$VRML Release of Final CMS Reimbursement Rate for OVA1

AUSTIN, Texas, Nov. 20, 2017 – ASPiRA Labs, a Vermillion company (NASDAQ: VRML) and the exclusive distributor of OVA1 (Multivariate Index Assay) (MIA), and Overa (MIA2G), today announced that the Center for Medicare Services (CMS) has released the Final 2018 Clinical Lab Fee Schedule, effective January 1, 2018.

Under the new fee schedule, the price for OVA1(MIA) (code 81503) is $897.  This is a four-fold increase over the current CMS rate, and this new rate is based on the median of private payer payments submitted to CMS by companies, including ASPiRA Labs, as part of the market-based payment reform mandated through Protecting Access to Medicare Act of 2014 (PAMA). The rate is scheduled to be in effect for a three-year term from January 2018 thru December 2020.

“We are very excited that CMS has finally priced OVA1 based on market pricing which is directly related to improved patient outcomes and health economic impact.  Historically, pricing has not reflected OVA1′s benefit to improved patient outcomes, as well as the cost reductions to the healthcare system,” stated Valerie Palmieri, President and Chief Executive Officer of Vermillion, Inc. “Our health economics study published last week is another confirmation of the value of our technology.  In addition to being appropriately priced, OVA1 is now included on the Clinical Lab Fee Schedule (CLFS) for the very first time.  We expect that leveraging guidelines, payer coverage and price will be key catalysts for growth in 2018.”

“The inclusion of OVA1 on the CLFS should accelerate our contracting efforts throughout 2018,” stated Fred Ferrara, Chief Operating Officer of ASPiRA Labs.  “Several large plans use the CLFS to determine price.  We view the added CLFS visibility for our testing that was calculated using the PAMA rates as a very positive event.  We plan to expand the ASPiRA Labs sales team in strategic markets to deliver OVA1 to more women going forward, particularly given the substantial increase in covered lives expected to take effect from October 2017 through February 2018.”

The lifetime risk for all U.S. women to develop a pelvic mass is 20%. There is a 5-10% lifetime risk of requiring surgery for a suspected ovarian neoplasm. Due to the majority of the masses are benign, triaging the low and high risk masses is vital to improved patient outcomes. Today, more than 60% of U.S. ovarian cancer patients do not receive National Comprehensive Cancer Network (NCCN) guideline treatment, which includes surgical treatment by a gynecologic oncologist, and, as a result, the survival rate is reduced by 30-40%. OVA1 helps ensure that rare ovarian cancer is triaged appropriately to the gynecological oncologist and benign cysts are managed by the general practitioner, in a very cost-effective and efficient way. Vermillion’s goal is to have the right patient managed by the right specialist, with the right treatment the first time.

OVA1 is now considered a Level B Recommendation by The American College of Obstetricians and Gynecologists (ACOG). Given the November 2016 ACOG bulletin, the 2017 NCCN update and the 2013 Society of Gynecologic Oncology positive position statement, OVA1 can be the physician’s first choice in biomarker panels to best triage patients’ pelvic masses to the most appropriate care pathway. There is no other comparable technology on the market today.

CMS also published a final price for Overa of $752, which was benchmarked to the only proteomic test currently on the CLFS that uses biomarkers and an algorithm to produce a prognostic score. The price for Overa will be re-reviewed now that OVA1 is on the CLFS.

Links to multiple clinical studies showing OVA1′s strong performance compared to existing technologies, such as CA125 and ROMA, can be found on our website:

About Vermillion

Vermillion, Inc. is dedicated to the discovery, development and commercialization of novel high-value diagnostic and bio-analytical solutions that help physicians diagnose, treat and improve gynecologic health outcomes for women. Vermillion, along with its prestigious scientific collaborators, discovers, develops, and delivers innovative diagnostic and technology tools that help women with serious diseases.  The company’s initial in vitro diagnostic test, OVA1® (MIA), was the first FDA-cleared, protein-based In Vitro Diagnostic Multivariate Index Assay, and represented a new class of software-based liquid biopsy in vitro diagnostics. In March 2016, Vermillion received FDA clearance for Overa™, a Multivariate Index Assay 2nd Generation (MIA2G) test with significantly improved specificity and ease of use. For additional information, including published clinical trials, visit

