Incannex (NYSE:IXHL, ASX:IHL) is an Australian biotech company specialising in the development of treatments for chronic conditions using cannabinoids and psychedelic therapies.
Over its clinical platform, the company is developing regulated cannabis products. It has 28 clinical programmes in progress and holds one of the world’s largest and most diversified portfolios of patented cannabinoid drug formulations and psychedelic treatment regimes.
Edison’s 30 August 2022 initiation report, Addressing unmet needs via alternative approach, provides background on the company and its mission.
#1 Clinical development platform
The company intends to leverage its intellectual property and pre-existing public data for compounds through the pursuit of 505(b)(2) NDA regulatory pathways during clinical development to accelerate commercialisation and improve the probability of clinical success for its assets.
#2 Six key treatments
In February 2022, Incannex achieved its Nasdaq listing as it promoted its development pipeline for six lead assets for obstructive sleep apnoea, traumatic brain injury, inflammatory lung conditions, inflammatory bowel disease, rheumatoid arthritis and generalised anxiety disorder.
#3 Anti-inflammatory trials on track
In July 2022, the company initiated Phase I clinical trials for its anti-inflammatory medication IHL-675A, a combination of cannabidiol and hydroxychloroquine sulfate, which has demonstrated potential for improving symptoms of rheumatoid arthritis, inflammatory bowel disease and lung inflammation.
#4 Tackling the obstructive sleep apnoea market
Incannex has achieved proof-of-concept in Australia for IHL-42X, its lead asset for the treatment of obstructive sleep apnoea. The company intends to file an investigational new drug application (IND) for IHL-42X with the FDA in Q4 CY22 following positive Phase II results from its Australian clinical trial data.
#5 The impact of acquisition
In July 2022, Incannex completed the acquisition of APIRx Pharmaceuticals, a US biotechnology company focused on the development and manufacture of cannabinoid formulations. The deal enhances the company’s platform.
#6 Psilocybin: the new player in treating anxiety disorder
In collaboration with the Clinical Psychedelic Research Lab at Monash University, Incannex has begun studies in the use of psilocybin-assisted psychotherapy to treat generalised anxiety disorder (GAD). The move comes as it develops a second lead asset, Psi-GAD, which is set to complete pre-IND FDA clinical trials in Q422.
#7 A strengthening position despite market uncertainty
Incannex’s cash position as of 30 June 2022 was A$37.5m after raising A$24m at A$0.35 per share in May. Its top 40 shareholders hold 720.2k shares or 47.27%. As of 21 September 2022, Incannex’s market capitalisation was US$319m with a price of US$5.23 per ADR.
The company’s cannabinoid and psychedelic drug platform allows the company to discover therapies for patients with debilitating conditions.
For more information, visit Edison’s profile page for Incannex Healthcare.
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