India Globalization Capital (NYSE:IGC) is up monumentally today. The company appears to be taking a leap further into the world of biotech with its newest announcement. It appears IGC stock is being boosted by a patent issued to the company for its cannabis-derived Alzheimer’s treatment.
Alzheimer’s disease is a hot topic among biotech and pharmaceutical companies. Biogen (NASDAQ:BIIB) brought the illness to the forefront of the industry’s attention with the approval of its drug Aduhelm. The first Alzheimer’s treatment to see approval by the FDA in nearly two decades, it is immediately being met with harsh criticism, especially considering its trial tests’ inconclusive results. As such, hospitals are barring the drug’s use on their grounds.
Now, other companies are looking to Alzheimer’s treatment and many are using the momentum of the moment to unveil their products or strike deals. Cassava Sciences (NASDAQ:SAVA) will be taking the stage at the Alzheimer’s Association International Conference to show off its new treatment. And today, India Globalization is announcing the issuance of a patent for its cannabis therapy for the treatment of Alzheimer’s.
IGC Stock Sees Huge Boost Amid Patent Issuance
The University of South Florida is the initiator of the patent for the treatment of Alzheimer’s disease with THC. In 2017, the University came to an agreement with IGC over the licensing rights to the patent. Through this agreement, IGC is able to conduct research and development the treatment, resulting in the company’s IGC-AD1 THC formulation.
The U.S. Patent and Trademark Office is officially issuing the patent for IGC’s Alzheimer’s treatment today. As a result, IGC stock is seeing a serious boom. Shares are up over 135% this morning, and volume is skyrocketing. 188 million shares are trading this session against a daily average volume of only 2.3 million.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.