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding the expected catalysts for Vermillion’s growth, the anticipated impact of the inclusion of OVA1 on the CLFS on Vermillion’s contracting efforts, plans to expand the ASPiRA Labs sales team and expected increases in the number of covered lives. Words such as “may,” “expects,” “intends,” “anticipates,” “believes,” “estimates,” “plans,” “seeks,” “could,” “should,” “continue,” “will,” “potential,” “projects” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained in this press release are based on Vermillion’s expectations as of the date of this press release. A variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements, including changes to interpretations of existing laws and regulations and other factors that are described in Vermillion’s Form 10-K for the year ended December 31, 2016 and Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission. Vermillion expressly disclaims any obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances occurring after the date of this press release, except as required by law.

Investor Relations Contact:
Michael Wood
LifeSci Advisors LLC
Tel 1-646-597-6983

Monday, November 20th, 2017 News Comments Off

$CLSN Publication of the Study of ThermoDox

Collaboration with University of Oxford to Execute a Clinical Trial Using Focused Ultrasound and ThermoDox® for Primary and Metastatic Liver Cancer

Presentation of TARDOX Study Phase I Findings at the Upcoming RSNA 2017 Annual Meeting

First Ever Study Evaluating ThermoDox® with Focused Ultrasound in Humans

LAWRENCEVILLE, N.J., Nov. 20, 2017 — Celsion Corporation (NASDAQ:CLSN) today announced publication of the manuscript, “Clinical trial protocol for TARDOX: a phase I study to investigate the feasibility of targeted release of lyso-thermosensitive liposomal doxorubicin (ThermoDox®) using focused ultrasound in patients with liver tumours,” in the Journal of Therapeutic Ultrasound 2017 5:28.

The article describes the clinical trial design for the TARDOX Study. This proof of concept study was designed to demonstrate the safety and feasibility of targeted drug release and enhanced delivery of doxorubicin from thermally sensitive liposomes (ThermoDox®) triggered by mild hyperthermia induced by focused ultrasound in primary and metastatic solid liver tumors.

  • The primary outcome measures for the study was the direct quantification of the doxorubicin concentration before and after focused ultrasound (FUS) mediated hyperthermia from tumor biopsies, using high performance liquid chromatography (HPLC).
  • The secondary outcome measures for the study relate to the safety and feasibility of inducing controlled FUS-mediated targeted hyperthermia in the target tumor non-invasively in order to achieve ThermoDox® release.

The TARDOX Study, which is supported by the National Institute for Health Research (NIHR) Oxford Biomedical Research Centre, was carried out as a multi-disciplinary collaboration between Celsion, the Oxford University Institute of Biomedical Engineering (Prof. Constantin Coussios), the Oncology Clinical Trials Office (OCTO) and the Oxford University Hospitals NHS Foundation Trust (Prof. Fergus Gleeson, Radiology and Prof. Mark Middleton, Oncology). The first author is Dr. Paul Lyon (academic clinical fellow, Oxford University Hospitals NHS Foundation Trust) and the article is available online in the November 2, 2017 issue of the Journal of Therapeutic Ultrasound:

“Both Celsion and Oxford believe there is significant potential when combining ThermoDox® with focused ultrasound to treat a broad range of malignancies, including primary liver cancer,” said Michael H. Tardugno, Celsion’s chairman, president and chief executive officer. “TARDOX, the ThermoDox®/Focused Ultrasound trial, is an important step in demonstrating that ultrasound-induced hyperthermia can enable the highly targeted delivery of chemotherapeutic agents to tumors non-invasively. This represents another unquestionable example confirming ThermoDox®’s mechanism of action in a clinical setting and further establishes that ThermoDox® may be used with multiple heating technologies allowing for successful targeting of a broad range of primary and metastatic solid tumors with high concentrations of chemotherapy.”

The Company also announced that an abstract for the TARDOX Study has been accepted for presentation at the Radiological Society of North America (RSNA) 2017 Annual Meeting which will take place from November 26, 2017 – December 1, 2017 at the McCormick Center in Chicago, IL.

