Incannex Completes Acquisition Of APIRx
On Friday 5th August 2022, Incannex Healthcare Limited (ASX: IHL, NASDAQ: IXHL) announced it had completed the acquisition of APIRx Pharmaceuticals creating the world’s largest portfolio of patented medicinal cannabinoid drug formulations. Incannex has issued a total of 218,169,497 shares at a deemed price of A$0.573 each to pay for the acquisition. This represents a 104.6% premium to yesterdays closing price. The sellers of the business have entered into a twelve-month voluntary escrow deed restricting the disposal of any of the acquisition shares.
Founders of APIRx, Dr George Anastassov and Mr Lekhram have joined Incannex as Non-Executive Director and Chief Technology Officer, respectively. Incannex is ready to commence development and commercialisation of the newly acquired portfolio of drug candidates. Ongoing updates will be released by the company so there should be plenty of news flow going forward. Twenty-two additional clinical and pre-clinical research and development projects have been acquired by Incannex.
High priority will be given to the following drug candidates:
- MedChew Dronabinol for chemotherapy induced nausea and vomiting
- MedChew Rx for pain and spasticity in patients with multiple sclerosis
- CanQuit and CanQuitO chewables which combine nicotine and cannabinoids and cannabinoids and opioid antaginists for smoking cessation and opioid addiction respectively
- CheWell – high bioavailability chewable tablet to be implemented in adolescent drug addiction studies
- CanChew – patented high bioavailability and long lasting CBD chewing gum for the over-the-counter market.
