Incannex Healthcare, an Australian developer of synthetic cannabidiol and psychedelic medicine therapies, filed on Tuesday with the SEC to raise up to $27 million. The company is currently listed on the Australian Securities Exchange (IHL).
Incannex is currently conducting research and development for synthetic cannabidiol pharmaceutical products and psychedelic medicine therapies for treatment of a range of indications. In particular, the company is developing three unique pharmaceutical compositions to target five indications: obstructive sleep apnea (OSA), traumatic brain injury/concussion, rheumatoid arthritis, inflammatory bowel disease, and inflammatory lung conditions. Incannex is pursuing FDA registration and marketing approval for each product and therapy under development. Its most advanced candidate, IHL-42X, is currently in a proof-of-concept Phase 2 trial for OSA in Australia to support the company's IND application with the FDA.
The Docklands, Australia-based company was founded in 2001 and booked $2 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol IXHL. Roth Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
