Bethesda, Md, March 15, 2016 (GLOBE NEWSWIRE) --
India Globalization Capital, Inc. (IGC) announces today that it has expanded the scope of its patent strategy to include international patent applications based on its U.S. provisional patent portfolio. The Company filed PCT/US2016/013323 on January 14, 2016 entitled “Composition and Method for Treating Seizure Disorders” and is based on Provisional 62/107,432 that was filed on January 25, 2015. In addition, IGC filed PCT/US2015/050342 on September 16, 2015 entitled “Cannabinoid Composition and Method for Treating Pain” and is based on Provisional 62/050,864 that was filed on September 16, 2014. The Company currently has filed several U.S. provisional patents related to the use of cannabinoid extracts and intends to continue to expand its intellectual property portfolio in the pursuit of this health care strategy.
Phytocannabinoids are chemical compounds that are believed to exert a range of effects on the human body including impacting the immune response, gastrointestinal maintenance and motility, muscle functioning, and nervous system response and functioning. Since September 2014, IGC has filed several provisional patents with the United States Patent and Trademark Office (“USPTO”) in the combination therapy space for the indications of pain, medical refractory epilepsy and cachexia. In September 2015, the U.S. Patent & Trademark Office notified IGC that its provisional patent application (Prov.62/050,864) based on a novel therapy that uses cannabinoid extracts for the treatment of pain was converted (PCT/US2015/050342), internally, formulation IGC501. It should be noted that there is no guarantee that filing a provisional or a non-provisional patent application will result in a successful registration with the USPTO.
“We enter 2016 with both a sharpened vision and monetization pathway. Our corporate plan is to build shareholder value by 1) developing, testing and filing patents for phytocannabinoid based therapies, 2) divesting un-profitable legacy businesses and assets, and 3) engaging in developing and managing commercial construction projects. In addition, we will look for acquisitions that can help us advance our goals.” stated Ram Mukunda, IGC’s CEO.
About IGC
In the United States, we develop phytocannabinoid-based therapies and build state-of-the art farming facilities that we can eventually use to grow and extract pharmaceutical grade phytocannabinoids. We expect to position the company to be a leading provider of cannabinoid based Active Pharmaceutical Ingredients (“API”). IGC has several patent filings for the indications of Pain, Medical Refractory Epilepsy and Cachexia using cannabinoids. Internationally, IGC engages in developing and managing commercial construction projects. We are 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. 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, and governmental, regulatory, political, economic, legal and social conditions. 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.