The bell has rung on Incannex’s much anticipated Nasdaq listing with the company hoping to attract keen medical cannabis investors as it pursues North American growth.
Medical cannabis and psychedelic clinical development company Incannex Healthcare (ASX:IHL) has gone to New York, commencing trading on the Nasdaq under ticker code IXHL.
American Depositary Shares (ADS) representing Incannex ordinary shares started trading following a declaration of effectiveness by the US Securities and Exchange Commission (SEC) of its registration statement on Form 20-F – and also formal approval from Nasdaq upon meeting listing requirements.
Each IXHL ADS represents 25 ordinary shares of Incannex with the company simultaneously retaining its listing of ordinary shares on the Australian bourse.
The Nasdaq listing is part of the company’s goal to be more accessible to a wider audience of investors with sophisticated understandings of medicinal cannabinoids, psychedelic therapies, and pharmaceutical development.
Capital investment is flowing into clinical-stage cannabis and psychedelic research companies in the US and North America. Incannex continues to generate positive feedback from US investors by complementing its clinical research with adoption of robust frameworks around IP protection and US FDA regulation.
Incannex completed the Nasdaq listing without an associated capital raise in the United States. Initial trading of ADSs may therefore be limited due to the time it takes for existing shareholders to transition their ordinary shares to ADSs.
Deutsche Bank Trust Company Americas has been appointed depositary, custodian, and registrar for the company’s American Depositary Receipt program.
Ringing the closing bell
Incannex managing director and CEO Joel Latham and chairman Troy Valentine were invited to ring the closing bell at the Nasdaq Market Site in Times Square on Friday, February 25 to mark the listing.
“The ringing of the closing bell to commemorate the listing of our ADSs was a milestone for Incannex, as we advance our pipeline of novel synthetic cannabinoid and psychedelic agents through the clinic,” Latham said.
“Listing on Nasdaq will help increase our visibility with international investors and clinical research facilities.
“We look forward to continuing our strategy of pursuing US Food and Drug Administration approval for all of our therapies and to bringing these innovative medicines to patients in need.”
Phase 2 sleep apnoea complete
In what is shaping up to be a momentous year for Incannex, the company has now completed the phase 2 trial of IHL-42X – its treatment solution for obstructive sleep apnoea (OSA).
IHL-42X is a novel combination therapy that combines the cannabinoid-based dronabinol with the inhibitor acetazolamide with the aim of achieving improved health outcomes for OSA – the most common sleep-related breathing disorder globally that has no pharmaceutical treatment option.
Completion of dosing marked an important inflection point for IHL as it continues to advance its suite of cannabinoid and psilocybin-based treatment solutions.
The phase 2 trial was constructed to assess how three doses of IHL-42X reduce the apnoea hypopnoea index (the key diagnostic criteria for OSA) compared to a placebo for patients suffering from the disease. Results of this trial are understood to be published soon.
Following on from the trial, IHL has now commenced preparation of a pre-Investigational New Drug meeting package and is targeting a pre-IND meeting with the US Food and Drug Administration in Q1 2022.
This article was developed in collaboration with Incannex, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.