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MELBOURNE/NEW YORK - Incannex Healthcare Inc. (NASDAQ:IXHL), a clinical-stage pharmaceutical company with a market capitalization of $19.5 million, announced Tuesday it has entered a 50:50 joint venture with Mind Medicine Australia (MMA) to operate a psychedelic-assisted therapies clinic in Melbourne. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though its stock has experienced significant volatility in recent months.
The new entity, Mind Medicine Australia Clinics, will provide clinical operations, governance, medicine supply, medical oversight, and marketing support to a network of Authorised Prescribers across Australia.
According to the company’s statement, the updated clinic model will expand treatment access by reducing entry costs and more than tripling capacity. The facility aims to serve individuals with post-traumatic stress disorder, treatment-resistant depression, and other mental health conditions.
"This joint venture is a significant milestone around our strategy to bring psychedelic-assisted therapies to those who need them most," said Incannex CEO Joel Latham in the press release.
MMA, a not-for-profit organization, successfully led Australia’s regulatory rescheduling of psilocybin and MDMA for controlled clinical use in treating PTSD and treatment-resistant depression in 2023. The organization also provides the Certificate in Psychedelic-Assisted Therapies training program for clinicians.
The joint venture clinic will serve as a Centre of Excellence for care and clinician training, according to MMA Chairman Peter Hunt. Patient intake is expected to begin soon in response to what the company describes as strong early demand.
Incannex is a clinical-stage biopharmaceutical company developing combination medicines for conditions including obstructive sleep apnea, rheumatoid arthritis, and generalized anxiety disorder. While the company expects revenue growth of nearly 16% in the current fiscal year, investors should note its high beta of 2.47, indicating significant market sensitivity. For deeper insights into Incannex’s financial health and growth prospects, including 14 additional ProTips, visit InvestingPro. The information in this article is based on a company press release.
In other recent news, Incannex Healthcare Inc. has announced the initiation of a Phase 3 clinical trial for its sleep apnea treatment, IHL-42X, following FDA authorization. This trial, focused on obstructive sleep apnea, will be conducted in the United States, building on the momentum from its Phase 2 study. Additionally, Incannex has filed for a transfer of its common stock listing from The Nasdaq Global Market to The Nasdaq Capital Market, aiming to meet Nasdaq’s listing requirements. The company has also taken steps to reduce potential share dilution by canceling its remaining Series A Warrants, preventing up to 347.2 million shares from entering the market.
In another development, Incannex has amended its Sales Agreement with A.G.P/Alliance Global Partners to increase its stock offering capacity by over $2.5 million. This move is part of the company’s strategy to position itself for growth. Moreover, Incannex has revised the terms of its Series A warrants, allowing a portion of net proceeds from stock sales to be distributed to warrant holders. These recent developments underscore Incannex’s strategic efforts in financial management and clinical advancement.
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