Incannex Healthcare, an Australian developer of synthetic cannabidiol and psychedelic medicine therapies, withdrew its plans for an initial public offering on Friday. It had most recently filed to raise $24 million by offering 2.6 million ADSs at a price of $9.38, the as-converted December 3, 2021 close of its shares on the Australian Stock 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 $1 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol IXHL. Roth Capital was set to be the sole bookrunner on the deal.