  • The abstract, entitled “Clinical Results of a Phase I First in Man Study of Targeted Delivery of Lyso-thermosensitive Liposomal Doxorubicin by Extracorporeal Focused-Ultrasound Hyperthermia for Liver Tumours,” will be presented by Dr. Paul Lyon on Monday, November 27, 2017 at 11:40 am (local time) during Vascular Interventional (10-Liver Cancer) Session – Room E352.
  • The presentation will summarize clinical findings from all patients treated in the TARDOX Study, a Phase I clinical study of ThermoDox®, Celsion’s heat-activated liposomal encapsulation of doxorubicin, in combination with focused ultrasound to treat primary and metastatic liver cancer.

Professor Constantin-C. Coussios, senior author and Director of the Institute of Biomedical Engineering at the University of Oxford, commented, “This clinical program builds upon many years of experience with ultrasound-guided HIFU, as well as laboratory studies of ThermoDox® release by ultrasound, at our institution since 2007. This is the first study in humans to explore extra corporeally triggered drug release and targeted drug delivery in oncology. We look forward to exploring the combination of ThermoDox®, a well-characterized anti-cancer therapy triggered by heat, with focused ultrasound to cause hyperthermia, rather than ablation, non-invasively. We are excited by the potential of this combination to advance treatment within a significantly underserved population.”

About ThermoDox®

Celsion’s most advanced program is a heat-mediated, tumor-targeting drug delivery technology that employs a novel heat-sensitive liposome engineered to address a range of difficult-to-treat cancers. The first application of this platform is ThermoDox®, a lyso-thermosensitive liposomal doxorubicin (LTLD), whose novel mechanism of action delivers high concentrations of doxorubicin to a region targeted with the application of localized heat at 40°C, just above body temperature. In one of its most advanced applications, ThermoDox®, when combined with radiofrequency thermal ablation (RFA), has the potential to address a range of cancers. For example, RFA in combination with ThermoDox® has been shown to expand the “treatment zone” with a margin of highly concentrated chemotherapy when treating individual primary liver cancer lesions. The goal of this application is to significantly improve efficacy.

Celsion’s LTLD technology leverages two mechanisms of tumor biology to deliver higher concentrations of drug directly to the tumor site. The first: Rapidly growing tumors have leaky vasculature, which is permeable to liposomes and enables their accumulation within tumors. Leaky vasculature influences a number of factors within the tumor, including the access of therapeutic agents to tumor cells. Administered intravenously, LTLD is engineered to allow significant accumulation of liposomes at the tumor site at the time of radiofrequency ablation as these liposomes recirculate in the blood stream. The second: When the tumor tissue is heated to a temperature of 40°C or greater, the heat-sensitive liposome rapidly changes structure and the liposomal membrane selectively dissolves, creating openings that release the chemotherapeutic agent directly into the tumor and into the surrounding vasculature. Drug concentration increases as a function of the accumulation of liposomes at the tumor site, but only where the heat is present. This method targets only the tumor and the area related to tumor invasion, supporting precise drug targeting.

About Celsion Corporation

Celsion is a fully-integrated oncology company focused on developing a portfolio of innovative cancer treatments, including directed chemotherapies, immunotherapies and RNA- or DNA-based therapies. The Company’s lead program is ThermoDox®, a proprietary heat-activated liposomal encapsulation of doxorubicin, currently in Phase III development for the treatment of primary liver cancer and in Phase II development for the treatment of recurrent chest wall breast cancer. The pipeline also includes GEN-1, a DNA-based immunotherapy for the localized treatment of ovarian and brain cancers. Celsion has two platform technologies for the development of novel nucleic acid-based immunotherapies and other anti-cancer DNA or RNA therapies. For more information on Celsion, visit our website: (CLSN-LTSL/ThermoDox®)

About the NIHR Oxford Biomedical Research Centre

The NIHR Oxford Biomedical Research Centre (BRC) is based at the Oxford University Hospitals NHS Foundation Trust and run in partnership with the University of Oxford, funded by the National Institute for Health Research (NIHR).

The NIHR improves the health and wealth of the nation through research. Established by the Department of Health, the NIHR:

  • funds high quality research to improve health
  • trains and supports health researchers
  • provides world-class research facilities
  • works with the life sciences industry and charities to benefit all
  • involves patients and the public at every step

For further information, visit the NIHR website

Celsion wishes to inform readers that forward-looking statements in this release are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that such forward-looking statements involve risks and uncertainties including, without limitation, unforeseen changes in the course of research and development activities and in clinical trials; the uncertainties of and difficulties in analyzing interim clinical data, particularly in small subgroups that are not statistically significant; FDA and regulatory uncertainties and risks; the significant expense, time, and risk of failure of conducting clinical trials; the need for Celsion to evaluate its future development plans; possible acquisitions or licenses of other technologies, assets or businesses; possible actions by customers, suppliers, competitors, regulatory authorities; and other risks detailed from time to time in the Celsion’s periodic reports and prospectuses filed with the Securities and Exchange Commission. Celsion assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events, new information or otherwise.

