Incannex Healthcare proposes US IPO and Nasdaq listing

Incannex Healthcare ASX IHL United States Securities and Exchange Commission initial public offering IPO Nasdaq medicinal cannabis
Incannex Healthcare has filed a registration statement with the US SEC for a proposed US public offering with shares to be listed on Nasdaq.

Clinical-stage pharmaceutical development company Incannex Healthcare (ASX: IHL) has filed a registration statement with the United States Securities and Exchange Commission (SEC) relating to a proposed initial public offering (IPO).

The company is focused on developing unique medicinal cannabis pharmaceutical products and psychedelic medicine therapies to treat generalised anxiety disorder, obstructive sleep apnoea, traumatic brain injury/concussion, lung inflammation, rheumatoid arthritis and inflammatory bowel disease.

A registration statement is filed with the SEC by non-US companies seeking to undertake an IPO in the US. It compares to a prospectus for an Australian IPO but is more comprehensive.

Incannex’s proposed IPO would comprise American Depositary Shares (ADSs), each of which will represent 50 ordinary Incannex shares, to be listed on the Nasdaq. Incannex plans to call an extraordinary general meeting to seek shareholder approval for the issuance of shares under the offering.

Nasdaq listing

Incannex first revealed its intentions to list on a US main market – either Nasdaq or the New York Stock Exchange – back in February.

Incannex chief executive officer and managing director Joel Latham said at the time the decision was driven by “deep investor interest and corporate activity in both cannabinoid-based pharmaceuticals and psychedelic endeavours in North America”.

The company has chosen to list on the ADSs on the Nasdaq and said the exchange has already reserved the ticker symbol ‘IXHL’ for it.

Incannex shares will also continue to trade on the ASX before and after the dual listing process.

Once a preliminary prospectus is available, copies can be obtained from Incannex’s sole bookrunner Roth Capital Partners in California, US.

Roth Capital have a history of assisting ASX companies in listing on main boards in the USA with recent corporate clients to dual list including Lake Resources (ASX: LKE), Piedmont Resources (ASX: PLL) and fellow biotech company Imugene (ASX: IMU).

Recent developments

Today’s announcement follows last week’s news of the completion of a Human Research Ethics Committee submission for a phase 2a psilocybin study to treat patients with generalised anxiety disorder.

Incannex has also submitted a pre-investigational new drug (pre-IND) meeting request to the US Food and Drug Administration (FDA) for guidance on a follow-up phase 2b pivotal trial.

Meanwhile, the company has begun a phase one clinical trial assessing a soft gel capsule formulation of its cannabidiol-hydroxychloroquine drug candidate IHL-675A, which it believes has the potential to treat several inflammatory conditions, including rheumatoid arthritis.

Studies are also underway for cannabinoid combination drugs to ameliorate the effects of traumatic brain injury and to treat obstructive sleep apnoea.

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