Incannex Healthcare (ASX: IHL) now officially owns the world’s largest portfolio of patented medicinal cannabinoid drug formulations, following the completed acquisition of APIRx Pharmaceuticals.
The acquisition was announced in March this year, and APIRx stakeholders received almost 218.17 million new Incannex shares at a notional value of $0.573 each. The new shares are subject to a 12-month escrow for the vendors.
As part of the deal, APIRx founders Dr George Anastassov and Lekhram Changoer have joined Incannex as non-executive director and chief technical officer, respectively.
Commenting on the acquisition, Incannex chief executive officer and managing director Joel Latham said it follows a long relationship with Dr Anastassov and Mr Changoer that began in 2018.
“After extensive due diligence and corporate strategy assessments of the APIRx assets, we are excited and ready to commence development activities over our newly acquired portfolio of drug candidates.”
World’s largest medicinal cannabis drug portfolio
In acquiring APIRx, Incannex has gained 22 extra clinical and pre-clinical research and development projects, which have aggregate addressable markets exceeding US$400 billion a year.
Protecting the projects and ensuring commercial exclusivity are 19 granted patents and 23 pending patents.
Combined, Incannex now owns the world’s largest portfolio of patented medicinal cannabinoid drug formulations and psychedelic treatments.
Mr Latham said several of APIRx’s drug candidates have “shortened regulatory pathways” in areas of patient need – representing “very large global markets”.
“These candidates are our initial development priority,” he said.
High-priority drug candidates for progression following the acquisition comprise MedChew Dronabinol (for chemotherapy-induced nausea and vomiting); MedChew Rx (for pain and spasticity in multiple sclerosis sufferers); CanQuit and CanQuitO (chewables to assist with smoking cessation and opioid addiction); CheWell (high-bioavailability chewable for adolescent drug addiction studies); and CanChew (patented high-bioavailability cannabinoid gum for the over-the-counter market).
These candidates will be advanced in parallel with Incannex’s existing portfolio of medicinal cannabis and psychedelic medicines for treating obstructive sleep apnoea, traumatic brain injury and concussion, lung inflammation, rheumatoid arthritis, inflammatory bowel disease, anxiety disorders, addiction, and pain.