Celsion Investor Contact

Jeffrey W. Church
Sr. Vice President and CFO

Monday, November 20th, 2017 News Comments Off

$OHGI Regains Full Compliance with NASDAQ Listing Requirements

LONDON, Nov. 20, 2017 —  One Horizon Group, Inc. (NASDAQ:OHGI) (“Company”) today announced that it received a letter from the NASDAQ Listing Qualifications Staff (“Staff”) on November 15, 2017, notifying the Company that it has regained compliance with The NASDAQ Capital Market’s minimum stockholders’ equity requirement under NASDAQ Listing Rules 5550(b)(1), 5550(b)(2) or 5550(b)(3) (“Rules”) for continued listing on The NASDAQ Capital Market and that Staff considers the matter closed.

On August 22, 2017, Staff notified the Company that it did not comply with the minimum $2.5 million stockholders’ equity, or $35 million market value of listed securities, or $500,000 of net income from continuing operations requirements for The NASDAQ Capital Market as required by the Rules.

However, based on the Form 10-Q for the period ended September 30, 2017, filed on November 14, 2017, reporting stockholders’ equity of $4,427,000, Staff has determined that the Company complies with the Rules and this matter is now closed.

On November 7, 2017, the Company announced that it received a letter from the Staff on November 6, 2017, notifying the Company that it had regained compliance with The NASDAQ Capital Market’s minimum bid price requirement under Listing Rule 5550(a)(2) for continued listing on The NASDAQ Capital Market and that Staff considers that matter closed as well.

Therefore, in accordance with the Staff letters of November 15, 2017, and November 6, 2017, the Company is in full compliance with the applicable NASDAQ Listing Requirements.

About One Horizon Group, Inc.

One Horizon Group, Inc. (NASDAQ:OHGI) is a reseller of secure messaging software for the growing gaming, security and education markets including in China and Hong Kong.  For more information on the Company please visit

Darrow Associates Contacts for OHGI

Bernie Kilkelly
(516) 236-7007

Jordan Darrow
(512) 551-9296

Monday, November 20th, 2017 News Comments Off

$ACST Development and Commercialization with Leading China Pharma Partner

LAVAL, QUÉBEC–(Nov. 20, 2017) - Acasti Pharma Inc. (NASDAQ:ACST)(TSX VENTURE:ACST), a biopharmaceutical innovator focused on the research, development and commercialization of its prescription drug candidate CaPre® (omega-3 phospholipid) for the treatment of severe hypertriglyceridemia, today announced that the company recently entered into a non-binding term sheet with a leading China-based pharmaceutical company. Completion of the transaction is subject to further negotiation and execution of a definitive agreement, which once signed would grant an exclusive license to the Chinese pharmaceutical company to commercialize CaPre in certain Asian countries, including China. With the high prevalence of hypertriglyceridemia in Asia, this potential partnership presents a significant opportunity for Acasti and CaPre.

If a definitive agreement is reached and signed, the term sheet contemplates that Acasti would receive an upfront payment of US$8 million upon signing, plus potential additional regulatory and commercial milestone payments in excess of US$125 million, and tiered double-digit royalties on net sales. The term sheet is preliminary and non-binding at this stage and the license, upfront payment, possible milestone payments, and royalties contemplated by it will only become operative if definitive documents are executed. It is possible that no definitive agreement will be reached or, if a definitive agreement is reached, that its terms or conditions may differ from those described above.

About CaPre® (omega-3 phospholipid)

Acasti’s prescription drug candidate, CaPre, is a highly purified omega-3 phospholipid concentrate derived from krill oil and is being developed to treat severe hypertriglyceridemia, a metabolic condition that contributes to increased risk of cardiovascular disease and pancreatitis. Its omega-3s, principally EPA and DHA, are either “free” or bound to phospholipids that allows for better absorption into the body. This allows for enhanced bioavailability and EPA and DHA blood levels compared to the “esterified” fish-oil omega-3 options such as LOVAZA.

