segment in the phytocannabinoid based bio-pharmaceutical sector and are looking forward to reporting our progress to our shareholders in the upcoming quarters, " said Ram Mukunda, IGC's CEO.
About IGC
Based in Bethesda, Maryland, IGC is positioning itself in two of the world's fastest growing industries -- phytocannabinoid-based biopharmaceuticals and the Internet of Things ("IoT"). We supply electronic and health monitoring components to original equipment manufacturers (OEMs), and develop phytocannabinoid-based therapies for the treatment of a wide range of life altering conditions. In addition, we build leading edge facilities that can be used to grow and extract pharmaceutical grade phytocannabinoids. Our website: www.igcinc.us. Twitter @IGCIR
Forward-looking Statements:
Some of the statements contained in this press release that are not historical facts constitute forward- looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words "may," "will," "should," "could," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "intends," "potential," "proposed," or the negative of those terms. The term "crowd funding" or "crowdfunding" is not a recognized regulatory term and is meant as a reference to offerings of investment securities under the JOBS Act of 2012 for regulations both currently adopted and to be adopted in the future by the Securities & Exchange Commission and FINRA as a result of that legislation. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond IGC's control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, our acquisition and diversification strategy, our competitive environment, infrastructure demands, iron ore availability and governmental, regulatory, political, economic, legal and social conditions in, among other places, China and India. Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward- looking statements, whether as a result of new information, future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward- looking statements have been discussed in greater detail in IGC's Form 10- K for fiscal year ended March 31, 2014, and in subsequent reports filed with the U.S. SEC.