IGC Pharma, a clinical-stage pharmaceutical company, secured a $12 million revolving line of credit from the Hong Kong branch of O-Bank. This funding will support IGC’s working capital needs primarily related to its Alzheimer’s research.
Under the terms for the line of credit, IGC can draw up to $1 million within a 30-day period. The interest rate for a draw is 1% plus the rate paid on certificates of deposits. The facility has an initial duration of 12 months, with the potential for a 12-month extension subject to bank approval. The bank received $120,000 as a fee from IGC for providing the 12-month facility. Bradbury Asset Management (Hong Kong), a Hong Kong headquartered financial institution with approximately $2 billion in assets under management, has collateralized cash assets in support of the line of credit. This follows the investment of $3 million in IGC led by four investment funds managed by Bradbury through a private placement, of unregistered shares with no warrants or other derivatives, highlighting its continued support for the company.
“We wholeheartedly endorse IGC’s relentless pursuit of developing groundbreaking therapies for Alzheimer’s disease,” Keith Loo See Yuen, group CEO of Bradbury, said. “Our investment is a testament to our faith in IGC’s mission and a strategic bet on a company that we believe holds the potential to redefine the Alzheimer’s landscape. We envision IGC as a trailblazer in this challenging field, creating significant value for its investors, and most importantly, bringing much-needed hope and relief to millions of patients and families worldwide.”
“We are thankful to O-Bank for their support, and grateful for the continued support from Bradbury,” Ram Mukunda, CEO of IGC Pharma, said. “Together, with our dedicated investors and partners, we are working towards our goal of developing innovative therapies for Alzheimer’s disease. With their support, we are focused on advancing IGC-AD1 and bringing hope and relief to millions of patients and families worldwide.”
