aibioIGC Pharma extends $12,000,000 bank credit facility with O-Bank
Tickers IGC
IGC Pharma has extended its $12,000,000 bank facility with O-Bank, and the facility fee rises from $48,000 to $60,000. The filing gives no amount drawn and no interest rate.
Key facts
- Company
- IGC Pharma, Inc. (AMEX: IGC)
- News type
- Debt Financing
- Primary source
- SEC EDGAR
The extension
IGC Pharma, Inc. (NYSE American: IGC) entered into an amendment on June 5, 2026 that extends its Master Loan and Security Agreement and the General Banking Facility Letter with O-Bank Co., Ltd., a banking corporation incorporated under the laws of Taiwan. The loan agreement continues a facility first set out in a General Banking Facility Letter dated June 24, 2025. The facility has a maximum aggregate limit of $12,000,000.
The 8-K says the material terms remain substantially unchanged from the 2025 letter, except that the facility fee has risen from $48,000 to $60,000. The filing does not state how much has been drawn, the interest rate or what the funds will be used for. The fee is therefore the only cost in the filing that can be quantified.
The 2026 letter is filed as Exhibit 10.1. Certain schedules were omitted under Item 601(a)(5) of Regulation S-K, and the company agreed to furnish them to the SEC on request. The 8-K does not reproduce those schedules, so any terms they contain are not visible in the filing.
Lender and signatory
O-Bank is the lender. The 8-K names no placement agent, no financial advisor and no legal counsel. Ram Mukunda, chief executive officer, signed the report, which is dated June 8, 2026. The company is based in Potomac, Maryland.
The business and its lead drug
IGC describes its mission as addressing Alzheimer's disease. Its lead candidate, IGC-AD1, is in a multicenter, randomized, double-blind, placebo-controlled Phase 2 trial called CALMA, which targets agitation in Alzheimer's patients. The annual report says interim CALMA data show a statistically significant reduction in agitation compared with placebo within 2-6 weeks of treatment, and a reduction in sleep disturbances. Those are interim results from a trial still under way. The report itself adds that there can be no assurance the benefit will be realized, and the annual report gives no sample size or final endpoint result.
The other candidates in the pipeline table are all preclinical. The candidate IGC-1A is described as a potential GLP-1 and GIP receptor agonist identified through AI modeling, with toxicology and dosing studies under way. The table lists milestones for 2025, including bioequivalence work and toxicology studies, and the annual report does not report that any of them was met.
The annual report also says the company dropped its separate Infrastructure segment. That segment generated revenue in fiscal 2024 and none in fiscal 2025, and it is no longer managed as a discrete segment.
Losses and cash
The annual report, for the fiscal year ended March 31, 2025, shows revenue of $1.3 million in both fiscal 2025 and fiscal 2024. Research and development expense was $3.7 million, down from $3.8 million. The net loss narrowed to $7.1 million from $13.0 million. Cash used in operations fell to $4.8 million from $5.2 million.
At March 31, 2025 the company held $405,000 in cash and cash equivalents and no short-term investments, down from $1.2 million a year earlier. That year-end cash balance sits against the $4.8 million used in operations during fiscal 2025. The annual report gives no later balance sheet, so the cash the company held when it extended the facility is not shown here. The filing does not say how much of the $12,000,000 limit the company has drawn or intends to draw.