About Acasti Pharma

Acasti Pharma is a biopharmaceutical innovator advancing a potentially best-in-class cardiovascular drug, CaPre (omega-3 phospholipid), for the treatment of hypertriglyceridemia, a chronic condition affecting an estimated one third of the U.S. population. The company’s strategy is to initially develop and commercialize CaPre for the 3 to 4 million patients in the U.S. with severe hypertriglyceridemia. Since its founding in 2008, Acasti Pharma has focused on addressing a critical market need for an effective, safe and well-absorbing omega-3 therapeutic that can make a positive impact on the major blood lipids associated with cardiovascular disease risk. For more information, visit

Forward Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of the U.S. securities laws and Canadian securities laws. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of Acasti to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward-looking. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Forward-looking information in this press release includes, but is not limited to, information or statements about whether a definitive agreement will be negotiated and executed, whether the upfront payment or any milestone payments will be received and the significance of market opportunities for the treatment of hypertriglyceridemia in Asia.

The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement, the “Cautionary Note Regarding Forward-Looking Information” section contained in Acasti’s latest annual report on Form 20-F and most recent management’s discussion and analysis (MD&A), which are available on SEDAR at, on EDGAR at, and on the investor section of Acasti’s website at All forward-looking statements in this press release are made as of the date of this press release. Acasti does not undertake to update any such forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. The forward-looking statements contained herein are also subject generally to assumptions and risks and uncertainties that are described from time to time in Acasti’s public securities filings with the Securities and Exchange Commission and the Canadian securities commissions, including Acasti’s latest annual report on Form 20-F and most recent MD&A.

Neither NASDAQ, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Acasti Contact:
Jan D’Alvise, Chief Executive Officer

Media Contact:
Jessica Dyas, Canale Communications

Investor Relations Contact:
Glen Akselrod, Bristol Capital Ltd.
(905) 326-1888 ext 10

Monday, November 20th, 2017 News Comments Off

$IGC Reports Second Quarter 2018 Financial Results and Operational Highlights

BETHESDA, Md., Nov. 20, 2017 — India Globalization Capital, Inc. (NYSE American:IGC), today reported financial results for the second quarter ended September 30, 2017 and provided an overview of recent operational highlights.

“Our initial focus on the canna-pharmaceutical front is on Alzheimer’s, America’s most expensive disease.  In 2017, the direct cost of treatment for Alzheimer’s and other dementias is projected to cost the U.S. approximately $259 billion.  In the U.S., roughly 5.3 million individuals suffer from the disease and the number is expected to double over the next 20 years.  Worldwide, approximately 43 million individuals suffer from the disease, and there is no cure.  Independent of our longer-term FDA clinical trial process, our near-term goal is to commercialize our liquid formulation for Alzheimer’s as a Complimentary and Alternative Medicine (CAM) sold through licensed medical cannabis dispensaries in the U.S., and internationally in Canada and Germany,” stated Ram Mukunda, CEO of IGC.

In May 2017, we acquired exclusive rights to a patent filed by the University of South Florida Research Foundation entitled “THC as a Potential Therapeutic Agent for Alzheimer’s Disease”.  It is believed that in Alzheimer’s disease two types of legions in the brain are implicated in the pathogenesis of the disease: (1) senile plaque composed of amyloid beta peptides (Aβ plaque), and (2) neurofibrillary tangles, composed of highly phosphorylated Tau protein.  Amyloid Precursor Protein (APP), on the surface of neurons, is normally cleaved by enzymes to free up Aβ peptide composed of 36-43 amino acids that is then cleared by the body. In patients with Alzheimer’s, an imbalance causes Aβ to be unregulated, resulting in the abnormal buildup into insoluble fibrils depositing as senile plaques. Aβ monomers aggregate to form oligomers and then into fibril Aβ. It is believed that extracellular misfolded oligomers are toxic to nerve cells. IGC’s Alzheimer’s drug candidate, IGC-AD1, has been shown to work through a molecular pathway that allows IGC-AD1 to: 1) modulate Aβ protein production, 2) inhibit Aβ protein aggregation, 3) reduce Tau phosphorylation, 4) enhance mitochondria function, and 5) possibly help redirect the immune system, with none of the side effects commonly associated with cannabis. Based on these and other studies, we expect to bring IGC-AD1 to market in early 2018, with the hope of bringing much needed relief to Alzheimer’s patients.

