Bethesda, October 28, 2015 (GLOBE NEWSWIRE) -- India Globalization Capital, Inc. (IGC) announces that the company was notified that its provisional patent application (Prov.62/050,864) based on a novel therapy that uses cannabinoid extracts from the cannabis plant for the treatment of pain was converted (PCT/US2015/050342) by the U.S. Patent & Trademark Office.
IGC is currently developing a nationwide brand by using this formulation (IGC501) as an anchor for the treatment of debilitating pain with administration via a topical cream. IGC has several patent filings in the combination therapy space for the indications of Pain, Medical Refractory Epilepsy and Cachexia. The pain market represents a significant component of the healthcare system and The Journal of Pain in September 2012 reported that the annual estimated national cost of pain ranges from $560 billion to $635 billion. Additionally, The American Pain Society recommends that pain be made more visible and be categorized as the fifth vital sign.
"We believe that we are uniquely positioned to move forward and market our formulation, through licensing agreements, directly through medical dispensaries in 23 states where medical cannabis is legal. We expect to begin to see revenues from this effort by early next year."
"In parallel, we intend to pursue a formalized strategy to further detail product efficacy through a vigorous testing pathway. We are proud to work on developing an alternative to popular opioid-based drugs to treat chronic pain in order to help reduce or eliminate the occurrence of common opioid side-effects such as constipation, nausea and respiratory depression among others," said Ram Mukunda, IGC's CEO.
About IGC
IGC is engages in identifying, developing or acquiring and commercializing cannabinoid based biopharmaceutical therapies that address end of life supportive care, hospice care, chronic neurological and oncological diagnosis. The company also supplies components for OEMs involved in health care and the Internet-of-Things. India Globalization Capital Inc. ("IGC") is based in Bethesda, Maryland.
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, 2015, and in subsequent reports filed with the U.S. SEC.