Incannex Healthcare to pursue US public offering and Nasdaq listing next month

Incannex Healthcare ASX IHL US public offering Nasdaq listing 2022 cannabis psychedelic research
Incannex Healthcare managing director Joel Latham says the company had experienced “deep investor interest” in North America.

Incannex Healthcare (ASX: IHL) has announced it is targeting a public offering and Nasdaq listing of American Depositary Shares in the United States next month.

The company revealed today it has adequately addressed comments from the US Securities and Exchange Commission after securing shareholder approval in September.

As a result, Incannex says it is in a position to conduct the offer next month.

“We are grateful to our team for their work on the registration process and now look forward to marketing the offering and listing on Nasdaq in January when institutional investors are back on deck after the relatively short winter holiday period in the northern hemisphere,” Incannex chief executive officer and managing director Joel Latham said.

“It’s been a momentous year for Incannex with six research and development programs that continue to progress rapidly,” he added.

The number of securities to be sold and price are yet to be determined.

In September, shareholders approved an issue of up to 180 million ordinary shares in the offering that would not count towards the company’s existing placement capacity.

Rationale behind US listing

Commenting on the company’s decision to pursue a US listing, Mr Latham said Incannex had experienced “deep investor interest” in the region.

Additionally, much of Incannex’s corporate activities across cannabinoid-based pharmaceuticals and psychedelic therapeutic endeavours are in North America.

In October, Incannex secured pre-investigational new drug (IND) guidance and ethics approval to begin a phase 2a trial evaluating psilocybin-assisted psychotherapy in patients with generalised anxiety disorder.

Monash head of clinical psychedelic research Dr Paul Liknaitzky is leading the trial, which will be Australia’s largest ever study of its kind.

Incannex is pursuing regulatory approvals for this potential treatment in the US. It is expected US Food and Drug Administration feedback will shape a phase 2b trial and an IND application next year.

As well as its psilocybin research, Incannex is developing cannabis pharmaceutical treatments for obstructive sleep apnoea, traumatic brain industry, lung inflammation, rheumatoid arthritis and inflammatory bowel disease.

The company is pursuing US FDA approval and registration for each therapy under development.

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