Incannex Healthcare makes Nasdaq Global Market debut
Clinical-stage medical cannabis and psychedelic pharmaceutical company Incannex Healthcare (ASX: IHL) has made its debut on the US-based Nasdaq Global Market using American Depositary Shares (ADS) to represent its ordinary shares under the ticker code ‘IXHL’.
The listing follows a declaration of effectiveness by the US Securities and Exchange Commission of the company’s registration statement and formal approval from Nasdaq on meeting the listing requirements.
Incannex’s dual listing on the Australian Securities Exchange and Nasdaq makes the company more accessible to a wider audience of investors with sophisticated understandings of medicinal cannabinoids, psychedelic therapies and pharmaceutical development.
It completed the listing without an associated capital raising due to having adequate cash reserves of $19.77 million at 31 December to fund its immediate research ambitions.
Each Nasdaq share will represent 25 ordinary Incannex shares.
Deutsche Bank Trust Company Americas has been appointed depositary, custodian and registrar for Incannex’s American Depositary Receipt program.
Incannex managing director Joel Latham and chairman Troy Valentine were invited to ring the closing bell at the Nasdaq MarketSite in Times Square last week.
Mr Latham said it was a fitting celebration of the dual listing.
.@ASX_IHL is changing lives through innovation. $IXHL is a cannabinoid and psychedelic compound medicine development company creating first-in-class pharmaceutical drugs and therapies for patients with unmet medical needs. pic.twitter.com/dOcks4rhIt
— Nasdaq Exchange (@NasdaqExchange) February 25, 2022
“The ringing of the closing bell was a milestone for as we advance our pipeline of novel synthetic cannabinoid and psychedelic agents through the clinic,” he said.
“Listing on Nasdaq will help increase our visibility with international investors and clinical research facilities.”
Incannex is continuing to pursue US Food and Drug Administration (FDA) approval for all of its therapies with a view to bringing innovative medicines to patients in need.
“The time for us to join Nasdaq could not be better because we anticipate a great deal of activity within our company during 2022,” Mr Latham said.
“We will be undertaking multiple clinical trial programs simultaneously and are excited to keep the world informed of our progress.”
Incannex is now the newest psychedelic entrant to the Nasdaq market with its Psi-Gad (psilocybin combined with psychotherapy for patients with generalised anxiety disorder) phase two trial having been given the go ahead to proceed from the Human Research Ethics Committee (HREC) and following what the company called a “positive” pre-investigational new drug (pre-IND) meeting with the FDA.
The US market is home to numerous psychedelic therapy research companies, including Mindmed Inc and Compass Pathways, which have respective market valuations of US$678 million (A$942 million) and US$575 million (A$799 million).