- Incannex Healthcare (IHL) spends the fourth quarter progressing its cannabinoid pharmaceutical products and psychedelic medicine therapies
- Net cash outflows were $2.1 million with cash inflows at $133,000
- The company ended the period with $9.1 million in cash
- The company currently has six pending US food and drug administration (FDA) programs that have all progressed
- On the market, Incannex was trading in the grey at 25 cents per share
Incannex Healthcare (IHL) has spent the fourth quarter progressing its cannabinoid pharmaceutical products and psychedelic medicine therapies.
The company ended the period with over $9.1 million in the bank. Net cash outflows were $2.1 million, which mostly included research and development expenditures.
Cash inflows were $133,000, which was associated with the sale of unregistered cannabinoid oils during the quarter.
The company currently has six US food and drug administration (FDA) programs.
Psilocybin-assisted psychotherapy for generalised anxiety disorder (Psi-GAD)
Incannex's Psi-GAD therapy combines psilocybin with psychological support that has been specifically designed for patients diagnosed with generalised anxiety disorder
The company is now in the process of coordinating two clinical trials for Psi-GAD as part of the clinical development program aimed at receiving FDA approval.
Recruitment of therapists for these trials is nearly completed with the therapist training program to commence in the third quarter of 2021.
IHL-42X for obstructive sleep apnoea
During the quarter, Incannex engaged with the University of Western Australia for Sleep Science as an additional site to its clinical trial.
The trial investigating the effect of IHL-42X on the apnoea hypopnea index in adults diagnosed with obstructive sleep apnoea.
Results of the trial will be available once all subjects have completed treatment and the clinical study report is finalised, which is expected by the end of the year.
IHL-675A for lung inflammation, rheumatoid arthritis, and inflammatory bowel disease
In the fourth quarter, Incannex held its pre-investigational new drug application with the FDA.
From this meeting, the company expanded its development program to assess the potential for IHL-675A to become a multi-use pharmaceutical drug applicable to inflammatory lung conditions rheumatoid arthritis and inflammatory bowel disease.
Incannex commenced its phase one human clinical trial in July to assess the safety of IHL-675A soft gel capsules.
IHL-216A for concussion and traumatic brain injuries
Incannex also developed a clinical trial for its IHL-216A treatment with Vectura, a state-of-the-art contract development and manufacturing organisation.
IHL-216A is a combination drug that combines CBD with any volatile anaesthetic agent, including isoflurane. It has been created to be administered soon after head trauma to reduce secondary brain injuries that lead to neurological deficits.
On the market, Incannex was trading in the grey at 25 cents per share at 11:46 am AEST.