Incannex partners with leading experts to launch Australia’s first psychedelic clinics business
The first clinic is set to open in Melbourne in 2023, with rapid expansion planned both in Australia and overseas.
Incannex Healthcare (ASX: IHL), a clinical-stage psychedelics and cannabinoid pharmaceutical development company, has announced plans to commercialise its psychedelic-assisted psychotherapy business, with the first clinic opening in Melbourne in 2023.
The company anticipates a multi-billion-dollar market for this emerging form of treatment and will expand across Australia and internationally.
Even before the TGA down-scheduled psilocybin for treatment-resistant depression and MDMA for PTSD, long-term Incannex director Peter Widdows said the company had been developing its plans for psychedelic clinics and will lead the new subsidiary.
Initially, Incannex intended to use only ketamine-assisted psychotherapy, but as a result of the TGA’s announcement, its plans were expanded.
Incannex managing director and chief executive officer added the psychedelic clinic business was an opportunity the company had been working towards for “some time” and represented a “pivotal point” in the company’s journey.
Collaboration with experts
As part of its plan, Incannex has partnered with Australia’s foremost clinical psychedelic experts, including Dr Paul Liknaitzky, Prof Suresh Sundram, and Sean O’Carroll, who will all join the board of a subsidiary company and assume key roles in the venture.
According to Incannex, Dr Liknaitzky was instrumental in establishing the clinical psychedelic field in Australia. His work focuses on the creation of innovative psychedelic therapies and the application of research findings.
Prof Sundram is an accomplished consultant psychiatrist with vast experience in psychedelic-assisted psychotherapy.
Meanwhile, Mr O’Carroll is an integrative psychotherapist and academic who specialises in experiential, relational, and transpersonal psychotherapy. He has created and delivered training on psychedelic-assisted psychotherapy for multiple clinical research teams.
Mr Widdows has served as an Incannex director since 2018 and will lead the subsidiary. Mr Widdows has extensive business experience, having served as HJ Heinz Inc’s chief executive officer for a significant portion of Asia and Australasia.
Melbourne clinic in 2023, followed by international expansion
Incannex is currently in “advanced” negotiations for a riverfront location for its first clinic in Melbourne.
After establishing a profitable operating model, Incannex intends to rapidly expand its psychedelic clinics business in Australia and abroad.
“I’m grateful to Incannex for providing the resources to do this work and trusting us to build the clinics of the future,” Dr Liknaitzky remarked.