India Globalization Capital Inc (NYSE:IGC) stock popped Wednesday after the infrastructure-meets-cannabis company said Hyalolex, a cannabis-based product for patients suffering from Alzheimer’s disease, will be available in dispensaries in San Juan, Puerto Rico.
Shares in the Bethesda, Maryland-based company shot up nearly 19% to $2.36.
Hyalolex’s launch comes barely a week after Biogen Inc (NASDAQ:BIIB) and Esai, decided to halt two trials involving a promising new Alzheimer’s drug called aducanumab, which didn’t seem to be working to improve people’s memory.
India Globalization is now selling a 30 ml bottle of Hyalolex for $55. The company said it will hold a doctor-patient education conference on March 30 in San Juan to educate patients and their families on how Hyalolex works.
The patent-pending Hyalolex CBD drops are not approved by the US Food and Drug Administration.
Hyalolex is inspired by the word "hyalos," meaning clear in Greek and delivers micro-doses of cannabinoids from hemp oil, melatonin, and turmeric, designed to “improve the quality of life” for people with Alzheimer's, said the company. Hyalolex also contains THC below the federal limit of .3%.
Separately, the company said it has launched a new website for customers to place orders for wholesale hemp crude extract, hemp distillate, or hemp isolate.
The company earlier said it was plowing money into marketing Serosapse, which the company claims addresses “several endpoints” in Parkinson’s disease including “sleep disorder, anxiety, and dyskinesia.”
India Globalization is a mash-up of a legacy infrastructure business, which includes heavy equipment rental and real estate management, and a cannabis-focused pharmaceutical branch.
Contact Uttara Choudhury at [email protected]