Why is India Globalization Capital (IGC) stock rising today?

The stock price of India Globalization Capital, Inc. rose over 90% pre-market. Investors are responding positively to India Globalization Capital announcing today that on July 20, 2021, the United States Patent and Trademark Office (USPTO) issued a patent (#11,065,225) for the treatment of Alzheimer’s disease entitled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.”

The original patent application was initiated by the University of South Florida (USF) and filed on August 1, 2016. And on May 25, 2017, IGC entered into an exclusive license agreement with USF with respect to the patent application and the associated research conducted on Alzheimer’s disease.

The granted patent has to do with IGC’s proprietary formulation intended to assist in the treatment of individuals living with Alzheimer’s disease. And IGC’s proprietary formulation IGC-AD1 is the subject of the company’s previously-disclosed Phase 1 clinical trial. The company had recently announced the completion of Cohort 3 in its placebo-controlled Multiple Ascending Dose (MAD) phase 1 trial for establishing safety and tolerability of IGC-AD1 that uses THC on patients suffering from Alzheimer’s disease.