The Incannex Healthcare Limited (ASX: IHL) share price has zoomed up today as the company announced positive results in its drug study results.
Shares in the bio tech small cap are currently trading 7.5% higher at 17 cents.
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What Incannex does
Incannex is a clinical stage pharmaceutical development company in the cannabis industry. The company utilises medicinal cannabis products and psychedelic therapies for the treatment of obstructive sleep apnoea and traumatic brain injury among other things.
Incannex is pursuing FDA registration, subject to ongoing clinical success, for each product under development.
In addition, the company owns a license to import, export and distribute medicinal cannabis products and has launched a line of cannabinoid oil products. The products are sold under Incannex's product supply and distribution agreement with Cannvalate – a major shareholder of Incannex.
What's driving the Incannex share price?
Incannex shares are higher today as the company expands its IHL-675A drug to include more inflammatory lung conditions. This comes after the company received positive results from additional in vivo (animal) studies.
The drug IHL-675A combines CBD with hydroxychloroquine for anti-inflammatory purposes. Previous tests have shown it is excellent candidate for the prevention and treatment of sepsis associated acute respiratory distress syndrome (SAARDS).
Incannex has now expanded target indications with initial patent filings for IHL675A to include asthma, bronchitis, and other inflammatory lung conditions.
Furthermore, the company estimates that the global addressable drug market for its products will reach US$50.4 billion by 2022.
Management comments
Incannex Healthcare CEO Joel Latham welcomed the news, saying:
IHL-675A is consistently showing stronger anti-inflammatory properties than CBD. Continued research will reveal how important this will be to the cannabinoid sector in light of continued research globally on CBD and its application to inflammatory conditions.
The synergistic action of IHL-675A allows us to substantially expand the potential uses for IHL675A and presents new patient treatment opportunities.
About the Incannex share price
Shares in Incannex are rising today as the company reported favourable drug results.
The company's share price has soared in the last 6 months, up from 6 cents to 17 cents and banking an impressive 183.3% in the process.