In addition, we made progress on our six provisional patent filings in the phytocannabinoid-based combination therapy space for the indications of pain, medical refractory epilepsy, and cachexia. The table below provides a status of the patent filings:

Indication Provisional
PCT Filing Subsequent Activity
Pain (IGC-501) 9/16/14 9/16/15 US National Case Filed – 6/15/16
Seizures (IGC-502) 6/15/15 6/14/16 US National Case Filed – 6/15/16
Seizures (IGC-503) 4/1/15 4/1/16 PCT Application Published- 10/6/16
Eating Disorders (IGC-504) 8/12/15 8/11/16 US and National Filing Anticipated 2/12/18
Seizures (IGC-505) 6/15/16 6/15/16 US National Filing Anticipated 12/15/18
Eating Disorders (IGC-506) 2/28/17 Anticipated- 2/28/18 US and National Filing Anticipated 8/28/19
Alzheimer’s (IGC-AD1) 7/30/2015 Anticipated -2018 US and National Filing Anticipated in 2018

Results of Operations

Revenue - We have two lines of business: (a) “legacy”, consisting of rental of heavy equipment, commodities trading, and real estate management, and (b) “canna-pharmaceutical”. Total revenue from the legacy business was $235,648 for the three months ended September 30, 2017 as compared to $162,163 for the three months ended September 30, 2016.  The increase was primarily driven by increased volume of business.

Cost of Revenue (excluding depreciation) – Cost of revenue for the three months ended September 30, 2017 was $163,170 as compared to $90,534 for the three months ended September 30, 2016.  The increase in cost of revenue stems from an increase in the volume of the legacy business.

Selling, General and Administrative - Selling, general and administrative expenses were $331,146 for the three months ended September 30, 2017 as compared to $339,585 for the three months ended September 30, 2016.

Depreciation – The depreciation expense was approximately $4,344 in the three months ended September 30, 2017 as compared to $97,842 in the three months ended September 30, 2016.  The decrease in depreciation is from the curtailment of the iron-ore mining business in China.

Interest and other financial expenses – The interest expense and other financial expenses for the three months ended September 30, 2017 were approximately $40,832 as compared to approximately $51,410 for the three months ended September 30, 2016.  Most of the interest is paid with common shares of the Company and is therefore non-cash.

Other income/(loss) – Other income was $(144) for the three-month period ended September 30, 2017 as compared to $11,985 in September 30, 2016. Other income includes income from the supply of skilled operators for the legacy heavy equipment rental business.

Consolidated Net Income/(loss) – In the three months ended September 30, 2017, the Company reported a GAAP net income loss of $303,804 and a GAAP EPS loss of $0.01 compared to a GAAP net income loss of $583,871 and a GAAP EPS loss of $0.02 for the three months ended September 30, 2016.

At the end of September 30, 2017, our cash and cash equivalents along with restricted cash was $597,026 and working capital of $803,769. We expect to raise money for the canna-pharmaceutical business, specifically to immediately begin marketing IGC-AD1.

About IGC:
IGC is engaged in the development of cannabis based combination therapies to treat Alzheimer’s, pain, nausea, eating disorders, several end points of Parkinson’s, and epilepsy in dogs and cats. IGC has assembled a portfolio of patent filings and four lead product candidates addressing these conditions. The company is based in Maryland, USA.

For more information please visit
Follow us on Twitter @IGCIR and

Forward-looking Statements:
Please see forward-looking statements and risk factors as discussed in detail in IGC’s Form 10K for fiscal year ended March 31, 2017, and in other reports filed with the U.S. Securities and Exchange Commission.

