Incannex Healthcare Ltd (ASX:IHL, NASDAQ:IXHL) has added 22 new clinical and pre-clinical research projects through the acquisition of APIRx Pharmaceuticals (APIRx) and now owns the largest portfolio of patented medicinal cannabinoid drug formulations in the world.
Stakeholders of APIRx were issued more than 200 million new shares in IHL at a value pf A$0.573 per share as consideration for the acquisition, which have now entered a 12-month voluntary escrow deed that restricts the disposal of any interest in the shares for a year following the acquisition.
Founders of APIRx, Dr George Anastassov and Lekhram Changoer, have joined the Incannex team as non-executive director and chief technology officer respectively.
IHL “excited” to begin development
“The acquisition of APIRx follows a long relationship with Dr Anastassov and Mr Changoer that first began in 2018 when Incannex transitioned its business towards the development of pharmaceutical cannabinoids,” Incannex Healthcare CEO and managing director Joel Latham said.
“After extensive due diligence and corporate strategy assessments of the APIRx assets, we are excited and readied to commence development activities over our newly acquired portfolio of drug candidates.
“Investors in Incannex on both the ASX and the Nasdaq will be updated of progress ongoingly.”
The 22 projects transferred to Incannex under the acquisition agreement represent aggregate markets of about A$574 billion (US$ 400 billion) per year, underpinned by an intellectual property portfolio that includes 19 granted patents and 23 pending patents.
IHL has already identified several priority candidates to develop:
- MedChew Dronabinol for chemotherapy induced nausea and vomiting;
- MedChew Rx for pain and spasticity in patients with multiple sclerosis;
- CanQuit and CanQuitO – chewable therapies that combine nicotine and cannabinoids and cannabinoids and opioid antagonists for smoking cessation and opioid addiction, respectively;
- CheWell – a high-bioavailability chewable tablet to be implemented in adolescent drug addiction studies, among other indications; and
- CanChew – patented high-bioavailability and long-acting CBD chewing gum for the over-the-counter market.