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Incannex Healthcare Inc. Reports Fiscal First Quarter 2025 Financial Results and Business Updates
NEW YORK and MELBOURNE, Australia, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Incannex Healthcare Inc. (Nasdaq: IXHL), (Incannex), a clinical-stage biopharmaceutical
About this update from Incannex Healthcare Inc.
[{"type":"text","content":"NEW YORK and MELBOURNE, Australia, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Incannex Healthcare Inc. (Nasdaq: IXHL), (Incannex), a clinical-stage biopharmaceutical company developing innovative medicines for people with chronic diseases and significant unmet medical needs, today reported fiscal first quarter financial results and provided business highlights for the quarter ended September 30, 2024. “The first quarter reflects ongoing progress for Incannex, building on the momentum of a transformative year. Our commitment to pioneering novel oral synthetic cannabinoid combination therapeutics and our oral synthetic psilocybin treatment remains strong, and we look forward to sharing further updates in the months ahead,” said Joel Latham, Incannex’s President and Chief Executive Officer. “To support our investment in clinical development, we recently brought on industry veteran Lou Barbato, whose expertise will be invaluable as we drive our therapeutic programs forward.” Operational Highlights Filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission in connection with the company’s recent strategic financing in the first quarter of 2024.Appointed Lou Barbato, M.D. as Chief Medical Officer in October 2024. Dr. Barbato brings over 25 years of experience working with pharmaceutical and biotechnology companies, with expertise in psychiatric and neurological disorders. He has held leadership roles in medical affairs and as a medical director at companies such as Jazz Pharmaceuticals, AbbVie, and Novartis, contributing to the approval and launch of therapeutics in areas including depression, anxiety, and multiple sclerosis. His work spans a variety of drug classes, including synthetic cannabinoids, SSRIs, and MAO inhibitors.Announced a strategic financing for up to $59.0 million USD in gross proceeds with Arena Investors, comprising a $50 million USD equity line of credit and the sale of convertible debentures totalling up to $9.0 million USD. The funds are intended to support ongoing clinical trials for Incannex’s drug candidates, as well as for general corporate purposes and working capital. Capital use will be determined based on Incannex’s strategic requirements. Clinical Highlights Granted Investigational New Drug (IND) application clearance by the U.S. Food and Drug Administration (FDA), and Clinical T...