Claudia Grimaldi


(All amounts in USD, except number of shares and per share amounts)
As of
30-Sept-17 31-March-17
(unaudited) (audited)
Current assets:
Cash and cash equivalents $ 597,026 $ 538,029
Accounts receivable, net of allowances 1,033,608 752,926
Prepaid expenses and other current assets 393,579 410,408
Short-term investments - 1,880,000
Total current assets $ 2,024,213 $ 3,581,363
Goodwill 198,169 198,169
Intangible assets 111,691 -
Property, plant and equipment, net 953,257 953,936
Investments in affiliates 773,111 773,111
Investments-others 5,240,166 5,238,003
Other non-current assets 691,745 539,720
Total long-term assets $ 7,968,139 $ 7,702,939
Total assets $ 9,992,352 $ 11,284,302
Current liabilities:
Trade payables 613,131 416,532
Accrued expenses 197,716 181,465
Other current liabilities 409,597 691,714
Total current liabilities $ 1,220,444 $ 1,289,711
Long-term borrowings 350,794 452,080
Loans – others 399,726 392,226
Notes payable 1,800,000 1,800,000
Total non-current liabilities $ 2,550,520 $ 2,644,306
Total liabilities $ 3,770,964 $ 3,934,017
Stockholders’ equity:
Common stock — $.0001 par value; 150,000,000 shares authorized; 28,272,667 issued and outstanding as of March 31, 2017 and 28,005,272 issued and outstanding as of September 30, 2017. $ 2,801 $ 2,827
Additional paid-in capital 60,974,013 61,413,533
Accumulated other comprehensive income (2,058,702 ) (2,047,780 )
Retained earnings/(Deficit) (52,687,870 ) (52,009,459 )
Total equity attributable to Parent $ 6,230,242 $ 7,359,121
Non-controlling interest $ (8,854 ) $ (8,836 )
Total stockholders’ equity $ 6,221,388 $ 7,350,285
Total liabilities and stockholders’ equity $ 9,992,352 $ 11,284,302

See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.

All amounts in USD except
share data
All amounts in USD except
share data
Three months ended
September 30,
Six months ended
September 30,
2017 2016 2017 2016
Revenues $ 235,648 $ 162,163 $ 288,573 $ 237,563
Cost of revenues (excluding depreciation) (163,170 ) (90,534 ) (170,051 ) (154,589 )
Selling, general and administrative expenses (331,146 ) (339,585 ) (709,960 ) (636,802 )
Depreciation (4,344 ) (97,842 ) (10,309 ) (195,514 )
Loss on investments/associates /joint ventures - (183,835 ) - (183,835 )
Operating income (loss) $ (263,012 ) $ (549,633 ) $ (601,747 ) $ (933,177 )
Interest expense (40,832 ) (51,410 ) (85,378 ) (89,956 )
Interest income 100 114 101 114
Other income, net/(loss) (144 ) 11,985 8,210 13,740
Income before income taxes and minority interest attributable to non-controlling interest $ (303,888 ) $ (588,944 ) $ (678,814 ) $ (1,009,279 )
Income taxes benefit/(expense) - - - -
Net income/(loss) $ (303,888 ) $ (588,944 ) $ (678,814 ) $ (1,009,279 )
Non-controlling interests in earnings of subsidiaries (84 ) (5,073 ) (403 ) (11,239 )
Net income/(loss) attributable to common stockholders $ (303,804 ) $ (583,871 ) $ (678,411 ) $ (998,040 )
Earnings/(loss) per share attributable to common stockholders:
Basic $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.04 )
Diluted $ (0.01 ) $ (0.02 ) $ (0.02 ) $ (0.04 )
Weighted-average number of shares used in computing earnings per share amounts:
Basic 27,355,826 23,636,403 27,355,826 23,636,403
Diluted 29,051,771 23,636,403 29,051,771 23,636,403

See accompanying Notes to Consolidated Financial Statements below in this report and Notes to the Audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2017 filed with the SEC on July 14, 2017.

Monday, November 20th, 2017 News Comments Off

$CIIX CBD Biotech Enterprise Partners with Chinese Beauty Influencer (OTCQB: CIIX) said today that its foreign enterprise, CBD Biotechnology Co. Ltd., has partnered with The Godfather of Beauty for the launch of its “CBD Magic Hemp Series” skincare line on China’s largest e-commerce retailer Alibaba. There were over 40,000 views during the first broadcast of “China Taobao Live Broadcasting Celebrity Show,” with more than 91 units from the CBD Magic Hemp Series skincare line purchased minutes into the launch. “The success of the initial launch of the CBD Magic Hemp Series skincare line on Taobao solidifies our belief that Chinese consumers recognize that the anti-inflammatory agents and anti-oxidants contained in hemp-extract can have positive effects on the skin,” CEO Warren Wang stated in the news release.

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