US stock futures dip as Trump’s firing of Cook sparks Fed independence fears
NEW YORK/MELBOURNE - Incannex Healthcare Inc. (NASDAQ:IXHL) has appointed Douglas B. Kirsch, M.D., to its Clinical Advisory Board for IHL-42X, the company’s investigational treatment for obstructive sleep apnea (OSA), according to a press release statement. The clinical-stage biotech company, currently valued at approximately $19 million, maintains a strong liquidity position with more cash than debt on its balance sheet, according to InvestingPro data.
Dr. Kirsch, who serves as Medical Director of Atrium Health Sleep Medicine and is a former president of the American Academy of Sleep Medicine, joins four recently announced advisors supporting the development of IHL-42X.
The oral fixed-dose combination therapy of dronabinol and acetazolamide is designed to target the physiological mechanisms of intermittent hypoxia and hypercapnia in OSA patients. In a previous Australian Phase 2 trial, the company reported that IHL-42X reduced the Apnea-Hypopnea Index by an average of 51 percent at its lowest dose.
Incannex is currently conducting the RePOSA Phase 2/3 clinical trial, which aims to enroll more than 560 patients globally. The company expects to report topline data from the U.S. Phase 2 portion in July 2025, with Phase 3 initiation targeted for later this year.
The biopharmaceutical company notes that IHL-42X differs from weight loss therapies by targeting underlying OSA mechanisms that may benefit patients regardless of obesity status. According to the release, approximately 67% of individuals with OSA are not classified as obese.
OSA affects an estimated 1 billion people globally and 30 million in the United States, with many cases remaining undiagnosed and undertreated.
Incannex is also advancing two other clinical-stage candidates: IHL-675A for inflammatory conditions like rheumatoid arthritis and PSX-001 for generalized anxiety disorder.
In other recent news, Incannex Healthcare Inc. has completed the database lock for its RePOSA Phase 2 clinical trial of IHL-42X, a drug candidate for obstructive sleep apnea (OSA). The company anticipates releasing top-line results in July 2025. Additionally, Incannex has initiated a Phase 3 trial for IHL-42X, which has received authorization from the U.S. Food and Drug Administration. This trial will be conducted in the United States and aims to further evaluate the drug’s efficacy and safety.
In a strategic move, Incannex has entered a joint venture with Mind Medicine Australia to operate a psychedelic-assisted therapies clinic in Melbourne. This new clinic will focus on treating conditions such as post-traumatic stress disorder and treatment-resistant depression. Furthermore, Incannex has taken steps to transfer its common stock listing to The Nasdaq Capital Market to meet continued listing requirements. The company is also canceling its remaining Series A Warrants to reduce potential future share dilution, a decision that will prevent up to 347.2 million shares from entering the market. These recent developments reflect Incannex’s ongoing efforts to advance its clinical programs and strengthen its financial position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.