Incannex Healthcare, an Australian developer of synthetic cannabidiol and psychedelic medicine therapies, announced terms for its IPO on Tuesday.
The Docklands, Australia-based company plans to raise $25 million by offering 2.5 million ADSs at a price of $10, the as-converted November 19 close of its shares on the Australian Stock Exchange (IHL). At the proposed price, Incannex Healthcare would command a fully diluted market value of $547 million.
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.
Incannex Healthcare was founded in 2001 and booked $1 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol IXHL. Roth Capital is the sole bookrunner on the deal.
